Secondary Market Secrets: Whole Loan Trading, Valuations & Market Shifts with Rams Capital | Ep. 252
In this episode of Connect by California MBA, host Paul Gigliotti sits down with Vik Kasparin from Rams Mortgage Capital for an in-depth look at the secondary mortgage market. Rams specializes in mortgage asset valuation, training, advisory services, and whole loan trading—focusing on post-closing strategies for lenders, banks, and portfolio holders. They help market and sell specialized assets including non-agency jumbo, non-QM, second homes, bridge loans, and select agency products with arbitrage potential. Key highlights from the conversation: - How falling rates and supply/demand imbalances are driving buyer appetite in 2026 - Growing demand from insurance companies and asset funds pushing yields tighter (agency, jumbo, non-QM) - Holistic valuation methods: models + real-time trading desk insights to price prepay penalties, compare to Treasuries, and support warehouse bank mark-to-market - Why many lenders mistakenly expect par pricing—and how lower-coupon loans often trade in the 90s or 80s - The rise of non-QM and specialized loan trading (including scratch-and-dent paper) Whether you're in origination, secondary sales, risk management, or investing in mortgage assets—this episode delivers practical insights from one of the industry's major whole loan traders. Thanks to our 2026 President's Council sponsors: Amerome, Consolidated Analytics/loanDNA, CMG Financial, FundingShield, Guild Mortgage, Rocket Mortgage, Weiner Brodzky Kinder, and Western Alliance Bank. Subscribe for more mortgage industry interviews, market updates, and expert discussions from California MBA! #SecondaryMortgageMarket #NonQM #WholeLoanTrading #MortgageValuation #MortgageIndustry #NonAgencyLoans #RamsCapital