Chase Securities Inc. added a subprime mortgage expert to its roster last month as part of a previously announced plan to bolster its presence in nonconforming mortgage securitization.

The unit of Chase Manhattan Corp. hired veteran Duff & Phelps analyst Jennifer Schneider, who will be vice president of mortgage finance. She will report to Wayne Walker, managing director at Chase Securities.

"She will be covering the whole range of single-family loan finance," said a company spokesman.

Ms. Schneider, who has almost 10 years of experience with mortgage- backed securities, also worked at Moody's Investors Service's mortgage securities group. At Duff & Phelps, Ms. Schneider rated numerous subprime and high-loan-to-value deals. Both markets present unique opportunities for Chase, she said.

"I think that's where the most growth is, and the margins are bigger than in the conforming business," Ms. Schneider said.

At a recent conference in Chicago, Ms. Schneider explained the high-LTV mortgage market to attendees. "It's the product of the future," she said. "But we have to be careful how we use it."

The product's risk lies somewhere between that of subprime and prime mortgage products, she said.

Credit scoring is an extremely important tool when making these loans, she said, and the industry must decide on a uniform way to use it.

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