Kevin S. Dwyer

*** *. **** ******, ***. **D ? New York, NY 10022 ? (C) 917-***-**** ?

aceojd@r.postjobfree.com

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STRUCTURER/ANALYST

Securitizations ? Portfolio Reviews ? Fixed Income Investments ? Cash Flow

Models ? Competitive Analysis ? Client Relations ? Risk Analysis

Results-driven, resourceful, and detail-oriented Structurer/Analyst with

international experience in the Structured Products field. Demonstrated

expertise in valuing residuals and securities as well as rating

securitizations. Proven track record of appropriately pricing loans,

developing cash flow models, and modeling securitization deals.

PROFESSIONAL EXPERIENCE

MorningSTar Credit Ratings, LLC., New York, NY April 2012 - Present

A leading provider of independent investment research and analysis, with

products and services offered to individuals, financial advisors and

institutions by more than 3,500 employees world-wide.

Senior Vice President, Structured Credit Ratings and Research

Senior analyst in new RMBS ratings group, where duties include testing the

loan-level transition model performance, reviewing new issue and

surveillance deals, proposing criteria and contribute to the strategic

planning of the group and business development.

Key Achievements:

. Lead rating analyst on two single-family rental transactions totaling

nearly $1B in issuance.

. Developed, wrote and proposed new criteria for rating Servicer Advance

Receivables, Re-REMIC, and Single-Family Rental transactions. Built

models in Excel to implement rating stress scenarios for Servicer Advance

Receivable and Single-Family Rental transactions.

. Tested loan-level transition model to determine acceptability and find

inconsistencies in results, and to insure that implementation is

beneficial to the end user.

. Managed the 2012 and 2013 Summer Intern Classes.

Allonhill, LLC., Iselin, NJ March 2011 - March 2012

A credit risk management consulting firm specializing in the mortgage

industry based in Denver, CO.

Consultant, Securitization Credit Risk Analyst

Performed critical examination of loans and claim-related decisions

providing an in-depth risk analysis. Applied industry experience and

knowledge of securitization to analyze defaulted mortgages.

Key Achievements:

. Assessed documents of defaulted mortgages to determine if the mortgages

should be repurchased because the underwriting violated the

representations and warranties of the securitization into which the loans

were sold.

. Examined mortgage insurance rescission letters, along with the

corresponding mortgage loan documents, in order to write-up an appeal of

the mortgage insurance rescission.

. Reviewed documents of defaulted mortgages that were originated using a

contract underwriter to determine if the underwriter was negligent in

assessing and approving the loan.

Kevin S. Dwyer Page Two

CREDIT SUISSE SECURITIES, LTD., New York, NY 2002 - 2009

A global investment and commercial bank with over 45,000 employees and

billions in annual revenues.

Director, Structured Products Asia, Tokyo, Japan (2007-2009)

Collaborated to establish the Structured Products trading desk in Asia,

primarily in Residential Mortgage-Backed Securities (RMBS) in Japan.

Maintained the total position of approximately $500 million of loans,

bonds, and hedges by pricing daily for mark-to-market purposes, updating

models as new information becomes available and adjusting hedge positions

as needed.

Key Achievements:

. Created models to value mortgages for purchase and then structure

securitizations to underwrite and sell using those mortgages.

. Structured and priced three securitizations totaling approximately $700

million.

. Instituted all systems, processes, and procedures required for a trading

desk in order to value the position daily and communicate the P&L to the

appropriate people in the company.

Director, Alternative Mortgages in Fixed Income Trading, New York, NY (2002-

2007)

Purchased and securitized subprime mortgage loans as part of the subprime

trading desk. Performed bid pricing to determine price to pay for mortgage

loan pools. Modeled and structured securitization deals and Net Interest

Margin securities (NIMs) using both Intex and Excel models. Conducted

stress scenarios on bonds and provided investors with yield tables.

Analyzed prospectus supplements and private placement memorandums to ensure

accuracy of descriptions. Valued all residuals and securities that were in

position for mark-to-market purposes.

Key Achievements:

. Completed up to 10 securitizations and NIMs each year, totaling up to $10

billion in issuance annually.

. Analyzed and executed procedures to mark residuals to market levels that

resulted in $85 million in income from securitizations, NIM issuance and

sales.

. Valued residuals of securitizations by projecting prepayments, losses and

interest rates using the latest information on loan performance from

various sources including the internal research department.

STANDARD & POOR'S, New York, NY 1999 - 2002

A rating agency and publishing firm owned by the McGraw-Hill Companies

which provides objective analysis on bonds and offers opinions in the form

of ratings with annual sales in the hundreds of millions and more than

10,000 employees worldwide.

Director, Residential Mortgage-Backed Securities

Rated three to six RMBS deals on a monthly basis, including those backed by

prime loans, subprime loans, alt-a loans, second lien loans, and HELOC

loans. Reviewed clients' operations and performance in order to accurately

assess clients' mortgage loan products. Researched mortgage performance,

proposed criteria changes to the Criteria Committee, and updated mortgage

and cash flow models for criteria changes. Instituted criteria that led to

more accurate analysis of mortgage loans as well as improved ratings.

Key Achievements:

. Rated deals that brought in revenues up to $600,000 per month,

maintaining a market share in some segments of greater than 90%.

. Promoted from associate to associate director in one year, and then to

director 18 months later, a unique accomplishment in corporate history.

Kevin S. Dwyer Page Three

FIRST UNION CAPITAL MARKETS, Charlotte, NC Summer 1998

A national commercial bank with more than 70,000 employees and billions in

annual revenues.

Summer Associate

. Evaluated the viability and financing structure of the residential

mortgage division with $250 million in annual new business origination.

. Researched, analyzed, and proposed a $5 million equity investment in a

start-up mortgage REIT, approved by First Union Capital Markets

management.

. Conducted review of $1.8 billion loan portfolio that was presented to

senior management that included risk analysis, trend analysis of the

subprime home mortgage industry, and financial review of the group.

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EDUCATION

Master of Business Administration,

University of Virginia, Darden Graduate School of Business Administration,

Charlottesville, VA

Bachelor of Science in Economics,

University of Wisconsin-Madison, Madison, WI

Dean's List, Graduated with Distinction

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