Enterprise Risk Management Technology Guide 2023/24

Milliman - Milliman M-PIRe Valuation & Securitization Software

Type of System

  • Analytics
  • Data management
  • Internal/external reporting
  • Portfolio analysis/hedging
  • Stress and scenario testing
  • Mortgage risk management

Type of platform

  • Cloud
  • SaaS
  • Web-based

What are the typical implementation costs?

There is no implementation fee

How long does your software take to implement on site?

Immediately, browser-based SaaS

Please name companies that use the system/solution

Validus Services (Bermuda), Ltd, Aon, GuyCarpenter

Most recent significant update:

Milliman M-PIRe now includes the ability to analysis and manage mortgage exposures to all mortgage exposures including single-family CRT, PMI reinsurance, PMI ILN’s, multifamily CRT, and non-US mortgage reinsurance transactions. In 2022, M-PIRe was updated to capture monthly performance data for PMI ILN’s and multifamily CRT transactions for both Freddie Mac and Fannie Mae. M-PIRe is the only end-to-end software solution to holistically manage mortgage reinsurance exposures.

Planned future enhancements:

M-PIRe is a SaaS solution, and data for mortgage performance and collateral is updated monthly. Features are released quarterly to all clients, and the feature enhancements do not require any back-end work by our clients. Future enhancements to M-PIRe will include added flexibility to customise mortgage collateral pool estimates, the ability to perform sensitivity testing on transaction structures, and improved processing time.

How does your solution integrate with third-party systems or in-house systems?


What is the key attribute of your product(s) that differentiates it from your competitors?

M-PIRe is the only end-to-end solution for mortgage reinsurance analytics and portfolio management. Competitor solutions only provide one aspect of the required data, models, and/or processes.

M-PIRe is supported by mortgage experts and provides best-in-class support services. Not only do out consultants assist clients with user support, but we also provide analysis, advice, and discuss industry trends with clients as part of the licence agreement.

What trends are you seeing in terms of customer demand?

We have seen significant demand for M-PIRe from reinsurance participants seeking to improve their existing analytics capabilities for mortgage exposures, and we are working with our clients to navigate through the current market dynamics in the mortgage industry. The mortgage market is experiencing increased levels of uncertainty due to rising interest rates, significant annual home price appreciation, and general macroeconomic uncertainty.

Milliman M-PIRe is supported by mortgage industry consultants who serve as subject matter experts to all the federal mortgage guarantors and regulators, and we have unique insights into current market trends. Recent discussions and analysis have centered around risk-based pricing and evaluating the likelihood of future home price declines.


Milliman M-PIRe Valuation & Securitization Software. Bringing clarity to the credit risk transfer market.


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