cfX Technology and Quantitative Analysis considers the whole HFA, principal operating unit or parity bond indenture as a Global Entity. cfX Global Guidance seeks to maximize risk-adjusted financial performance, minimize the impact of arbitrage restrictions on such gains and assure that the financial gains are deployed to maximize program benefits. cfX Global Guidance is a comprehensive data-analysis-driven approach made possible by decades of continuous investment in technology and software. With cfX providing better data analysis and easily modeled “what if” analyses, HFA management, staff and Board can move forward with the confidence that they are making the best possible efforts to meet the housing needs of their residents while maintaining the standards of America’s highest rated financial institutions.
cfX Services
cfX Global Guidance is a unique and extraordinary approach to providing advice and assistance to America’s housing finance agencies.
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cfX’s broad range of Global Guidance Services include:
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Client Access
Client Access
cfX makes selected portions of its software applications available to its clients and subscriber underwriters. Application access to the software is free to cfX clients as is training in its use. cfX also provides free access to underwriters who are submitting proposals to any HFA and to those working with cfX clients.
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Cash Flows
Cash Flows
cfX is recognized as the best provider of HFA cash flows in the country. cfX cash flows are based on a unique data warehouse that is compiled for each HFA that it serves. This data is analyzed via cfX Technology that incorporates all tax laws, rating agency requirements and each bond indenture’s unique provisions.
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Compliance
Compliance
The post-issuance compliance practice at cfX not only insures that HFAs have ready access to updated documentation of their compliance activities but also seeks, whenever possible, to exploit the specific opportunities to convert compliance obligations into either programmatic or financial gains.
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Data Warehouse
Data Warehouse
cfX’s Global Guidance builds a broad, deep and precise picture of each client’s past, current and projected finances and financial transactions.
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Debt Structuring
Debt Structuring
cfX is the national leader in structuring debt issuances for HFAs. Virtually all major housing bond underwriters use cfX software and most of our clients rely on cfX rather than their underwriters for bond structuring services. Using applications such as its Structuring Wizard, cfX consultants can rapidly generate multiple alternative and optimal bond structures across the entire bond portfolio that may include fixed rate, PAC and variable bond structures while maintaining compliance with tax, rating agency and bond indenture constraints and generating optimal outcomes.
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Municipal Advisor
Municipal Advisor
For more than 30 years, cfX and its predecessor entities have specialized in the structuring of bonds for HFAs to finance affordable housing and the management of complex single-family and multi-family parity bond portfolios. cfX does not treat large scale, long-term financial plans as independent projects, but as an integral and dynamic element of an agency’s strategic plan and everyday tactics. cfX understands the constant tension between an agency’s program and financial goals. We know that HFAs exist to meet the diverse affordable housing needs of their residents while maintaining a solid financial foundation.
cfX currently provides municipal advisory services to 17 state housing finance agencies including some of the largest and the most complex housing finance issuers in the country and has provided municipal advisory, quantitative analysis and/or cash flow services in connection with the issuance of more than $8 billion of housing bonds since January of 2015. Our clients include large issuers like MassHousing, Connecticut Housing (CHFA), State of New York Mortgage Agency (SONYMA), New York City Housing Development Corporation (HDC) and the California Department of Veterans’ Affairs but also HFAs in states like Maine, Mississippi, Wyoming and Iowa. cfX is a registered municipal advisor with more than a dozen municipal advisor representatives. SEC registration information with regard to cfX and its municipal advisor representatives can be found at About cfX.
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Operating Transactions
Applying structured computer applications to each HFA’s custom created databases, cfX automatically monitors and produces work products documenting the HFA’s global portfolio of compliance obligations and in-the-money transactional options, including deposit of revenues to specified accounts, flow of funds waterfall transfers, contractual and 10-year rule redemptions, optional special redemptions (including cross-calls where appropriate), universal cap transfers, and on-going mortgage yield compliance.
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Program Services
Program Services
Housing Finance Agencies exist to meet the affordable housing needs of individuals and families with low and moderate incomes across their respective states. cfX exists to optimize the performance of HFAs. cfX’s HFA experience runs across five decades and the full range of housing needs – homes in urban and rural areas, homes in areas of opportunities and homes in targeted areas, homes to own and homes to rent, homes for special families and homes for those with special needs. cfX understands the constant push to maximize program performance and the pull to build financial soundness. cfX Technology and Global Guidance are extraordinarily powerful in helping HFAs to optimize the balance and relieve the tension between these constant forces.
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Quantitative Analysis
Quantitative Analysis
cfX Quantitative Analysis relies on Technology developed over 30-plus years and experience gained over hundreds of years. To optimize financial and program performance, cfX Quantitative Analysis includes unique and proprietary:
- Database tools customized to acquire, store and translate HFA, trustee and third party data.
- Optimization tools taught to identify the most advantageous bond structures, asset allocations, redemption candidates and recycling options.
- Cash flow modeling tools that accurately project the performance of the Global Entity under a wide range of economic scenarios.
- Compliance tools programmed to automatically apply complex tax rules, bond covenants, state laws, agency policies and third party contracts.
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Transaction Support
Transaction Support
Whether a large complex bond transaction or a day-to-day account reconciliation, cfX continuously provides personal and technological support to HFA staff, management and financial teams. cfX technology and expertise can easily generate tables that are required in connection with the issuance of HFA bonds, for continuing disclosure or in response to special requests. cfX’s technology and electronic procedures simplify yet enhance staff and trustee work, turn bond redemption and tax requirements into profit-centers and provide easy to follow audit trails. cfX will ease the reconciliation of bond and general ledger information by electronically gathering internal and third party data and converting it to formats that are useable by the HFA, provide a basis for all cfX work products and tie everything to the HFA’s general ledger.
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Need More Options?
Browse our cfx Technologies, or Contact any cfX municipal advisor representative for a free consultation to determine a custom solution to fit your needs.