Deb Gaveglio in Rick’s Room

This episode of Rick’s Room features Deb Gaveglio, a seasoned mortgage capital markets professional whose career spans decades of transformation in the industry. She’s been involved in everything from derivatives in the 1990s to AI-driven risk analysis today. Her career reflects the evolution of risk itself, from financial and operational risk to today’s complex intersection of data, technology, and artificial intelligence.

One of the most compelling insights is her emphasis on AI personas—tools capable of mimicking real people convincingly enough to bypass traditional safeguards like voice authentication. What was once considered cutting-edge security is now potentially vulnerable.

The conversation also touches on the role of government and regulation. Having worked at the FHFA and consulted with agencies like the VA, Deb believes public sector involvement will be critical in shaping AI governance in mortgage finance.

Ultimately, this episode is a reminder that while tools evolve, experience remains the most valuable risk management asset in the industry.

Transcript Highlights

Rick: Hi, and welcome back to Rick’s Room.

This is the show where we simulate the end of a busy conference, when, finally, at the end of the day, we get to sit down and talk with the people we’ve been wanting to meet.

Today’s guest is someone I’ve been looking forward to speaking with. She has extensive experience in mortgage capital markets, mortgage servicing rights (MSRs), and valuation. More recently, she’s been applying AI tools to this work.

Her résumé reads like a book.

Please join me in welcoming Deb Gaveglio.

Rick: Deb, after reading your résumé, I struggled to figure out how to introduce you. How do you describe yourself?

Deb: I usually describe myself as an industry veteran with deep, hands-on transactional experience in MSRs. In the 1990s, I worked extensively with derivatives and structured products while also managing operational risk, vendors, and servicing.

That experience laid the foundation for my capital markets career.

I later worked at FHFA reviewing transactions when banks were selling large portfolios to non-banks. I also spent time at Credit Suisse during the financial crisis, reverse engineering bad loans to understand what went wrong and whether there was any recourse.

More recently, I’ve focused heavily on AI, learning the tools and applying them to mortgage risk analysis.

Rick: You’ve seen every cycle this industry has gone through. Where do you see risk today?

Deb: The risks today are much broader.

Back when I studied fraud, the focus was on cybersecurity, how hacking worked, and how systems were breached.

Today, the biggest risks are:

• Data privacy, because everything we do involves borrower information
• AI-related risk, especially bias and misuse
• And the ability of AI to create convincing personas

We’re now in a world where AI can sound like a real person—someone you trust—and that opens the door to entirely new types of fraud.

Rick: Earlier, you spoke about the power of AI. But there’s clearly a flip side.

Deb: Absolutely. AI is incredible, but you can’t blindly trust it.

You have to trust—but verify.

The tools can produce amazing content and analysis, but they still require human oversight.

The biggest shift is that risk is no longer just financial or operational. Now it includes:

• Technology risk
• Data integrity
• System reliability

You have to look at the full picture.

Rick: Where do you see yourself working best in this environment?

Deb: Ideally, I’d work with a fintech or mortgage company that’s actively implementing AI, serving as the “human in the loop.”

Someone who evaluates the outputs, ensures accuracy, and understands where the risks are.

AI can make us more efficient, but only if someone experienced is guiding it.

Rick: Would you ever go back into a regulatory role?

Deb: I worked at FHFA for seven years, and I’d absolutely consider it again.

There’s a real opportunity to make an impact, especially now, when regulation around AI is still developing.

We have guidance at the federal level, but much of the real action is happening at the state and international levels.

Rick: Deb, this has been a fascinating conversation. I’d love to have you back to go even deeper.

Deb: I’d love that. Thank you. It’s been a pleasure.