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LLPA Changes and Mortgage Rates

LLPA Changes and Mortgage Rates On January 5th, 2022, the GSEs released a new round of loan-level pricing adjustments (LLPAs) targeted at...

Mortgage Float

Introduction One way of assessing the liquidity for a particular MBS coupon is to calculate its float, the amount that is free to trade....

Non-banks in the Mortgage Market

Introduction It's hardly an overstatement to say that the institutional type of mortgage originators and servicers is playing a crucial...

A Close Look at the GSE Cash Window

Introduction to the Cash Window There are two methods for securitizing loans in Agency GSE MBS: swapping loans for a security (Swap) or...

An Introduction to MachineSP

The Problem The US has one of the largest and most developed mortgage markets in the world with nearly two-thirds of all households...

ANALYSIS