Servicer Influence on Mortgage Prepayments

Journal of Fixed Income Pub Date : 2022-06-21 DOI:10.3905/jfi.2022.1.139

Glenn M. Schultz, Frank J. Fabozzi

引用次数: 0

Abstract

Investors in the mortgage-backed securities market have long tiered pools based on the servicer concentration in the pool. The tiering is largely due to observed prepayment differences among servicer, servicer type (bank versus non-bank), and origination channel (retail, correspondent, or broker). We examine the influence of the servicer on prepayment rates and differentiate between bank and non-bank servicers. Further, the origination channel also influences mortgage prepayment rates.

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服务商对抵押贷款提前还款的影响

长期以来，抵押贷款支持证券市场的投资者根据服务商在池中的集中度建立了分层池。这种分级主要是由于服务商、服务商类型(银行与非银行)和发起渠道(零售、代理或经纪人)之间观察到的预付款差异。我们考察了服务商对提前还款率的影响，并区分了银行和非银行服务商。此外，发起渠道也影响抵押贷款提前还款率。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Fixed Income Economics, Econometrics and Finance-Economics and Econometrics

CiteScore

1.10

自引率

0.00%

发文量

期刊介绍： The Journal of Fixed Income (JFI) provides sophisticated analytical research and case studies on bond instruments of all types – investment grade, high-yield, municipals, ABSs and MBSs, and structured products like CDOs and credit derivatives. Industry experts offer detailed models and analysis on fixed income structuring, performance tracking, and risk management. JFI keeps you on the front line of fixed income practices by: •Staying current on the cutting edge of fixed income markets •Managing your bond portfolios more efficiently •Evaluating interest rate strategies and manage interest rate risk •Gaining insights into the risk profile of structured products.