123
60+ DQ
Percentage of loans that are delinquent by 60 days or more
A
Age (mths) or Loan Age (mths)
Weighted average number of months loans are outstanding
B
BPO
Broker’s Price Opinion
BV
Book Value
C
CDR
Conditional Default Rate
CLTV
Ratio of current loan balance to estimated current asset value
CPR
Constant Prepayment Rate
CRR
Constant Repayment Rate
Cur
Current
Current UPB
UPB as of the end of the current month
D
DTI
Debt to Income
E
EBO
Residential Mortgage Loans acquired through the GNMA early buy-out program
Excess MSRs
Monthly interest payments generated by the related Mortgage Servicing Rights ("MSRs"), net of a basic fee required to be paid to the servicer
F
FHLMC
Freddie Mac / Federal Home Loan Mortgage Corporation
FICO
A borrower’s credit metric generated by the credit scoring model created by the Fair Isaac Corporation
Flow Arrangements
Contractual recurring agreements, often monthly or quarterly, to purchase servicing of newly originated or highly delinquent loans
FNMA
Fannie Mae / Federal National Mortgage Association
G
GNMA
Ginnie Mae / Government National Mortgage Association
GWAC
Gross Weighted Average Coupon
H
HPA
Home Price Appreciation
L
LTD
Life to Date
LTD Cash Flows
Actual cash flow collected from the investment as of the end of the current month
LTV
Loan to Value
N
NPL
Non-Performing Loans
O
Original UPB
UPB (unpaid principal balance) at time of securitization
P
PLS
Private Label Securitizations
Proj. Future Cash Flows
Future cash flow projected with the Company’s original underwriting assumptions
Q
QoQ
Quarter-over-quarter
R
Recapture Rate
Percentage of voluntarily prepaid loans that are refinanced by the servicer
REO
Real Estate Owned
S
SI
Short Interest
T
TSO
Total Shares Outstanding
U
Uncollected Payments
Percentage of loans that missed their most recent payment
UPB
Unpaid Principal Balance
Updated IRR
Internal rate of return calculated based on the cash flow received to date through the current month and the projected future cash flow based on our original underwriting assumptions
U/W LTD
Underwritten life-to-date
W
WA
Weighted Average
WAC
Weighted Average Coupon
WAL
Weighted Average Life to Maturity
WALA
Weighted Average Loan Age
Y
YoY
Year-over-year
