Glossary

Catalogue of Terms

  1. 123
  2. A
  3. B
  4. C
  5. D
  6. E
  7. F
  8. G
  9. H
  10. L
  11. N
  12. O
  13. P
  14. Q
  15. R
  16. S
  17. T
  18. U
  19. W
  20. Y

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

DPD

Days Past Due

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

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