Prepayment是FRM考試中的重要金融知識點,是預付款,是買方在交易合同簽訂后向賣方支付一定金額的預付款。備考FRM考試,考生還需要了解的特征!

Basic Characteristics:》》》戳:各科視頻講義+歷年真題+21年原版書(PDF版)免·費領取

? The option to prepay a mortgage is essentially a call option for the borrower.

? With agency MBSs, prepayments and defaults have the same impact on investors.

a) Factors That Influence Prepayments

Seasonality:The summertime is a popular time for individuals to move (and mortgages must be paid out prior to the sale of a home)

Age of mortgage pool:the lower the age of the mortgage pool, the less likely the risk of prepayment.

Personal:Marital breakdown, loss of employment, family emergencies, and destruction of property 》》》點擊咨詢FRM特惠課程

Housing prices:Property value increases may spur an increase in prepayments

Refinancing burnout:To the extent that there has been a significant amount of prepayment or refinancing activity in the mortgage pool in the past, the risk of prepayment in the future decreases.

b) Prepayment Modeling

Refinancing a mortgage:The path that mortgage rates; the term structure of mortgage rates

Extracting home equity:cash-out refinancing

Due on sale:housing turnover; seasonality 【資料下載】點擊下載GARP官方FRM二級練習題

borrower defaults :mortgage guarantors pay the interest and principal outstanding.

Partial payments :tend to occur when a mortgage is older or has a relatively low balance.

想要了解更多有關FRM考試相關知識點的內(nèi)容,可以在線咨詢或添加融躍老師微信(rongyuejiaoyu),免·費領取融躍教育金融專業(yè)英語詞匯大全!