Prepayment是FRM一級(jí)考試的知識(shí)，現(xiàn)在也臨近7月FRM考試，小編再帶大家詳細(xì)了解一下Prepayment的詳細(xì)內(nèi)容！

Basic Characteristics:

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>>>點(diǎn)擊領(lǐng)取2021年FRM備考資料大禮包（戳我免·費(fèi)領(lǐng)?。?/span>

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.》》》想?yún)⒓尤谲SFRM培訓(xùn)班點(diǎn)我咨詢

Personal---Marital breakdown, loss of employment, family emergencies, and destruction of property

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

掃碼參與

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

Extracting home equity--cash-out refinancing【資料下載】FRM一級(jí)思維導(dǎo)圖PDF版

Due on sale-- housing turnover; seasonality

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.

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