Glossary
60+ DQ
Percentage of loans that are delinquent by 60 days or more
Age (mths) or Loan Age (mths)
Weighted average number of months loans are outstanding
BPO
Broker’s Price Opinion
BV
Book Value
CDR
Conditional Default Race
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
DPD
Days Past Due
DTI
Debt to Income
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
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
GNMA
Ginnie Mae / Government National Mortgage Association
GWAC
Ginnie Mae / Government National Mortgage Association
HPA
Home Price Appreciation
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
NPL
Non-Performing Loans
Original UPB
UPB (unpaid principal balance) at time of securitization
PLS
Private Label Securitizations
Proj. Future Cash Flows
Future cash flow projected with the Company’s original underwriting assumptions
QoQ
Quarter-over-quarter
Recapture Rate
Percentage of voluntarily prepaid loans that are refinanced by the servicer
REO
Real Estate Owned
SI
Short Interest
TSO
Total Shares Outstanding
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
WA
Weighted Average
WAC
Weighted Average Coupon
WAL
Weighted Average Life to Maturity
WALA
Weighted Average Loan Age
YoY
Year-over-year