Prepayment是FRM一级考试的知识，现在也临近7月FRM考试，小编再带大家详细了解一下Prepayment的详细内容！
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>>>点击领取2021年FRM备考资料大礼包（戳我免·费领取）
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.》》》想参加融跃FRM培训班点我咨询
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
Refinancing a mortgage---The path that mortgage rates; the term structure of mortgage rates
Extracting home equity--cash-out refinancing【资料下载】FRM一级思维导图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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