备考FRM考试，怎能不了解Prepayment的特征！

Prepayment是FRM考试中的重要金融知识点，是预付款，是买方在交易合同签订后向卖方支付一定金额的预付款。备考FRM考试，考生还需要了解的特征！

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

Ø 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 》》》点击咨询FRM特惠课程

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 【资料下载】点击下载GARP官方FRM二级练习题

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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