secondarymortgage.com
Financial Education & Market
Where Mortgage Pools Meet Market Clarity
A reference-driven knowledge hub demystifying the secondary mortgage market for investors, agents, and homeowners—no jargon, no advice, just structured transparency.
Core Concepts
Break down foundational ideas like agency vs. non-agency loans, loan pools, and CMO tranches with clear visual explanations and annotated flow diagrams—each rooted in actual structure documentation, not abstraction.
See all of Core Concepts →- 01
Agency vs. Non-Agency
How Ginnie Mae, Fannie Mae, and Freddie Mac guarantees shape risk and pricing—and what happens when they’re absent.
- 02
Pools
Groups of loans with similar characteristics that become the building blocks for securities issuance.
- 03
Tranches
Structural slices—senior, mezz, equity—with differing exposure to prepayment and credit risk.
- 04
PSA Prepayment Model
Standardized assumptions measuring how quickly loan pools repay principal under baseline scenarios.
The Lifecycle Journey
Trace a loan’s path from origination through pooling, securitization, and trading—using annotated process visualizations grounded in actual MBS documentation standards.
See all of The Lifecycle Journey →
Market Context
Reference-ready dashboards presenting yield curves, prepayment benchmarks, and deal announcements—structured for institutional-grade comparison, not real-time execution.
See all of Market Context →- Yield CurvesAgency MBS par yields by coupon and maturity, sourced from industry price feeds.
- PSA BenchmarksPrepayment speed tables by vintage and coupon, aligned with SIFMA standards.
- Deal AnnouncementsNew issue term sheets categorized by issuer, type, and coupon.
- Regional Prepayment PatternsHistorical averages segmented by metro area and loan age.
Expert Perspectives
Curated analysis from former agency staff, MBS traders, and housing economists—each article citing original regulatory texts or structural documentation.
See all of Expert Perspectives →01
How Servicing Rights Settle
A look at MSRs, subservicing agreements, and the role of Fannie Mae’sservicing transfer protocols.
02
The Role of the indenture
Why trust agreements govern pool mechanics—and where investors find governing terms.
03
Refinancing Incentives
How rate locks, credit risk adjustments, and home price growth shape exit behavior.
04
Non-Agency structuring realities
Credit enhancement thresholds, waterfall payment mechanics, and letter of credit usage.
Glossary & References
A self-contained reference—pronunciation guides, cross-linked terms, and real-world analogies—built from SEC filing language and industry glossaries.
See all of Glossary & References →
CPR: Conditional Prepayment Rate
Annualized % of pool principal paid down early (beyond scheduled amortization).
Read more →
WAC: Weighted Average Coupon
The average interest rate of loans in a pool, weighted by outstanding balance.
Read more →
DTS: Determination Date
The cutoff date for loan inclusion in a specific securitization deal.
Read more →
TBA: To-Be-Announced
Standardized delivery mechanics for agency MBS where pool details are assigned later.
Read more →
Common Misconceptions
Addressing frequent confusions—like why homeowners don’t get paid by MBS investors, or how servicing fees affect yield—with citations from HUD, Fannie Mae, and SEC guidance.
See all of Common Misconceptions →- Do I get paid if my loan is securitized?No—your payments go to your servicer, not to investors in the resulting MBS.
- Does selling my loan change my payment address?Only if servicing is transferred; originators may retain or sell servicing rights separately.
- Why do MBS yields move when the Fed changes rates?Because rate changes alter refinance incentives, shifting expected cash flow timing.
- Are all mortgage-backed securities the same?No—agency, non-agency, and private-label structures have vastly different risk profiles and disclosures.
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