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CPR: Conditional Prepayment Rate
Annualized percentage of a mortgage pool’s principal repaid early beyond scheduled amortization due to refinancing, home sale, or default.
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Glossary & References
This glossary provides clear, precise definitions of key secondary mortgage market terms—each distilled from SEC filings and industry standards to support informed decision-making. Terms are organized for quick reference and cross-connection, helping investors, originators, and homeowners navigate securitization mechanics without financial advice or jargon overload.
WAC: Weighted Average Coupon
The weighted average interest rate of all loans in an MBS pool, calculated by balancing each loan’s rate against its outstanding principal balance.
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DTS: Determination Date
The cutoff date by which loans must be identified and locked into a specific MBS securitization before pooling and issuance.
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TBA: To-Be-Announced
A standardized MBS trade where the specific pools to be delivered are assigned only a few days before settlement, governed by issuer, coupon, and settlement date.
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