Mortgage Industry Medians (MIMs™) – MIAC’s dealer consensus prepayment projection survey.
New York, NY – Earlier this month, the British electorate voted to leave the European Union, ending 43 years of participation. As markets absorb the news, prepayment issues remain a prominent concern for mortgage market participants. A well-maintained dealer consensus prepayment projection survey can help mitigate the ambiguity surrounding prepayment assumptions within MBS and MSR Analytics. Mortgage Industry Medians (MIMs™) provide semi-monthly dealer consensus long-term prepayment projections, based upon a survey of industry participants, on Generic Cohorts that are the largest product type, coupon, issue year populations in the MBS market.
The MIMs™ survey produces a Median value for base case consensus projections as well as consensus projections assuming immediate and sustained parallel shifts in the yield curve of user set increments. The MIMs™ survey includes long-term consensus projections in both PSA and CPR formats. MIAC has assumed responsibility for this survey that has been ongoing since 1986 and was most recently handled by SIFMA . We are proud to say that more MBS assets are priced using MIMs™ than any other dealer consensus prepayment survey.
MIAC has recently updated the dealer consensus survey to include 2013, 2014, 2015 and 2016 issue year cohorts for more market relevancy. MIAC has also streamlined the survey from the original 192 cohorts to 127 cohorts encompassing a full spectrum of the most widely traded MBS securities today, which now include Jumbo and Hybrid cohorts. Moreover, the cohorts include WAC, WAM, WALA, FICO, mtm-LTV and submission-time guidelines, to ensure full transparency and consistency to better serve the survey’s subscribers. MIMs™ data also links directly into MIAC’s software applications, most notably, MIAC’s portfolio valuation tools, WinOAS™ and MIAC|DS™. MIMs™ users can also elect to subscribe to Dynamic MIMs™, which enables users to forecast a dealer consensus prepayment forecast for given changes in mortgage rates throughout the course of the month.
For over 27 years, Mortgage Industry Advisory Corporation (MIAC) has been the preferred destination for sophisticated mortgage-industry participants. In addition to providing discrete whole loan brokerage services, MIAC offers third-party mortgage asset valuations, secondary market hedge advisory solutions, as well as state-of-the-art behavioral models.
MIAC Analytics™ is the most sophisticated mortgage pricing and risk management software suite available. The MIAC Analytics™ suite includes VeriFi™, DataRaptor-Surveillance™, MIAC CORE™, and Vision™ to address FASB’s new Current Expected Credit Loss (“CECL”) requirements with the industries best modeling practices. VeriFi™ is used to support and manage the data quality auditing and review process. DR-Surveillance™ will measure a client’s collateral behavior including historical transition roll rates and Time_in_FCL exit curves; and these client specific behaviors are integrated into MIAC CORE™, our loan level credit loss model embedded in our Vision™ cash flow engine and balance sheet model.