Mortgage Backed Securities (MBS): Part II

Online Course

edX
Mortgage Backed Securities (MBS): Part II

What is the course about?

Mortgage Backed Securities (MBS): Part II
The course Mortgage Backed Securities (MBS): Part II is an online class provided by NYIF through edX. The skill level of the course is Intermediate. It may be possible to receive a verified certification or use the course to prepare for a degree.

Gain in-depth knowledge of the U.S. MBS market and learn about basic features of agency and non-agency CMOs as well as important types of tranches.

Course description

In this course we’ll learn the key features of the most common types of tranches in agency CMOs: Z (accrual) bond tranches PAC (planned amortization class) tranches TAC (targeted amortization class) tranches We’ll cover the primary differences between non-agency and agency CMOs and identify the main types of internal credit enhancements commonly used in non-agency CMOs. We’ll also learn how to contrast credit risk, prepayment risk and the typical amount of credit enhancements for different types of collateral, especially prime jumbo and subprime mortgage securitizations. Next, we’ll look at the structure and purpose for creating Giants (FHLMC), Megas (FNMA) and Platinum securities (GNMA) and understand what we mean by reverse mortgages. We’ll review the structural similarities and differences of commercial mortgage-backed securities (CMBS) with both agency and non-agency CMOs and look at the common features of the structured payouts on CMBS including IO strips and super-senior tranches. This course also describes types of agency multi-family securitizations, the various ways of structuring the collateral pool and the payouts to investors and the characteristics of TBA (to be announced) trading and specified (spec) trading. We’ll review the factors that cause the prices of specified trades and TBA trades to differ, and the forward pricing of TBA trades based on (cost of) carry considerations, structure of a dollar roll, and the factors that determine the attractiveness of dollar rolls to investors holding MBS. We’ll wrap up this course with an understanding of ARMs (Adjustable Rate Mortgages) and Hybrids (Hybrid Adjustable Rate Mortgages). This course is part 2 of the New York Institute of Finance’s Mortgage Backed Securities (MBS) Professional Certificate program. This course will begin with a review of the first course in this program, Mortgage Backed Securities (MBS): Part I.

Prerequisites & Facts

Mortgage Backed Securities (MBS): Part II

Course Topic

Economics and Finance

University, College, Institution

NYIF

Course Skill Level

Intermediate

Course Language

English

Place of class

Online, self-paced (see curriculum for more information)

Degree

Certificate

Degree & Cost

Mortgage Backed Securities (MBS): Part II

To obtain a verified certificate from edX / NYIF you have to finish this course or the latest version of it, if there is a new edition. The class may be free of charge, but there could be some cost to receive a verified certificate (550.00 USD) or to access the learning materials. The specifics of the course may have been changed, please consult the provider to get the latest quotes and news.
NYIF
Mortgage Backed Securities (MBS): Part II
provided by edX

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School: NYIF
Topic: Economics and Finance