10 secondary market abbreviations every mortgage pro must know
May 18, 2018 12:16 PM
Roman Motizov - stock.adobe.com
With the Mortgage Bankers Association set to host its National Secondary Market Conference and Expo on Sunday, now's a perfect time to brush up on some key secondary mortgage market terminology.
The secondary market may not be the simplest of the mortgage industry segments, and the common use of abbreviations throughout it doesn't make things any easier.
While an abbreviation like MBS for mortgage-backed securities and PMI for private mortgage insurance might be simple enough, other shorthand terms for industry phrases may be less obvious to guess (kind of like how we don't know what's going to happen withgovernment-sponsored enterprise reform ).
So take a stab at figuring out these abbreviations and see how you measure up by taking our quiz.
Be sure to reference the category and clue for each abbreviation before flipping to the next slide to reveal the answer. Good luck!
The MBA's Secondary Conference will begin on May 20 and conclude on May 23. It will be held at the New York Marriott Marquis in Times Square.
The conference will host sessions on the secondary market concerning mortgage servicing rights, GSE reform and commercial mortgage-backed securities, among other industry hot topics. Attendees will also have opportunities for networking.
Want more? Check out these other mortgage abbreviation quizzes:
10 origination abbreviations every mortgage pro must know
10 mortgage abbreviations everyone in the industry should know
10 more abbreviations every mortgage pro must know
10 servicing abbreviations every mortgage pro must know
10 purchase market abbreviations every mortgage pro must know
The secondary market may not be the simplest of the mortgage industry segments, and the common use of abbreviations throughout it doesn't make things any easier.
While an abbreviation like MBS for mortgage-backed securities and PMI for private mortgage insurance might be simple enough, other shorthand terms for industry phrases may be less obvious to guess (kind of like how we don't know what's going to happen with
So take a stab at figuring out these abbreviations and see how you measure up by taking our quiz.
Be sure to reference the category and clue for each abbreviation before flipping to the next slide to reveal the answer. Good luck!
The MBA's Secondary Conference will begin on May 20 and conclude on May 23. It will be held at the New York Marriott Marquis in Times Square.
The conference will host sessions on the secondary market concerning mortgage servicing rights, GSE reform and commercial mortgage-backed securities, among other industry hot topics. Attendees will also have opportunities for networking.
Want more? Check out these other mortgage abbreviation quizzes:
PMIER
Guidelines from the GSEs to ensure mortgage insurers have enough money to pay claims.
PMIER
Private Mortgage Insurer Eligibility Requirements
ARC
Freddie Mac sellers and servicers can use this alternative for sending the GSE its portion of the monthly payment.
ARC
Accelerated Remittance Cycle
LLPA
A risk-based fee assessed to conforming borrowers which varies depending on loan traits.
LLPA
Loan Level Price Adjustment
CDO
A type of asset-backed security that pools together and repackages cash-flow generating assets that can be sold to investors.
CDO
Collateralized Debt Obligation
REMIC
This is used to pool mortgage loans and issue mortgage-backed securities.
REMIC
Real Estate Mortgage Investment Conduit
PSA
A contract that outlines the rights and responsibilities of investors and servicers.
PSA
Pooling and Servicing Agreement
MERS
A database that tracks the ownership and servicing rights of mortgage loans.
MERS
Mortgage Electronic Registration Systems
CSP
A single mortgage-backed security issued by the GSEs to finance fixed-rate mortgage loans backed by single-family properties.
CSP
Common Securitization Platform
CRT
Effort to reduce taxpayer exposure to Fannie Mae and Freddie Mac by increasing private capital investment.
CRT
Credit Risk Transfer
CUSIP
A nine-digit designation used to identify the PC Pool or Giant PC Pool on the Federal Reserve Bank's book entry system.
CUSIP
Committee on Uniform Securities Identification Procedures
How did you do? If you want more, check out these other mortgage abbreviation quizzes:
10 origination abbreviations every mortgage pro must know
10 mortgage abbreviations everyone in the industry should know
10 more abbreviations every mortgage pro must know
10 servicing abbreviations every mortgage pro must know
10 purchase market abbreviations every mortgage pro must know
How did you do? If you want more, check out these other mortgage abbreviation quizzes:
