Agency MBS Specified Pool Lender Choice Repricing Analyzer

Pool Parameters & Delivery Rules TICK = 1/64th

Specified Loan Balance Tier Low Balance ($150k)

MBS Pass-Through Coupon 5.50%

TBA Benchmark Price 98.25

Gross Specified Pay-up (Ticks) 48 ticks (+0.75 pts)

Lender Choice Haircut / Discount 16 ticks (-0.25 pts)

Estimated Prepayment Speed (CPR) 11.5% CPR

Lender Choice Dynamics: When originators route loan selection through automated agency delivery systems, the highest-convexity collateral is selectively extracted, quietly discounting historical specified pool pay-ups against generic TBA pools.

Repricing Analytics & Execution Output LIVE PRICING ACTIVE

Effective Pool Price

98.75

TBA 98.25 + Net Pay-up

Net Pay-up Ticks

Gross 48 - 16 LC discount

Adjusted Yield (BEY)

5.82%

Cash-flow yield @ CPR

Repricing Impact

4.5 bps

Erosion from lender choice

Spread Differential

+12.5 bps

Versus generic TBA pool

Convexity Retention

78.4%

Prepay protection retained

Yield Spread Divergence: Generic TBA vs. Lender Choice Specified Pool Basis Points vs Prepay Speed (CPR)

Delivery Strategy	Gross Pay-up	Haircut (Ticks)	Effective Price	Net Yield	Spread Diff