Balancing the Scale: Equal Enters the Market

Article Abstract:

Soaring interest rates of the past several years spawned a multitude of mortgage instruments. The adjustable rate mortgage (ARM) is probably the best known of these new instruments. Additionally there are the graduated payment mortgage and the combination of the two known as the graduated payment adjustable rate mortgage (GPARM). Each of these has a number of drawbacks, most of which are felt by the borrower. Now, General Electric Mortgage Securities Corporation has brought out an instrument known as EQUAL. The new instrument has the advantages of providing a low qualifying rate and an affordable future payment. This shorter-term fixed-rate loan instrument should find a place in the portfolios of forward looking mortgage lenders.

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Computerized Pricing for the Secondary Market

Article Abstract:

Due to the importance of the secondary mortgage market to real estate lenders, it is important to have a smooth and efficient method of pricing these instruments. The capability of pricing a portfolio via computer is of enormous benefit to a mortgage lender. The algorithm presented here is compatible with MICROSOFT BASIC. For the conversion to a language other than MICROSOFT the basic mathmatical framework is also presented. The program is complete and can be quickly implemented to aid in mortgage pricing an entire portfolio. Chart and conversion table are included.

Software, Pricing

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Support for Pricing Decisions Part II

Article Abstract:

In this follow up to a previous article the algorithm for converting an entire portfolio of mortgages is presented. The program is easy to implement and prices the entire portfolio, eliminating the need to price each mortgage individually. The program provides a decision support system designed to present the user with significant information when needed, as well as pricing of the mortgage portfolio. The authors will answer inquiries. The complete program is included.

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