GSAs™

Generic Servicing Assets

GSAs™ is MIAC’s daily pricing of representative benchmark mortgage servicing rights. As an industry-leading broker of MSRs, MIAC’s valuations of MSRs are considered the most defensible and accurate.

Identify Where the MSR Market is Trading

The GSAs covers a broad spectrum of the outstanding mortgage servicing population. Where there are large outstanding cohorts of mortgage servicing rights, a GSA is created.

GSA Pricing and Reporting Subscription

  • View and download daily GSA pricing and the GSA product level index through MIAC’s client web portal
  • Download multiple dates’ GSA prices, save to the GSA portfolio, and manage the price repository using WinOAS™
  • Automatically compute Option-Adjusted Spread, Option-Adjusted Duration, and Option-Adjusted Convexity for each GSA

A Capital Markets View of MSRs

The GSA attributes are aggregated from the actual underlying loan collateral at the product type, coupon, and vintage year cohort level. The loan collateral attributes and the MSR cash flow components of the GSA’s change annually so that the daily price changes are attributable solely to market factors only and not portfolio composition changes.

GSA Web Services and Download Capabilities

GSA Level One subscribers can access the daily GSA pricing in the authenticated website called Asset-Forum. The GSA Product Level Index price history is also viewable and downloadable.

MSR Market Price Indexes

MIAC prices each of these GSA cohorts and aggregates the GSA level prices to the Product Level. The aggregate pricing of each Product Type is weighted by the current outstanding UPB for each GSA cohort, established annually.

nGSAs

Competitive new production pricing grid that have been benchmarked across multiple pricing sources for a wide range of products.
  • Loan attribute adjustments such as state, loan program, LTV, FICO, terms, and remittance information
  • Excess servicing multiples for loans originated over the minimum base servicing fee
  • Multiple servicing girds for GNMA execution of 44 bps, 31.5 bps, and 19 bps