]> PrivateLabelMBSIssuance Process ontology for the process of issuance (securitization) of mortgage backed securities by commercial institutions rather than by government agencies. https://opensource.org/licenses/MIT

allocate primary identifier allocate ratings assess pool suitability for issuance assess ratings broker dealer An entity which may become a primary investor in the issue. Term origin:MBS PoC Reviews close deal define notes parameters the denom of the notes define pool characteristics draft tranche notes parameters Draft of set of information defining the notes breakdown of one tranche. covers denominations and amounts that you can byu of the instrument in this tranche. Term origin:MBS PoC Reviews draft tranche structure Draft of set of information defining the tranches in the tranched issue and how these relate to one another. Term origin:MBS PoC Reviews draft tranche termsheet Draft of set of information defining one tranche of a tranched issue. This will become the termsheet of an individual tranche within that issue. Term origin:MBS PoC Reviews draw up offering memorandum draw up tranche termsheets finalize pool content finalize prospectus get commitment from investors identify conforming mortgage identify underwriter in assembly mortgage pool in issuance non agency mortgage pool individual tranche definitions In reality there is one termsheet that has sets of information for the terms for each Tranche. This class of information identifies the terms of one tranche, but it does not exist as a separate document in its own right. Further Notes ? We may need to firm up the relationship between the individual tranche termsheet and the information about the relationships among these (some of which are quite complex) and the terms that are common to more than one tranche. In practice these may be separate sections of one document. Term origin:MBS PoC Reviews investor m b s securitization end m b s securitization start make securities available in market What happens here? e.g. notices / marketing (phone calls) Structured Finance: There's not really notices in the newspaper, it's a very small market and it's all based on relationships so there's no public notice. So you would get an email from the sales person at the bank who has just closed the deal and is now selling these (this bank is the broker/dealer who bought it?) There's not really much of a secondary market - the initial investors would often hold on to these. There is something around Bloomberg - you can go there and see what's available, if someone has a number of notes from a iven tranche, that they are willing to sell. So there's no transpoarency (!!) Sales would be OTC but less transparent e.g. if you look up a normal OTC stock, you would be able to see more of this information, than in these (non Agency) MBS issues and other SF. DOES THIS APPLY IN ALL MBS??. market issue to primary investors non agency pool creation end non agency pool creation process non agency pool creation start not yet issued non agency mortgage pool numbering agency The agency which will provide the primary securitiy identifier for the security. Term origin:MBS PoC Reviews PoolLifecycleStateSelection pool ready for issue pool trustee potential m b s investor potential non agency m b s issuer The entity which will become the issuing party for the Tranched MBS Issue. This entity is the principal actor in most of the activities involved in the issue. Term origin:MBS PoC Reviews potential tranched issue underwriter The entity which will become the underwriter for the tranched MBS issue. Term origin:MBS PoC Reviews primary investor A party which becomes the primary investor in the issue, by purchasing some of the tranches of the issue. Term origin:MBS PoC Reviews purchase mortgage into pool ratings agency ratings suitable for issue register security After the deal is closed the security is formally registered with some registraton authority This is the "official" bit - there is not a separate "Issue" activity which is official ????? remittance report Report containing a specific and limited set of information about the Deal. Term origin:MBS PoC Reviews 1 tranche notes parameters One set of information defining the notes breakdown of one tranche. Covers denominations and amounts that you can byu of the instrument in this tranche. Q: Is this really defined in the prospectus? A: yes The prospectus lists the characteristics including e.g. "The notes will be sold in denominations of X AND Increuemtns of Y e.g. $250 000 incremented by $1000. Parameters include: Denominations Minimum amounts what else? Term origin:MBS PoC Reviews tranche structure and termsheet One sheet defining the MBS structure. The termsheet with the terms for individual tranches is a separate component, known as the Tranche Termsheet or Individual Tranche Definitions. These may in practice be in one sheet or document deliverable but is a set of termsheets defining the terms for the set of tranches. Term origin:MBS PoC Reviews tranched draft prospectus The draft prospectus for a tranched Mortgage Backed Securities issue, as determined by the issuing entity prior to marketing the issue. Certain terms in the draft prospectus will be finalized later in the issuance process to become the actual Prospectus. Term origin:MBS PoC Reviews tranched m b s deal settlement tranched m b s deal transaction The deal transaction by which the MBS Issue is issued to primary investors. Term origin:MBS PoC Reviews tranched m b s issue prospectus part A part or section of a prospectus for a tranched mortgage backed securities issue. Term origin:MBS PoC Reviews tranched m b s primary deal transaction settlement process The process by which the primary deal transaction is settled. Term origin:MBS PoC Reviews tranched m b s prospectus outline An outline of the tranched prospectus, provind an intial representation of the possible tranches and their features. Term origin:MBS PoC Reviews tranched m b s securitization process 1 tranched offering memorandum The Offering Memorandum will include or attach the terms for two or more individual tranches that will make up the issue, and the structure of the tranches, including how they will relate to one another (priorities and so on). Term origin:MBS PoC Reviews The offering memorandum for a tranched MBS issue, setting out basic information about a future issue, for the information of prospective investors and their agents. adds to allocates identifier allocates ratings commitment based on commits to decomposes into denomination increment finalizes flow has content has content has counterparty has primary holder has principal party has resource has resource has resource has trustee identifier issued by includes details about includes details about is assessment of isDefiningOf is issue of is purchase of maximum amount This has not been seen - incliuded as it's implicit but we might want to get rid of this. ACTION: Look at example prospectus document, mark up against this model; if this item is not seen, we could remove it may become may include details about minimum denomination refers to requires requires results in results in results in results in publication of