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  1. Courses
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  3. Mortgage Backed Securities

Mortgage Backed Securities

This course will introduce you to a variety of the more commonly-encountered types of mortgage-backed securities, pass-through securities, and CMO's, as well as a lot of the concepts used to assess the attractiveness of mortgage-backed securities.

Doug Carroll
Doug Carroll
Finance | core | 3 hours 10 minutes |   Published: May 2019
In partnership with:  Coursera

    Discussions

Overview

2.1KSTUDENTS*
93.8%RECOMMEND*

This course includes:

  • 3+ hours of on-demand video
  • 4 modules
  • Core level
  • Direct access/chat with the instructor
  • 100% self-paced online
  • Many downloadable resources
  • Shareable certificate of completion

This course will introduce you to a variety of the more  commonly-encountered types of mortgage-backed securities, pass-through  securities, and CMO's, as well as a lot of the concepts used to assess  the attractiveness of mortgage-backed securities and a lot of the  details to help understand mortgage-backed securities and how they work.

        This course contains 21 lectures among 4 sections:

  • Introduction to Mortgages and Mortgage Backed Securities
  • Pass Through Securities
  • Analysis of Pass Through Securities
  • Collateralized Mortgage Obligations

Skills You Will Gain

Collateralized Mortgage Obligations
Mortgages
Pass Through Securities

Learning Outcomes (At the end of this program you will be able to)

  • To explain what mortgage backed securities (MBS) are and how they are structured.
  • To discuss the pricing and trading of MBS.
  • To describe what are pass-through securities, their risks, and how prices & yields are calculated for these instruments.
  • To understand collateralized mortgage obligations (CMOs), their purpose and use, and how the market functions for these products.

Prerequisites

  • Knowledge of the English language.
  • Participants are expected to have basic math knowledge coming into this course.
  • A financial calculator is recommended to get the most out of this course.

Who Should Attend

  • Analysts and associates in commercial, corporate and investment banking

Curriculum

Instructors

Frequently Asked Questions

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*Where courses have been offered multiple times, the “# Students” includes all students who have enrolled. The “%Recommended” shown is also based on this data.
1Welcome to the course!
2Introduction to Mortgages and Mortgage Backed Securities
3Pass Through Securities
4Analysis of Pass Through Securities
5Collateralized Mortgage Obligations

Introduction to Pass Through Securities

Introduction to Pass Through Securities (Slides)

US Mortgage Agencies

US Mortgage Agencies (Slides)

Agency Underwriting Guidelines

Agency Underwriting Guidelines (Slides)

Structure of Pass Through Securities

Structure of Pass Through Securities (Slides)

Mortgage Cash Flows Part 1

Mortgage Cash Flows Part 1 (Slides)

Mortgage Cash Flows Part 2

Mortgage Cash Flows Part 2 (Slides)

Mortgage Pool Cash Flows

Mortgage Pool Cash Flows (Slides)

Mortgage Prepayments

Mortgage Prepayments (Slides)

About this course: Overview, Learning Outcomes, Prerequisites & Target Audience

Course Trailer

Instructor Bio: Doug Carroll

A message from the instructor (Draft)

Key pointers for success in this course

Doug Carroll

Doug Carroll

With over 40 years of experience in financial markets and instruments, I bring a wealth of expertise to training and education. My background spans across sales, trading, and investment management, providing me with a comprehensive understanding of various financial topics. I specialize in designing and delivering interactive, high-energy training sessions that bridge the gap between theoretical concepts and practical applications. My diverse experiences have enabled me to cater to audiences ranging from industry newcomers to seasoned professionals, ensuring that each session is tailored to the participants' needs. Throughout my career, I've developed and led training programs on a wide array of subjects including bond math, equity derivatives, portfolio management, and fixed income analytics. My ability to communicate complex topics effectively in both classroom settings and digital formats has been honed through years of delivering presentations and creating educational content for global audiences. Whether through live webinars or in-person sessions, I am dedicated to providing impactful learning experiences that resonate with participants and enhance their professional skills. In addition to my extensive training background, I hold advanced degrees in finance and economics and have earned numerous professional licenses. This rigorous academic and practical grounding supports my ability to deliver content that is both relevant and insightful. My passion for education drives me to continually refine my teaching methods and engage with learners, making each training session a valuable opportunity for growth and development.
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Conditional Prepayment Rate and Introduction to CMOs

Conditional Prepayment Rate and Introduction to CMOs (Slides)

CMOs and Sequential Pay Tranches

CMOs and Sequential Pay Tranches (Slides)

Z Bond Tranches

Z Bond Tranches (Slides)

PAC Bond Tranches

PAC Bond Tranches (Slides)

Other Types of Tranches

Other Types of Tranches (Slides)

Introduction to Mortgage Backed Securities

Introduction to Mortgage Backed Securities (Slides)

Asset Securitization and Introduction to Mortgage Loans

Asset Securitization and Introduction to Mortgage Loans (Slides)

Mortgage Loans

Mortgage Loans (Slides)

Risks of Pass Through Securities

Risks of Pass Through Securities (Slides)

Pass Through Securitries Prices and Yields

Pass Through Securitries Prices and Yields (Slides)

Pass Through Securities Cash Flows and Valuation

Pass Through Securities Cash Flows and Valuation (Slides)

MBS Prepayments and Negative Convexity

MBS Prepayments and Negative Convexity (Slides)

Prepayment Benchmarks

Prepayment Benchmarks (Slides)