The Pipeline

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Welcome to the Pipeline, Andrew Davidson & Co., Inc.‘s newsletter, a “pipeline” of relevant and useful information, focused on recent trends, changes, and advances in the mortgage investor’s market.

Issue No. 191 | Sep 2025

A TURN INTO FALL
Eknath Belbase

With recent data indicating slowing job growth, large downward revisions to recent job growth, higher claims and flat to falling house prices in many locations, the recent drop in mortgage rates adds another interesting factor into the mix. The Fed’s upcoming decision promises to be interesting as they weigh rising CPI against employment. Against this backdrop, we present three articles.

AD&CO’S HPI OUTLOOK UPDATE: FLAT, WEAKLY GROWING
Alex Levin

On the last business day of August, Andrew Davidson & Co., Inc. (AD&Co) distributed a new set of data files containing the latest FHFA Home-Price Index (HPI) series through 2025Q2. This information dataset alters the HPI outlook used by AD&Co’s models and systems.

COMPARATIVE VALUATION OF CRTS WITH AND WITHOUT EMBEDDED GSE CALLS
Alex Levin

After a long development, we have been able to analyze the entire CRT market with and without consideration of embedded GSE call options. This article summarizes our results with a particularly interesting focus on valuing the embedded borrower option versus the GSE call.

INTRODUCING PILOT PROJECTS FOR CLIMATE IMPACT SUITE
Eknath Belbase

In this article, we briefly review our Climate Impact Suite and then introduce pilot projects where Andrew Davidson & Co., Inc. (AD&Co) works with interested clients together with a vendor providing property-level climate data. We invite clients interested in a pilot to reach out via support@ad-co.com.

© 2025 Andrew Davidson & Co., Inc. All rights reserved. You must receive permission from marketing@ad-co.com prior to copying, displaying, distributing, publishing, reproducing, or retransmitting any of the content contained in The Pipeline.
This publication is believed to be reliable, but its accuracy, completeness, timeliness, and suitability for any purpose are not guaranteed. All opinions are subject to change without notice. Nothing in this publication constitutes (1) investment, legal, accounting, tax, or other professional advice or (2) any recommendation or solicitation to purchase, hold, sell, or otherwise deal in any investment. This publication has been prepared for general informational purposes, without consideration of the circumstances or objectives of any particular investor. Any reliance on the contents of this publication is at the reader’s sole risk. All investment is subject to numerous risks, known and unknown. Past performance is no guarantee of future results. For investment advice, seek a qualified investment professional. Note: An affiliate of Andrew Davidson & Co., Inc. engages in trading activities in securities that may be the same or similar to those discussed in this publication.

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Date:
09-2025
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191
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Eknath Belbase
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09-2025
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191
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Alex Levin
Date:
09-2025
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191
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Alex Levin
Date:
09-2025
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191
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Eknath Belbase
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06-2025
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Eknath Belbase
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02-2025
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Eknath Belbase
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Eknath Belbase
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Eknath Belbase
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Matteo Caracciolo-King
Alex Levin
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Mickey Storms
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Eknath Belbase
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Richard Cooperstein
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Eknath Belbase
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Eknath Belbase
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185
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Connor Campbell
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02-2024
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185
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Alex Levin
Daniel Swanson
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02-2024
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185
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Andrew Davidson
Date:
12-2023
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184
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Eknath Belbase
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12-2023
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184
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Richard Cooperstein
Vivian Li
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12-2023
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184
Author:
Richard Cooperstein
Date:
09-2023
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183
Author:
Eknath Belbase
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09-2023
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183
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Mickey Storms
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09-2023
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183
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Alex Levin
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09-2023
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183
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Joni Baker
Eknath Belbase
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06-2023
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182
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Eknath Belbase
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06-2023
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182
Author:
Alex Levin
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06-2023
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182
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Richard Cooperstein
Kevin Lin
Michelle Stepien Breier
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02-2023
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181
Author:
Eknath Belbase
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02-2023
Issue:
181
Author:
Tom Parrent
Date:
02-2023
Issue:
181
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Alex Levin
Daniel Swanson
Date:
02-2023
Issue:
181
Author:
Eknath Belbase
Date:
02-2023
Issue:
181
Author:
Joni Baker
Richard Cooperstein
Sanjeeban Chatterjee
Date:
12-2022
Issue:
180
Author:
Eknath Belbase
Date:
12-2022
Issue:
180
Author:
Michelle Stepien Breier
Date:
12-2022
Issue:
180
Author:
Sanjeeban Chatterjee
Date:
11-2022
Issue:
179
Author:
Eknath Belbase
Date:
11-2022
Issue:
179
Author:
Mickey Storms
Date:
11-2022
Issue:
179
Author:
Alex Levin
Date:
09-2022
Issue:
178
Author:
Eknath Belbase
Date:
09-2022
Issue:
178
Author:
Dan Szakallas