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.

HOUSE PRICES AND LDM V4.0 TEMPERING
Eknath Belbase

In this issue of the Pipeline, we present two articles.

AD&CO’S ANNUAL HPI OUTLOOK UPDATE: MODERATE GROWTH
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 2026Q2. This information dataset alters the HPI outlook used by AD&Co’s models and systems.

TEMPERING NON-AGENCY LDM V4.0
Eknath Belbase, Vivian Li

Andrew Davidson & Co., Inc. (AD&Co) recently released a beta version of LDM v4.0. In this article, we evaluate the credit model by comparing current non-QM originations against historical data used in model estimation and rating agency subordination levels. We review the model’s performance under different economic shocks - including recessions, stagflations, and extreme stress scenarios – to establish where intentional parameter “tempering” is required to prevent model overfitting during this beta period.

© 2026 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.

The Pipeline Archive

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Date:
09-2026
Issue:
195
Author:
Eknath Belbase
Date:
09-2026
Issue:
195
Author:
Alex Levin
Date:
09-2026
Issue:
195
Author:
Eknath Belbase
Vivian Li
Date:
06-2026
Issue:
194
Author:
Eknath Belbase
Date:
06-2026
Issue:
194
Author:
Dan Szakallas
Date:
06-2026
Issue:
194
Author:
Andrew Davidson
Alex Levin
Date:
02-2026
Issue:
193
Author:
Eknath Belbase
Date:
02-2026
Issue:
193
Author:
Richard Cooperstein
Mickey Storms
Matteo Caracciolo-King
Yvonne Chen
Michael Herskovitz
Date:
02-2026
Issue:
193
Author:
Alex Levin
Daniel Swanson
Date:
12-2025
Issue:
192
Author:
Eknath Belbase
Date:
12-2025
Issue:
192
Author:
Eknath Belbase
Alex Levin
Date:
12-2025
Issue:
192
Author:
Abe Martin
Date:
09-2025
Issue:
191
Author:
Eknath Belbase
Date:
09-2025
Issue:
191
Author:
Alex Levin
Date:
09-2025
Issue:
191
Author:
Alex Levin
Date:
09-2025
Issue:
191
Author:
Eknath Belbase
Date:
06-2025
Issue:
190
Author:
Mickey Storms
Date:
06-2025
Issue:
190
Author:
Daniel Swanson
Date:
06-2025
Issue:
190
Author:
Eric Limjoco
Date:
02-2025
Issue:
189
Author:
Eknath Belbase
Date:
02-2025
Issue:
189
Author:
Alex Levin
Daniel Swanson
Date:
02-2025
Issue:
189
Author:
Eric Limjoco
Date:
02-2025
Issue:
189
Author:
Eknath Belbase
Date:
12-2024
Issue:
188
Author:
Eknath Belbase
Date:
12-2024
Issue:
188
Author:
Sanjeeban Chatterjee
Date:
12-2024
Issue:
188
Author:
Feiqi Jiang
Alex Levin
Date:
12-2024
Issue:
188
Author:
Vivian Li
Richard Cooperstein
Date:
09-2024
Issue:
187
Author:
Eknath Belbase
Date:
09-2024
Issue:
187
Author:
Eknath Belbase
Date:
09-2024
Issue:
187
Author:
Matteo Caracciolo-King
Alex Levin
Date:
09-2024
Issue:
187
Author:
Mickey Storms
Matteo Caracciolo-King
Date:
06-2024
Issue:
186
Author:
Eknath Belbase
Date:
06-2024
Issue:
186
Author:
Richard Cooperstein
Michelle Stepien Breier
Date:
06-2024
Issue:
186
Author:
Richard Cooperstein
Date:
02-2024
Issue:
185
Author:
Eknath Belbase
Date:
02-2024
Issue:
185
Author:
Eknath Belbase
Date:
02-2024
Issue:
185
Author:
Connor Campbell
Date:
02-2024
Issue:
185
Author:
Alex Levin
Daniel Swanson
Date:
02-2024
Issue:
185
Author:
Andrew Davidson
Date:
12-2023
Issue:
184
Author:
Eknath Belbase
Date:
12-2023
Issue:
184
Author:
Richard Cooperstein
Vivian Li
Date:
12-2023
Issue:
184
Author:
Richard Cooperstein
Date:
09-2023
Issue:
183
Author:
Eknath Belbase
Date:
09-2023
Issue:
183
Author:
Mickey Storms
Date:
09-2023
Issue:
183
Author:
Alex Levin
Date:
09-2023
Issue:
183
Author:
Joni Baker
Eknath Belbase
Date:
06-2023
Issue:
182
Author:
Eknath Belbase
Date:
06-2023
Issue:
182
Author:
Alex Levin
Date:
06-2023
Issue:
182
Author:
Richard Cooperstein
Kevin Lin
Michelle Stepien Breier
Date:
02-2023
Issue:
181
Author:
Eknath Belbase