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.

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Date:
09-2011
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99
Author:
Simone Davis
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09-2011
Issue:
99
Author:
Alex Levin
Date:
09-2011
Issue:
99
Author:
Hikmet Senay
Date:
09-2011
Issue:
99
Author:
Sanjeeban Chatterjee
Date:
09-2011
Issue:
99
Author:
Richard Ellson
Alex Levin
Date:
07-2011
Issue:
98
Author:
Simone Davis
Date:
07-2011
Issue:
98
Author:
Dan Szakallas
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07-2011
Issue:
98
Author:
Eknath Belbase
Date:
05-2011
Issue:
97
Author:
Simone Davis
Date:
05-2011
Issue:
97
Author:
Richard Ellson
Will Searle
Dan Szakallas
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05-2011
Issue:
97
Author:
Alex Levin
Date:
04-2011
Issue:
96
Author:
Simone Davis
Date:
04-2011
Issue:
96
Author:
Eknath Belbase
Date:
04-2011
Issue:
96
Author:
Alex Levin
Date:
03-2011
Issue:
95
Author:
Simone Davis
Date:
03-2011
Issue:
95
Author:
Andrew Davidson
Eknath Belbase
Richard Ellson
Date:
03-2011
Issue:
95
Author:
Alex Levin
Date:
03-2011
Issue:
95
Author:
Sanjeeban Chatterjee
Date:
02-2011
Issue:
94
Author:
Richard Ellson
Will Searle
Date:
02-2011
Issue:
94
Author:
Simone Davis
Date:
02-2011
Issue:
94
Author:
Andrew Davidson
Eknath Belbase
Date:
02-2011
Issue:
94
Author:
Alex Levin
Date:
01-2011
Issue:
93
Author:
Simone Davis
Date:
01-2011
Issue:
93
Author:
Dan Szakallas
Date:
01-2011
Issue:
93
Author:
Alex Levin
Date:
01-2011
Issue:
93
Author:
Eknath Belbase
Date:
12-2010
Issue:
92
Author:
Rob Landauer
Date:
12-2010
Issue:
92
Author:
Sanjeeban Chatterjee
Daniel Swanson
Date:
12-2010
Issue:
92
Author:
Alex Levin
Date:
12-2010
Issue:
92
Author:
Eknath Belbase
Date:
11-2010
Issue:
91
Author:
Laura Silberg
Date:
11-2010
Issue:
91
Author:
Dan Szakallas
Date:
10-2010
Issue:
90
Author:
Eknath Belbase
Date:
10-2010
Issue:
90
Author:
Dan Szakallas
Date:
09-2010
Issue:
89
Author:
Laura Silberg
Date:
09-2010
Issue:
89
Author:
Alex Levin
Date:
09-2010
Issue:
89
Author:
Sanjeeban Chatterjee
Date:
09-2010
Issue:
89
Author:
Andrew Davidson
Date:
09-2010
Issue:
89
Author:
Andrew Davidson
Eknath Belbase
Date:
09-2010
Issue:
89
Author:
Eknath Belbase
Date:
07-2010
Issue:
88
Author:
Alex Levin
Date:
07-2010
Issue:
88
Author:
Dan Szakallas
Date:
05-2010
Issue:
87
Author:
Eknath Belbase
Daniel Swanson
Date:
05-2010
Issue:
87
Author:
Eknath Belbase