Welcome to The S-Curve
Now you will be able to receive the latest announcements, product updates, and our insights on the mortgage market in real time.
The name of the blog, the S-Curve, is a reflection of our logo and the central feature of our prepayment model. S-curves are seen in nature in many phenomenon, from population growth to prepayment and default models. Our first S-curve, in the early 1990s, used the arctangent function, then piece-wise linear functions, and evolved over time to be more complex and vary by FICO, loan size and LTV. This evolution encapsulates both the timeless nature of fundamental relationships and constant innovation to describe them better over time.
We hope you find the information useful and we look forward to your feedback.
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Agency LDM+ Available in Milliman M-PIRe™ProductsAndrew Davidson & Co., Inc (AD&Co) is thrilled to announce an expanding relationship with a Third-Party Vendor! AD&Co enjoys working with countless analytical providers to offer our clients seamless solutions and we would like to welcome Milliman M-PIRe™ to the team!
Milliman’s Integrate Solutions have supported AD&Co’s LoanDynamics Model (LDM) for many years. We've expanded on that relationship to include Milliman M-PIRe™ software. Milliman M-PIRe™ now supports AD&Co’s Agency+ LoanDynamics Model (Agency LDM+) to offer clients an industry-leading solution. AD&Co’s Agency LDM+ forecasts prepayments, delinquencies, defaults and loss probabilities, which are fed into Milliman M-PIRe™, a valuation and securitization software that produces advanced analytics of structured mortgage credit risk (CRT).
Today’s financial markets have taught us the importance of evaluating and managing financial risks. Milliman’s integration of AD&Co’s Agency LDM+ into the M-PIRe™ solution allows reinsurers and mortgage insurers to analyze CRT transactions using a multi-model framework when implementing risk and portfolio management strategies.
AD&Co would like to thank Milliman for their unparalleled support of our Agency LDM+ in the M-PIRe™ software. We truly appreciate their dedication to servicing mutual clients to ensure their success.
Interested in learning more about joint Milliman M-PIRe™ and Agency LDM+ solution? Please contact Jonathan Glowacki at jonathan.glowacki@milliman.com.
The S-Curve Archives
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EventsAndrew Davidson & Co., Inc (AD&Co) proudly sponsored IMN’s 11th Annual Mortgage Servicing Rights (MSR) Forum by Informa at the New York Hilton Midtown. Senior modeler Daniel Swanson joined the “Managing Delinquencies & Forbearance Value” panel in discussing how servicers are adapting to today’s market and the evolving delinquency trends.
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PodcastTune in to our fourth episode of AD&Conversations with Kevin Lin and Eknath Belbase, our product lead for our Climate model. In this episode, they discuss the new Climate Impact Suite (CIS) pilot project, and Belbase outlines several challenges the team is navigating, including:
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Podcast
Tune in to our fourth episode of AD&Conversations with Kevin Lin and Eknath Belbase, our product lead for our Climate model. In this episode, they discuss the new Climate Impact Suite (CIS) pilot project, and Belbase outlines several challenges the team is navigating, including:
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Podcast
Andrew Davidson was invited to speak on Equifax's Market Pulse Podcast titled, "Driving Efficiency and Resilience in the Mortgage Industry" live at the 2025 MBA Annual Convention in Las Vegas.
Andy explains how variations in data files can distort risk assessment, creating a dual risk for lenders: extending credit to borrowers more likely to default while overcharging customers whose risk is overstated.
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ThoughtsOur latest Policy Perspective written by Richard Cooperstein offers an analysis of the U.S. housing and mortgage finance markets, focusing on key trends and forward-looking risks. While housing markets are not fully efficient, they do respond to economic imbalances which create opportunities and vulnerabilities. This article explores how demographic shifts, credit access, interest rates, and climate risks shape both housing demand and supply.
Key findings include:
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Podcast
Join Kevin Lin in a conversation with Richard Cooperstein as they dive into Kinetics, AD&Co's modular platform designed to deliver the full power of our models and analytics; with the flexibility to license only the tools you need.
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Thoughts
The latest Policy Perspectives paper “Competing Claims in Privatization of Fannie Mae and Freddie Mac” is now available!
Nearly 20 years ago, on September 6, 2008, the GSEs, Fannie Mae and Freddie Mac entered conservatorship. Since that time there have been many proposals to restructure, eliminate or release the GSEs. Once again there is talk about the privatization of Fannie Mae and Freddie Mac.
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ThoughtsAD&Co held our annual employee meeting in Detroit, Michigan. In addition to gathering everyone in person to socialize and strategize, we use these annual meetings to learn about different cities, especially with regard to housing market dynamics.
We chose Detroit because the oft-maligned city is undergoing a significant renaissance, and we wanted to explore the area and learn how housing may have played a role in both Detroit’s decline and rebirth.
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ProductsAndrew Davidson & Co., Inc (AD&Co) is pleased to announce the beta release of MARS+, the next generation of Mortgage Analysis & Reporting System (MARS), which has been in use since 2008 for performance reporting of AD&Co models. MARS+ aims to provide enhanced and advanced capabilities and features for mortgage analysis and reporting.
The new enhancements of MARS+ include:
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EventsSeveral AD&Co employees attended SFVegas 2025. This post shares their unique perspectives from attending the conference and key takeaways from the sessions.