AmeriHome Mortgage Company

That's right.

And I think our S-curve analysis recently was super interesting because it shows that at 75 basis points in the money, the AmeriHome Loan Balance cohorts are modeling around 14.5 CPR compared with roughly 17 to 19 CPR for similar loan balance flavors in the multi-servicer cohorts.

And when we look at the non-loan balance generics with the same moneyness, the speeds jump up into around 27.5 CPR.

So you get a pretty substantial difference, particularly in sixes where a moderate decline in rates could bring borrowers back into the refinancing range quickly.

We therefore get a modestly higher prepayment floor in a sell-off and materially slower refi barriers in a rally.

Yeah, and I think there's another important nuance here when it comes to relative value.

If we consider the various flavors of low loan balance pools, AmeriHome servicing doesn't always have the same incremental effect.

In fact, tightening the maximum loan balance doesn't necessarily produce a proportional improvement in the prepayment profile because the servicing effect does considerable work in the higher tiers of low-loan balance cohort.

At the other end, Bank of America, Loan Depot, and Provident are frequently among the slowest 30-year servicers, while Lakeview, J.P. Morgan, Chase, and Provident lag in 15-year loans.

By loan age, AmeriHome and RocketQuicken lead the early-stage 30-year universe with the fastest speeds concentrated in the 24-36 wall of buckets.

Conversely, Idaho HFA has remained among the slowest for 14 consecutive months, highlighting meaningful and persistent servicer-level differences in prepayment speeds.

Today sees an extremely light economic calendar with preliminary University of Michigan consumer sentiment the main release.