exampleof yield maintenance calculationin connection witha(exampleof收益率维护calculationin连接使用).doc
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EXAMPLE OF YIELD MAINTENANCE CALCULATION
IN CONNECTION WITH A FULL PREPAYMENT
FOR NOTE VERSIONS PRIOR TO 11/2001
GIVEN:
(1) Date of the note (closing date) = 9/30/90
(2) Loan term = 10 years
(3) Yield maintenance period = 7 years (ending 9/29/97)
(4) Note rate = c = 10.5% (.105)
(5) Servicing fee = s = .50% (.005)
(6) Expected date of full prepayment = 6/30/94
(7) UPB of loan, as of date of full prepayment = b = $7,340,876
(8) Yield on pre-selected Treasury security * = r = 8.4% (.084)
*Yield on security as reported in Wall Street Journal on fifth business day preceding the date borrower gives formal notice of intent to prepay.
THEN:
(a) Remaining yield maintenance period = n = 6/30/94 to 9/29/97
= 1187 days (actual number of days)
= 3.2521 years (365/366-day years)
(b) Present value factor = f = 1 - (1 + r )-n
r
= 1 - (1 + .084)-3.2521
.084
= 2.7467
(c) Yield maintenance premium due from borrower = (c - r) X f X b
= (.105 - .084) (2.7467) (7,340,876)
= $423,426.87
(d) Lenders share of premium = s X f X b**
= .005 (2.7467) (7,340,876)
= $100,815.92
**To the extent that such amount does not exceed the difference between (i) the total premium due from the borrower and (ii) 1% of the UPB of the loan.
(e) Fannie Maes share of premium = $423,426.87 - $100,815.92
= $322,610.95
EXAMPLE OF YIELD MAINTENANCE CALCULATION
IN CONNECTION WITH A FULL PREPAYMENT
FOR NOTES VERSIONS BETWEEN 11/2001 and 04/2003
GIVEN:
(1) Date of the note (closing date) = 9/30/90
(2) Loan term = 10 years
(3) Yield maintenance period = 7 years (ending 9/29/97)
(4) Note rate = c = 10.5% (.105)
(5) Servicing fee = s = .50% (.005)
(6) Expected date of full prepayment = 6/30/94
(7) UPB of loan, as of date of full prepayment = b = $7,340,876
(8) Yield on pre-selected Treasury security * = r = 8.4% (.084)
*Yield on security as reported in The Wall Street Journal on
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