Professional Program Certificate in Mortgage Backed Securities (MBS) (NYIF)


Read more about this program on the school's website

Program Description

Understand the types of MBS, factors that influence investment characteristics, analytic techniques used to evaluate risk and return, and MBS trading/settlement.

Taught by instructors with decades of experience on Wall Street, the Mortgage-Backed Securities (MBS) Professional Certificate program is a fast-paced, comprehensive yet detailed introduction to the U.S. mortgage-backed securities market.

The program covers the basics of terminology and features of individual mortgage contracts all the way through to the structure and investment characteristics of exotic instruments such as PAC bond tranches and reverses mortgage securitization.

Along the way, the program will address aspects of the MBS market ranging from the creation of the basic building blocks (mortgage origination and types of mortgages), the process of turning them into investment instruments (asset securitization) and how in certain instances the cash distributions are structured to create a variety of securities from a single collateral pool (types of tranches of Collateralized Mortgage Obligations – CMOs).

The majority of the program will focus on the largest segment of the market, agency (FNMA, FHLMC, and GNMA) residential mortgage-backed securities, both pass-through securities and CMOs. However, the other market sectors (agency multi-family, non-agency CMOs and commercial mortgage-backed securities – CMBS) will be addressed in some detail.

The coverage of each type of security will address the most frequently encountered instrument in each category as well as common variations, the type of collateral that provides the cash flows for distribution to investors, and the structure of cash disbursements. The primary themes in the discussion of each security are the consequence of all those forgoing elements with respect to the primary types of risk investors face and the way in which those elements impact expected to return.

Augmenting the discussion of the securities will be an introduction to the pricing conventions (including PSA and CPR speeds) and analytics (OAS analysis) as well as market-related issues such as TBA trading and dollar rolls.

NOTE: Completing all 2 parts and then taking the Professional Certificate Examination is MANDATORY to achieve both the NYIF Certificate of Mastery and the edX Professional Certificate in Mortgage-Backed Securities. A verified learner must pass all courses in the program with a minimum grade of 70% to earn a Professional Certificate for Mortgages Backed Securities.

Job Outlook

  • Career prospects for people with similar training include investors, commercial and investment bankers, lawyers, accountants, regulators.
  • Employment of financial managers is projected to grow 7 percent from 2014 to 2024, about as fast as the average for all occupations.
  • The median salary for Mortgage-Backed Securities Analyst is $84,781. (source: Glassdoor)

What You'll Learn

  • Structural features and their impact on valuation and analysis of MBS
  • Describe the structural features and cash flow characteristics of pass-through securities
  • Recognize the impact of prepayment rates in the analysis and valuation of MBS
  • Explain the basic features of agency and non-agency CMOs as well as important types of tranches (sequential pay, Planned AmortizationClass, accrual/z-bond, etc)
  • Describe the basic elements of TBA (To Be Announced) trades and dollar rolls

Learn more about Professional Certificate Programs

Created by leading companies and top universities, Professional Certificate programs are a series of in-demand courses designed to develop the critical skills needed for today’s top jobs.

Courses in the Professional Certificate Program

  • Mortgage-Backed Securities (MBS): Part I
  • Mortgage-Backed Securities (MBS): Part II
  • Mortgage-Backed Securities (MBS): Professional Certificate Examination

Further Information

  • Average Length: 4 weeks per course
  • Effort: -3 hours per week, per course
  • Number Of Courses: 3 Courses in Program
  • Subject: Economics & Finance
  • Institution: NYIF
  • Languages: English
  • Video Transcripts: English
  • Price (USD): $399-550 per course
Last updated Sep 2019

About the School

Founded by Harvard University and MIT in 2012, edX is an online learning destination and MOOC provider, offering high-quality courses from the world’s best universities and institutions to learners ev ... Read More

Founded by Harvard University and MIT in 2012, edX is an online learning destination and MOOC provider, offering high-quality courses from the world’s best universities and institutions to learners everywhere. With more than 90 global partners, we are proud to count the world’s leading universities, nonprofits, and institutions as our members. EdX university members top the QS World University Rankings® with our founders receiving the top honors, and edX partner institutions ranking highly on the full list. Read less