CPR (Constant Prepayment Rate)

Annualised measure of the percentage of outstanding principal prepaid in excess of scheduled amortisation. Monthly equivalent: SMM = 1 − (1 − CPR)^(1/12). High CPR shortens pool life and compresses investor yield.

Vintage Analysis

Performance tracking of loans originated in the same calendar period (month, quarter, year), allowing like-for-like comparison across cohorts. The primary tool for identifying underwriting deterioration.

DPD (Days Past Due)

The number of calendar days since a scheduled payment was due but not received. 30–59 DPD: early delinquency; 60–89 DPD: serious delinquency; 90+ DPD: default in most consumer pools.