• Anytime
    Application Deadline
  • 84 days
    Duration

About

Taught by instructors with decades of experience on Wall Street, the Mortgage Backed Securities (MBS) Professional Certificate Program, which is offered by EdX in partnership with New York Institute of Finance - NYIFx, 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 reverse 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 provide the cash flows for distribution to investors, and the structure of cash disbursements. The primary themes in the discussion of each security is 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 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.
  • 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

Detailed Programme Facts

  • Programme intensity Part-time
    • Average part-time duration 84 days
    • Intensity 3 hrs/week
    • Part-time variant
      Flexible
    • Duration description
      Average Length: 4 weeks per course Effort: 2-3 hours per week, per course
  • Languages
    • English
  • Delivery mode
    Online
  • More information Go to the programme website

Programme Structure

Courses include:

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

Lecturers

English Language Requirements

This programme may require students to demonstrate proficiency in English.

Tuition Fee

  • International Applies to you

    399 USD/module
    Tuition Fee
    Based on the original amount of 399 USD per module and a duration of 84 days.
  • National Applies to you

    399 USD/module
    Tuition Fee
    Based on the original amount of 399 USD per module and a duration of 84 days.
We've labeled the tuition fee that applies to you because we think you are from and prefer over other currencies.
  • $399-550 per course
  • 5% discount coupon: Z7LZNQ4TN3B2JTWU valid for any free course + certificate upgrade

Funding

Check the programme website for information about funding options.

StudyPortals Tip: Students can search online for independent or external scholarships that can help fund their studies. Check the scholarships to see whether you are eligible to apply. Many scholarships are either merit-based or needs-based.

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