While market players share differing views on the importance of Bear Stearns' new loan-level non-agency prepayment model - dubbed by some as a "supermodel" capable of revolutionizing the industry - even the most skeptical of MBS pros agree that it raises the bar for prepayment analytics.

One trader at a competing firm said that while he didn't buy into "the notion that this is going to change the way people do business," he could envision Bear's model "moving people in the direction of more technologically advanced loan-level models."

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