With the completion of the most recent prepayment study, Banc One Capital Markets is ready to go live with its loan-level performance database - becoming the first sell-side shop to offer such a product. After two and a half years of building the database and roughly 2.5 million loans from the lion's share of subprime mortgage lenders, the product is scheduled for a mid-September launch on BOCM's client website.
Including New Century Financial data last month was the final piece of the puzzle for BOCM. In addition to New Century, Banc One has modeled the loans for AmeriQuest Mortgage, Bank One N.A., Impac Mortgage (hybrid ARM), Irwin Financial, Option One Mortgage, GMAC RFC, GMAC Mortgage (HELOC), and Saxon Mortgage. Although this represents almost all of the subprime mortgage and home equity markets, Banc One welcomes as many issuers as possible to participate. "Our goal is to have all issuers contributing data and then in turn allow the issuers to use the data for internal analysis," said Banc One's Glenn Schultz.