OVERVIEW

TBA prices are a critical benchmark across the agency mortgage market. Traders, portfolio managers, and mortgage investors use TBA levels to evaluate specified-pool pay-ups, analyze mortgage security pricing, assess relative value, and monitor portfolio risk.

TBA Monitor provides a normalized benchmark view of actively traded agency TBA markets, helping users evaluate securities quoted at a spread or premium to TBA. Using proprietary pricing logic informed by observable market inputs, including TRACE data and market signals, TBA Monitor delivers practical benchmark estimates to support mortgage pricing decisions.

Markets Covered

TBA Monitor covers key agency mortgage benchmarks across the coupon stack, including:

UMBS 30-year TBAs

Benchmark pricing across actively traded 30-year UMBS TBA markets.

UMBS 15-year TBAs

Reference pricing levels for the 15-year UMBS TBA market used in mortgage valuation and relative-value analysis.

GNMA-II 30-year TBAs

Provides benchmark context for the actively traded Ginnie Mae II 30-year TBA market, supporting mortgage pricing analysis, relative-value evaluation, and market monitoring.

Agency coupon stack

Provides indicative coverage across approximately 2% through 7.5% agency MBS coupons in 50-basis-point increments, subject to final product configuration.

Benefits

  • Establish a TBA Pricing Benchmark

    Establish a reliable TBA benchmark before evaluating specified pools, CMOs, or other mortgage securities. 

  • Analyzes Spread-to-TBA Pricing and Mortgage Relative Value

     Evaluate premiums, pay-ups, and spreads relative to TBA benchmarks to better understand mortgage security pricing. 

  • Optimize Mortgage Relative Value Decisions and Dealer Negotiations

    Compare mortgage securities against normalized TBA benchmarks to support relative value analysis and dealer negotiations. 

  • Improve Mortgage Hedging and Risk Management with TBA Benchmarks

    Monitor TBA benchmark movements used for mortgage hedging, portfolio management, and risk analysis. 

Use Cases

  • Specified-Pool Pricing Relative to TBA Benchmarks

    Evaluate specified pools priced at a premium or spread to the appropriate TBA coupon.

  • TBA Benchmark Preparation for Dealer Negotiations

    Use an independent TBA benchmark before dealer discussions, price negotiations, and market analysis.

  • Mortgage Relative-Value Analysis Using TBA Benchmarks

    Compare specified pools, pay-ups, discounts, and CMO valuations against relevant TBA benchmarks.

  • TBA Benchmark Monitoring for Mortgage Hedging and Risk Management

    Track TBA benchmark movements that influence mortgage exposure, hedge positioning, and portfolio valuation.

  • Trading & Portfolio Analysis

    Analyze TRACE-reported trades alongside collateral details, BWIC results, and historical market color to identify pricing trends and support investment decisions. 

Features

  • Agency TBA Pricing Benchmarks

    Provides benchmark TBA levels across supported UMBS and GNMA-II coupons to help users evaluate specified pools and mortgage-backed securities relative to the broader TBA market.

  • Frequently updated TBA market estimates

    Provides refreshed benchmark estimates throughout the trading day to support current mortgage market analysis, pricing discussions, and relative-value decisions. 

  • Proprietary TBA Pricing Methodology

    Uses observable market inputs and SOLVE | MBS Source logic to derive practical benchmark estimates.

  • Integrated Mortgage Market Workflow

    Access TBA benchmarks alongside MBS reference data, market color, and mortgage analytics within SOLVE | MBS Source to support faster pricing decisions, relative-value analysis, and mortgage market research. 

FAQs

  • What Information Does TBA Monitor Provide?

    TBA Monitor provides frequently updated agency TBA benchmark estimates across supported UMBS and GNMA-II coupons. The benchmarks help mortgage market participants evaluate specified pools, analyze spread-to-TBA relationships, monitor market movements, and support pricing and relative-value decisions. 

  • How does TBA Monitor Support Specified-Pool Pricing?

    TBA Monitor provides frequently updated benchmark estimates throughout the trading day, helping users monitor market movements, support pricing discussions, and incorporate current TBA levels into mortgage analysis workflows.

  • How Often are TBA Benchmark Levels Updated?

    TBA Monitor provides frequently updated benchmark estimates throughout the trading day, helping users monitor market movements, support pricing discussions, and incorporate current TBA levels into mortgage analysis workflows. 

  • What is Spread-to-TBA Analysis?

    Spread-to-TBA analysis compares mortgage securities and specified pools against the relevant TBA benchmark to help investors evaluate relative value, understand pricing differences, and assess dealer indications within the current market environment.

  • How Can TBA Monitor Support Mortgage Trading and Risk Management?

    TBA Monitor provides mortgage professionals with benchmark pricing context to support pre-trade analysis, dealer negotiations, hedge monitoring, portfolio valuation, and broader mortgage market decision-making.

  • Can TRACE Activity Feed integrate with existing trading workflows? 

    Yes. TRACE Activity Feed is available within SOLVE | MBS Source and, subject to applicable agreements, supports delivery through API, FIX, and controlled spreadsheet workflows, making it easy to incorporate into existing trading, pricing, and analytics processes. 

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