NO.PZ2018062020000029
问题如下：
Compared with the
weighted average coupon rate of its underlying pool of mortgages, the pass-through rate on a mortgage
pass-through security is:
选项：
A.lower.
the same.
higher.
解释：
A is correct. The coupon rate of a mortgage pass-through security is called the pass-through rate, whereas the mortgage rate on the underlying pool of mortgages is calculated as a weighted average coupon rate (WAC). The pass-through rate is lower than the WAC by an amount equal to the servicing fee and other administrative fees.
考点：mortgage pass-through security
解析：mortgage组成的portfolio，每一笔mortgage都有一个贷款利率，WAC就是portfolio的加权平均贷款利率，MPS的coupon rate就是pass-through rate。两者之间的差距就是服务费。所以pass-through rate通常都是小于WAC的，所以A正确。
快考试了，来不及复习了，谢谢
