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Creating the source data records
DA [1] Input data record layout [1]
Initialization File Example [INI]
Visual Basic file layout
Client override records
DA Input data record
This document attempts to clearly define what minimum fields
are required in the DA record to perform a valuation. Many
of the fields in the record are used only when there is no
client database attached to the valuation. In this instance
the LLAMA model would need to know the exact loan type,
investor, state, etc. in order to value the loan.
If you are creating the data records from within the company
database then you can skip many of the input fields.
All assumptions can be set in a default assumption file that
never needs to change.
There are 33 required fields.
Defining your own record layout.
It is an easy matter to completely define your own record.
The fields can be in any order but they must be the exact
same size (width) as these fields. The records must be
all the exact same length. The first 10 characters of each
record define the record type.
Code explanation:
[*] These fields can have a single value or they
can be a vector file.
The records in bold print are required fields.
The records in italics require no value or are always
the same.
These fields are simply information only.
rec10 Data record This value is "L0000??"
This is the record count in the file. It is used for
posting the valuations back to the database. It is not
requred.
recnum Record number 007 T0011 0017 X7
The loan number is not necessary.
loanx Loan number 015 T0018 0032 X15
These fields are not necessary.
recyer Year/month analysis 008 T0033 0040 X8
cdbase Segm assumptions 008 T0041 0048 X8
cdbase4 Base assumptions 008 T0049 0056 X8
CDGRPX - None of these fields is required for
valuation. The values in this fields are ONLY necessary
if the model must determine the inverstor and regional
assumptions. In a normal valuation, you will determine
these variables directly.
cdgrpx Valuation code 036 T0057 0092 X35
cdagrp Analysis Group 004 T0057 0001 0004 X4
sxdeli Delinquency 002 T0061 0005 0006 X2
sxstat State code 005 T0063 0007 0008 X2
itype Investor type 007 T0065 0009 0012 X4
cdbyd Buydown code 001 T0069 0013 0013 X1
cdtype Loan type 001 T0070 0014 0014 X1
cdlien Lien type 001 T0071 0015 0015 X1
cdown Property ownership 001 T0072 0016 0016 X1
cdarm Amortization ARM 001 T0073 0017 0017 X1
cdgpm Payment type GPM 001 T0074 0018 0018 X1
cduse3 User group 004 T0075 0019 0022 X4
sxterm Loan term category 002 T0079 0023 0025 X3
sxage Loan age category 002 T0082 0026 0028 X3
sxsfee Service fee categor 004 T0085 0029 0031 X3
sxuser User defined 004 T0089 0032 0035 X4
The discount rate should be on each record. You can use
a default value in the assumption header file. This can
be a vector.
* ldrate Discount rate 008 T0093 0100 x8
The following fields come directly frrom the master file:
lvc Loan count 010 T0101 0110 X10
lvba Avg balance 012 T0111 0122 X12
lvrate Interest rate 008 T0123 0130 X8
lvpico0 PI constant data 010 T0131 0140 X10
This field is used to get results that are comparable
to KAL_II. KAL_II uses a calculated P&I rather than
the actula P&I.
lvpico1 PI constant calc 011 T0141 0151 X11
The following fields come directly frrom the master file:
lvterm Amortization term 004 T0152 0155 X4
lvtrmm Maturity Loan term 004 T0156 0159 X4
lvage Loan Age 004 T0160 0163 X4
lvrem Remaining term/call 004 T0164 0167 X4
These fields are found in your CPR table for each investor.
lvcprt Prepayment type 004 T0168 0171 X3
This can be a vector.
* lvcpr Prepayment ratio 009 T0172 0180 X9
These fields are unique for each investor type. Unless
you can average these fields, you must summariaze by
investor type. All these fields must be present.
avrday Reg Remit day P&I 004 T0181 0184 X4
avrday1 Avg P&I days held 006 T0185 0190 X6
This is the day of the month to remit the Payoff balances.
Normally it is the same as the regular remittiance day.
avpday P/O remit day 004 T0191 0194 X4
This is the number of days to hold the payoffs. The P/O
funds are held for this many days and then remitted to
the investor. All funds on the books at the end of the
month are remitted on the last day of the month.
avpday1 Avg P/O days held 006 T0195 0200 X6
advpri Principal adv months004 T0201 0204 X4
advint Interest adv months 004 T0205 0208 X4
Interest lost on payoffs
This number can be:
[-1] Days interest is a gain on payoffs
[0] No interest is gaind or lost
[1] Interest is lost on payoffs
paylst Day int lost on P/O 004 T0209 0212 X5
The tax constant and insurance constant come directly from
your master file. The months held and extra months held
are assumptions that you must determine and enter on the
record.
lvetax Tax constant 010 T0213 0222 X10
This is a number between 0 and 6.5 It is the
average number of months of insurance constant held
during the year.
lvemot Tax months held 006 T0223 0228 X6
This number is only for KAL_II comparison, since you
can easily add the extra months to the lvemot field.
lfetaxx Tax extra mon held 002 T0229 0230 X2
lfeescx Esc extra dol held 006 T0231 0236 X6
lveins Insurance constant 010 T0237 0246 X10
This is a number between 0 and 6.5. It is the
average number of months of insurance constant
held during the year.
lvemoi Insurance mon held 006 T0247 0252 X6
This number is only for KAL_II comparison, since
you can easily add the extra months to the lvemoi
field.
lfeinsx Ins extra mon held 002 T0253 0254 X2
This field is difficult to average. The easiest way to do
it is to convert the interest on escrows to the dollars
actually paid on each loan and summarize by that field.
After summarizing, you divide by the total average escrows
and you have an average rate paid on escrow balances.
* lveioe Interest on escrow 008 T0255 0262 X8
These fields come directly from your master file. You can
override the fields for the valuation.
* lvlatp Late fee P&I 008 T0263 0270 X8
* lvlate Late fee T&I 008 T0271 0278 X8
The initial delinquency is in the master file. The
stated ratio is an assumption The state ratio can
be a single value or it can be a vector.
lvdel Initial Delin ratio 008 T0279 0286 X8
* lvdel1 Delin ratio stated 008 T0287 0294 x8
This is the average number of months that the segment
is delinquent. It only considers the DELINQUENT LOANS!
* lfdelc Aver # months delin 008 T0295 0302 X8
Loans included in the foreclosure ratio are not included
in the delinquency ratio!
lvfor Initial F/C ratio 008 T0303 0310 X8
* lvfor1 F/C ratio stated 008 T0311 0318 X8
* lfdelf Avg # months in F/C 008 T0319 0326 X8
Except for the service fee, The next six fields are all
assumptions. It is not necessary to put any value in
this location.
* lffcp F/C probability 008 T0327 0334 X8
* lflfor F/C Hard loss 010 T0335 0344 X10
* lvsfee Service fee 010 T0345 0354 X10
* lvsdpl Service fee $$/loan 008 T0355 0362 X8
lfccnv Conversion cost 008 T0363 0370 X8
* lfcser Cost to service 008 T0371 0378 X8
Escrow Balances - the actual current escrow balance is
used nowhere in the valuation!! The field is included
only for completeness purposes. If regional information
is missing it might be possible to calculate the
different constants. Otherwise it can be 0.
lvebal Escrow bal curr/loan010 T0379 0388 X10
lveavg Escrow avg/loan 010 T0389 0398 X10
Required purchase price and IRR - The model has the ability
to work backwards from the dollares paid to the IRR.
Normally, no value is required in this field.
lvirr4 Required IRR % 010 T0399 0408 X10
lvpri4 Reguired value % 010 T0409 0418 X10
Breakeven comparison fields - these fields are used to
compare two different sets of valuations. You do not
need any value in these fields.
lybevp3 Breakeven price $ 010 T0419 0428 X10
lybevr3 Breakeven value % 010 T0429 0438 X10
lyirr3 IRR rate of return% 010 T0439 0448 X10
Breakeven calculated fields - These fields are not required.
lybevp0a Breakeven price $avg010 T0449 0458 99999.00
lybevr0 Breakeven percent % 010 T0459 0468 0.000000
lyirr0 IRR rate of return% 010 T0469 0478 99.00000
The acquisition balance is only included for completeness.
It is not used in the valuation calculation. It might
be required for amortization purposes.
acqbal Acquired/new balance012 T0479 0490 99999999.00
Client override records
Each of these records is used only when creating the data input files.
If you can already create the files then you do not need these records.
OD [17]
Valuation data source overides
These overrides are used when the data record is originally created.
LLAMA does not include a data create routine. However, the data records
can be generated from the LLAMA protype.
Example
VB layout
VALUG [18]User group assumptions
Example
VB layout
These assumptions are defined using a column in the database.
They can be anything the user wants.
VALAG [19] Analysis group assumptions
Example
VB layout
The analysis group is a code used to summarize acquisitions, banks,
companies, periods, etc.
VALIR [20] Investor remittance types
Example
VB layout
The investors each have a particular pattern for remitting collected
funds. These records define that pattern.
VALST [21] State/Regional assumptions
Example
VB layout
These records contain information related to the physical location
of the property. The information is primarily escrow information.
Input Data Record layout
rec10 Data record TEXT 010 0001 0010 X10
recnum Record number TEXT 007 0011 0017 X7
loanx Loan number TEXT 015 0018 0032 X15
recyer Year/month analysis TEXT 008 0033 0040 X8
cdbase Segm assumptions TEXT 008 0041 0048 X8
cdbase4 Base assumptions TEXT 008 0049 0056 X8
cdgrpx Valuation code TEXT 036 0057 0092 X35
cdagrp BC Analysis Group 004 T0057 0001 0004 X4
sxdeli BC Delinquency 002 T0061 0005 0006 X2
sxstat BC State code 005 T0063 0007 0008 X2
itype BC Investor type 007 T0065 0009 0012 X4
cdbyd BC Buydown code 001 T0069 0013 0013 X1
cdtype BC Loan type 001 T0070 0014 0014 X1
cdlien BC Lien type 001 T0071 0015 0015 X1
cdown BC Property ownership 001 T0072 0016 0016 X1
cdarm BC Amortization ARM 001 T0073 0017 0017 X1
cdgpm BC Payment type GPM 001 T0074 0018 0018 X1
cduse3 BC User group 004 T0075 0019 0022 X4
sxterm BC Loan term category 002 T0079 0023 0025 X3
sxage BC Loan age category 002 T0082 0026 0028 X3
sxsfee BC Service fee categor 004 T0085 0029 0031 X3
sxuser BC User defined 004 T0089 0032 0035 X4
ldrate Discount rate TEXT 008 0093 0100 x8
lvc Loan count TEXT 010 0101 0110 X10
lvba Avg balance TEXT 012 0111 0122 X12
lvrate Interest rate TEXT 008 0123 0130 X8
lvpico0 PI constant data TEXT 010 0131 0140 X10
lvpico1 PI constant calc TEXT 011 0141 0151 X11
lvterm Amortization term TEXT 004 0152 0155 X4
lvtrmm Maturity Loan term TEXT 004 0156 0159 X4
lvage Loan Age TEXT 004 0160 0163 X4
lvrem Remaining term/call TEXT 004 0164 0167 X4
lvcprt Prepayment type TEXT 004 0168 0171 X3
lvcpr Prepayment ratio TEXT 009 0172 0180 X9
avrday Reg Remit day P&I TEXT 004 0181 0184 X4
avrday1 Avg P&I days held TEXT 006 0185 0190 X6
avpday P/O remit day TEXT 004 0191 0194 X4
avpday1 Avg P/O days held TEXT 006 0195 0200 X6
advpri Principal adv months TEXT 004 0201 0204 X4
advint Interest adv months TEXT 004 0205 0208 X4
paylst Day int lost on P/O TEXT 004 0209 0212 X5
lvetax Tax constant TEXT 010 0213 0222 X10
lvemot Tax months held TEXT 006 0223 0228 X6
lfetaxx Tax extra mon held TEXT 002 0229 0230 X2
lfeescx Esc extra dol held TEXT 006 0231 0236 X6
lveins Insurance constant TEXT 010 0237 0246 X10
lvemoi Insurance mon held TEXT 006 0247 0252 X6
lfeinsx Ins extra mon held TEXT 002 0253 0254 X2
lveioe Interest on escrow TEXT 008 0255 0262 X8
lvlatp Late fee P&I TEXT 008 0263 0270 X8
lvlate Late fee T&I TEXT 008 0271 0278 X8
lvdel Initial Delin ratio TEXT 008 0279 0286 X8
lfdel Delin ratio stated TEXT 008 0287 0294 x8
lfdelc Aver # months delin TEXT 008 0295 0302 X8
lvfor Initial F/C ratio TEXT 008 0303 0310 X8
lffor F/C ratio forecast TEXT 008 0311 0318 X8
lfforc Avg months foreclse TEXT 008 0319 0326 X8
lffcp F/C probability TEXT 008 0327 0334 X8
lflfor F/C Hard loss TEXT 010 0335 0344 X10
lvsfee Service fee TEXT 010 0345 0354 X10
lvsdpl Service fee $$/loan TEXT 008 0355 0362 X8
lfccnv Conversion cost TEXT 008 0363 0370 X8
lfcser Cost to service TEXT 008 0371 0378 X8
Escrow Balances
lvebal Escrow bal curr/loan TEXT 010 0379 0388 X10
lveavg Escrow avg/loan TEXT 010 0389 0398 X10
Required purchase price and IRR
llpurr2 Reguired value % TEXT 010 0409 0418 X10
Breakeven comparison fields
lybevp3 Breakeven price $ TEXT 010 0419 0428 X10
lybevr3 Breakeven value % TEXT 010 0429 0438 X10
lyirr3 IRR rate of return% TEXT 010 0439 0448 X10
Breakeven calculated fields
lybevp0a Breakeven price $avg TEXT 010 0449 0458 99999.00
lybevr0 Breakeven percent % TEXT 010 0459 0468 0.000000
lyirr0 IRR rate of return% TEXT 010 0469 0478 99.00000
acqbal Acquired/new balance TEXT 012 0479 0490 8(9).00