Vintage is the calendar period when a loan originated, used by lenders and analysts to bucket performance. 2008-vintage loans, 2020 COVID-vintage loans, and 2022-2023 high-rate-vintage loans each carry distinct prepayment, default, and severity curves. For investor borrowers, vintage drives refinance timing — a loan from a high-rate vintage often gets refinanced into a lower-rate window once seasoning plus rate-drop math justifies the points and fees.
Underwriting