Read the pool
Understand loan characteristics, performance drivers, servicing, and the assets behind the security.
Securitization / Cashflows / OAS
Mastering MBS and ABS
Move from securitization fundamentals to prepayment behavior, waterfall structures, convexity, and the analytics used to price mortgage- and asset-backed securities.
MBSABS25_SEP_2026Offer ends September 308Deep-dive sections
MBS / ABS / CMOAcross the structured-finance stack
CPR / OAS / CONVEXITYFrom borrower behavior to portfolio risk
What you will build
Follow the cashflow from collateral pool to investor tranche.
The course connects deal mechanics, borrower behavior, security structure, valuation, and risk. It is designed for people who need to understand not only what an MBS or ABS is, but why its cashflows and sensitivities behave the way they do.
Trace the waterfall
Follow principal, interest, credit support, and payment priority through pass-throughs and CMOs.
Model prepayments
Connect CPR, SMM, PSA, refinancing incentives, and borrower behavior to projected cashflows.
Explain the risk
Interpret OAS, Monte Carlo valuation, duration, and the negative convexity embedded in mortgage assets.
Your instructor
Tim Glauner
Quantitative analyst and quant developer in structured products
Tim brings three decades of quantitative-finance and capital-markets experience, including work developing MBS/ABS analytics and models at major financial institutions. His teaching keeps the mathematical foundations visible while connecting them to the economics of each structure.
30 years in quantitative finance500+ professionals trainedQUANT / RISK / TECH structured-products perspective
The curriculum
Eight sections from collateral to advanced analytics.
Build the market vocabulary first, then layer in deal mechanics, prepayment behavior, valuation, and professional analytical concepts.
Establish the products, history, market significance, and economic purpose of securitization.
- Overview and historical context
- Market significance and current trends
Move from asset pooling and SPVs through tranching, credit enhancement, and the key entities in a deal.
Study pass-through MBS, CMOs, TBA contracts, servicing dynamics, and valuation methodologies.
Compare underlying asset classes, structural protections, and the analytical differences between ABS and MBS.
Analyze prepayment risk, borrower behavior, interest-rate sensitivity, convexity, and credit risk.
Work through CPR, SMM, PSA, behavioral and econometric models, current coupon derivation, and Intex concepts.
Compare static and stochastic pricing, then explore OAS, Monte Carlo simulation, and negative convexity.
Place the products in the 2008 crisis, regulatory evolution, current markets, and a Python MBS pass-through calculation.
Built for structured finance
A technical foundation for people who work with complex cashflows.
Finance professionals
Develop a structured-products specialization and a deeper fixed-income vocabulary.
Traders and analysts
Connect security structures to pricing, relative value, and portfolio behavior.
Risk managers
Understand the prepayment, convexity, credit, and model risks inside MBS and ABS.
Students and graduates
Add practical structured-finance depth to an academic finance background.
Student perspective
From theory to the behavior of the bond.
"The sections on convexity and prepayment modeling have been invaluable in my role as a fixed-income analyst. I now have a much deeper understanding of MBS/ABS valuation."
"Tim's explanation of Intex and waterfall structures transformed how I approach CMO analysis. The concepts became accessible and useful in my daily work."
"The course provided both the foundation and the advanced techniques I needed. The sections on OAS and Monte Carlo simulations were particularly valuable."
September 2026 course offer
Learn to see the structure inside the security.
Enroll through Udemy for lifetime access to all sections, downloadable resources, Python cashflow examples, future updates, Q&A support, and a certificate of completion.
30-day money-back guarantee
Subject to Udemy's refund policy.
Subject to Udemy's refund policy.
Before you enroll
Frequently asked questions.
The course is lecture-led and designed to develop a deep conceptual and mathematical understanding of structured-finance markets.
A basic understanding of fixed-income securities and financial markets is helpful. The course starts with fundamentals before moving into advanced concepts.
It goes beyond product definitions into convexity, prepayment modeling, waterfall structures, OAS, Intex concepts, and Python cashflow calculations.
The course is primarily lecture-based, with detailed attention to theoretical concepts, mathematical foundations, cashflow generation, and structural behavior.
Dedicated sections explain negative convexity and introduce how Intex is used for professional cashflow analysis and valuation, with emphasis on conceptual understanding.
Yes. Udemy's Q&A section lets you ask questions, and Tim reviews and responds with clarification on complex topics.
You receive lifetime access to the course and future updates through Udemy.
Follow the waterfall
Understand what drives the cashflow.
Connect collateral, structure, borrower behavior, valuation, and risk in one course.
Start the course