Glossary
LLPA (Loan-Level Pricing Adjustment)
A pricing adjustment grid keyed by risk attributes (FICO, LTV, occupancy, doc type) applied as basis-point adjustments to base price.
GSE LLPAs are the canonical example. Investors layer their own LLPAs on top. Each LLPA cell maps (FICO band × LTV band) to a basis-point value that the engine applies as a price adjustment.
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