Our Business

Vista Data Services offers products and services related to U.S. residential mortgage credit pricing. These offerings are designed to meet investors’ and lenders’ demand for accurate market-based credit pricing and are used as benchmarks for derivatives and investment products.

Core products include credit indices based on the daily pricing of Connecticut Avenue Securities (CAS) and Structured Agency Credit Risk (STACR®) debt notes issued by Fannie Mae and Freddie Mac (GSEs), respectively, and reflect extensive input from major market participants and regulators. As these GSE programs evolve, Vista will expand to meet the needs of changing characteristics of the U.S. residential mortgage credit market.

Index Data

Vista CRT Indices™consist of benchmarks based on yearly cohorts of CRT securities, for 2015, 2016, 2017, and 2018, and related subsets of these vintages reflecting separate M and B Class and High and Low Loan-to-Value (LTV) securities.

Indices are presented as Index Values and Dollar Prices based both on market observations and daily inputs from market sources. Security-level data is also available. More information about index definitions and computations can be found in Resources.

Name Index YTD Return

Dollar Price

Discount Margin Daily
DM Change
2018 Vintage Index 110.075 10.07% 101.737 230.012 - 0.185
2018 M Index 107.960 7.96% 100.630 206.661 - 0.236
2018 B Index 117.943 17.94% 105.734 314.309 - 0.000
2017 Vintage Index 110.035 6.63% 105.199 220.911 + 0.797
2016 Vintage Index 107.687 1.94% 107.670 257.772 + 0.374
2015 Vintage Index 107.191 2.69% 106.951 232.957 + 1.530

Growth of Mortgage Credit Market

The U.S. single-family residential mortgage market is one of the largest capital markets in the world at over $10 trillion. Less than 40 percent of the credit risk in this market was held by the private sector in 2013. With the advent of the GSE CRT programs, the private sector is projected to hold over 75 percent of the credit risk by 2022. Despite this projected growth, there are currently no sources of aggregated U.S. residential mortgage credit risk pricing information or effective hedging tools for residential mortgage credit risk.

Vista CRT Indices™ offer a solution to fill this void and provide a path toward market-based consolidated benchmarks for all U.S. residential mortgage lending and investing.

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