Welcome to The S-Curve
Now you will be able to receive the latest announcements, product updates, and our insights on the mortgage market in real time.
The name of the blog, the S-Curve, is a reflection of our logo and the central feature of our prepayment model. S-curves are seen in nature in many phenomenon, from population growth to prepayment and default models. Our first S-curve, in the early 1990s, used the arctangent function, then piece-wise linear functions, and evolved over time to be more complex and vary by FICO, loan size and LTV. This evolution encapsulates both the timeless nature of fundamental relationships and constant innovation to describe them better over time.
We hope you find the information useful and we look forward to your feedback.
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2026 Cultural and Volunteer DayEventsAD&Co in Action: Volunteer & Cultural Days 2026
At Andrew Davidson & Co., Inc. (AD&Co), our values extend beyond the work we do for our clients. Humanity, inclusivity, dedication, citizenship, creativity, and integrity shape how we engage with one another and with our community. This August, members of the AD&Co team took the opportunity to put those values into practice during our Volunteer Day supporting Volunteers of America-Greater New York’s Operation Backpack® and our Cultural Day at Ellis Island.
Operation Backpack®
For AD&Co’s Volunteer Day, employees participated in Operation Backpack®, Volunteers of America-Greater New York’s annual community service initiative supporting children living in New York City shelters. Operation Backpack provides unhoused K-12 students with new backpacks and school supplies, helping ensure they can begin the school year equipped with everything they need to be successful.
For the third year in a row, our team spent the morning filling backpacks with school supplies that would ultimately make their way into the hands of these local students.

We invite you to click the link for more information on Volunteers of America-Greater New York’s Operation Backpack®.
Ellis Island
For our Cultural Day, AD&Co employees took the ferry over to Ellis Island to participate in the Save Ellis Island’s Hard Hat Tour, an in-depth, off-the-path guided tour of Ellis Island’s Hospital Complex and grounds, visiting areas that were closed to the public for more than 60 years. The complex included a hospital that once cared for immigrants who arrived at Ellis Island with illnesses or medical conditions. Approximately 1.2 million immigrants were treated there over the course of its history.
Also, throughout the complex, we had the chance to see Unframed—Ellis Island, an installation by French artist JR. The site-specific works bring immigrant stories to life through historic photographs incorporated directly into the abandoned spaces. Save Ellis Island works in partnership with the National Park Service to preserve and restore these historic buildings so that this chapter of American history remains accessible to future generations.
Walking around the island gave our team a unique perspective on the history of immigration in New York City and the country as a whole and highlighted the human experiences that form an important part of American history. In the same vein, AD&Co’s culture is defined by a series of ethical and personal values that define who we are and how we operate. By recognizing our multi-cultural workforce, it allows us to operate with a wider expanse of ideas and viewpoints in our day-to-day work. Ellis Island provided a meaningful setting for reflection.

For more information on the Save Ellis Island organization or their Hard Hat Tour, please visit their website.
Values
Both of these fantastic experiences reinforce AD&Co’s commitment to fostering a culture in which different perspectives are valued, people are treated with respect, and our responsibilities extend beyond the walls of our offices.
We are grateful to Save Ellis Island and Volunteers of America-Greater New York for giving our team the opportunity to take a step back from our day-to-day responsibilities to give back to and educate ourselves about our community.
We look forward to continuing to find ways to learn, participate, and give back together.
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Now Available: AD&Co’s Quantitative PerspectivesThoughtsRecently, aggregators have crossed market borders by issuing residential mortgage-backed securities (RMBS) backed by owner-occupied (OO), GSE-eligible conforming loans. Additionally, conforming mortgage loans have drawn investment interest from insurance companies fronted by aggregators and evaluated by third-party firms. These developments constitute historically rare disintermediations of the nearly monopsonist purchases of conforming loans by the GSEs.
We're thrilled to announce our latest Quantitative Perspectives where Mickey Storms and Alex Levin present examples of how Andrew Davidson & Co., Inc. (AD&Co) financial engineering techologies can be used by loan sellers and originators to fully evaluate the economics of GSE-conforming loan pricing, GSE credit fees, and loan sale options. Click below to read the full paper.
This paper will be a valuable resource for your work. A login is required for access. If you have any questions or would like to discuss the content in more detail, please contact support@ad-co.com.
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AD&Conversations: Trends in the Home Equity SectorPodcastJoin Rob Landauer in a conversation with Abe Martin as they discuss his recent Pipeline article, "Modeling the Balance Behavior of HELOC Borrowers." In this episode, they highlight key points from the article as he shares insights into the draw component of HELOCs and provide an update on the beta release of our much-anticipated industry HELOC model.
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Industry Leaders in Fixed-Income Analytics, Kelli Sayres and Gene Park, join Andrew Davidson & Co., Inc.News
We’re excited to announce a major addition to the Andrew Davidson & Co., Inc. (AD&Co) team. Industry leaders Kelli Sayres and Gene Park, known for building and scaling leading fixed-income analytics platforms, have joined AD&Co’s Business Development team. With decades of experience, deep client partnerships, and a shared commitment to rigorous quantitative analytics, their arrival marks an exciting new chapter for our firm and the clients we serve.
Read the full press release to learn more about their backgrounds, recent work at Numerix, formerly known as PolyPaths and what this means for AD&Co.
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White Paper: Evaluating GSE Servicing Rights With Extended Consumer Credit Data: Valuation and Sensitivity AnalysisThoughtsBuilding on our earlier research on expanded consumer attributes, AD&Co continues to explore how credit data contributes to modeling delinquency and prepayment risk, which are key drivers of mortgage servicing rights cash flows and valuation.
Our latest analysis shows that while modern credit scores capture important borrower behavior, there is still meaningful explanatory power beyond any single score. Across 2,000+ consumer attributes, additional variables provide incremental insight into loan performance and mortgage servicing rights valuation dynamics.
Read Now
The S-Curve Archives
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NewsAndrew Davidson & Co., Inc (AD&Co) is pleased to announce a new alliance with Mortgage Capital Trading, Inc. (MCT), a leading provider of mortgage capital market solutions.
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EventsAt Andrew Davidson & Co., Inc. (AD&Co), our dedication to Diversity, Equity, and Inclusion (DEI) has been a cornerstone of our values. We established our DEI Committee in 2020, following the tragic murder of George Floyd. Despite the evolving landscape, including the recent U.S. Supreme Court decision impacting affirmative action in higher education, we remain steadfast in our commitment to fostering an inclusive environment that strengthens both our employees and the company.
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PodcastTune in to Eknath Belbase's interview with Michelle Stepien Breier & Richard Cooperstein as they discuss their latest Pipeline article “Improving Mortgage Data: A Data Exchange for the Mortgage Ecosystem.” -
EventsAndy and I recently attended AmeriCatalyst ‘Going to Extremes’ Climate, Housing and Finance Leadership Summit in Washington, D.C., a fantastic conference on all things related to climate risk and the housing ecosystem. While going over all the great speakers and broad expertise represented there would take a novella, I want to connect a few key ideas discussed there to our ongoing efforts in this area.
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EventsAt the recent AmeriCatalyst ‘Going to Extremes’ Climate, Housing and Finance Leadership Summit, I presented a session on how risks related to weather-related losses impact the housing finance system.
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ProductsAndrew Davidson & Co., Inc (AD&Co) is thrilled to announce an expanding relationship with a Third-Party Vendor! AD&Co enjoys working with countless analytical providers to offer our clients seamless solutions and we would like to welcome Milliman M-PIRe™ to the team!
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EventsThe Federal Home Loan Bank of San Francisco directed the Urban Institute to develop innovative and actionable ideas to close the gap between white and black homeownership rates, which is as wide today as before the Fair Housing Act, enacted 60 years ago. Homeownership is crucial to a fairer society because working and middle-class families most commonly create inter-generational wealth by owning homes with amortizing mortgages.
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EventsThe Data Foundation of Mortgage Finance
Homeownership is the largest source of wealth accumulation and inter-generational wealth transfer for the working and middle class. However, the non-interest cost of financing is always an obstacle for first-time and low-wealth buyers, and underserved populations.
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ThoughtsIn this blog post, we used the recently updated Mortgage Market Statistical Annual to examine the dynamics of residential loan origination by state and by market segments and highlight important trends.
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ProductsAndrew Davidson & Co., Inc. (AD&Co) is pleased to announce the official release of Kinetics v1.10, the latest update to AD&Co’s modular platform for running the AD&Co suite of analytics. This update introduces the Multifamily LoanDynamics Module, the newest way to run Multifamily LoanDynamics Model (LDM). Investors, servicers, insurers and lenders can leverage this new module to better understand the prepayment and credit risk of their multifamily mortgage portfolio.