Every chart and table on the Modeling screen can be downloaded, so you can tie the figures out in a spreadsheet or hand them to a reviewer. A download carries the numbers and the sentences that qualify them, so a file never reads as more certain than the screen it came from.
Downloading a chart or table
Section titled “Downloading a chart or table”Each chart and table has a Download menu beside its title, with two choices:
- CSV (data): the underlying data only, as a comma-separated file that opens in any spreadsheet.
- Excel (data + chart): an
.xlsxworkbook with the data on a worksheet and, for a chart, an image of the chart placed below the data.
The file reflects what is on screen at the moment you click: the current segment, the speed you are viewing (CPR, the annualized prepayment speed, or SMM, the monthly one), and your current pricing assumptions. A download is offered only when there is something to export. There is none for a prepayment chart with no measurable speeds, and none for Pricing until Results shows numbers.
What each download contains
Section titled “What each download contains”| Where | File | Columns |
|---|---|---|
| Credit Loss chart | credit-loss | Age (months), Cumulative loss %, Lower 95% band %, Upper 95% band %, Exposure (loans), Point |
| Prepayment chart | prepayment-cpr-by-age or prepayment-smm-by-age | Age (months), CPR % or SMM %, Loans measurable for prepayment, Point |
| Pricing Results (build-up) | pricing | Component, Direction, Value % |
| Monthly net cash flow chart | cashflow-net | Month, Net income, Cumulative net income |
| Remaining balance chart | cashflow-remaining-balance | Month, End balance |
| Month-by-month projection | cashflow-monthly-detail | Every column of the on-screen table |
A few details worth knowing:
- Point marks each row
observedorprojected, matching the solid and dashed parts of the chart. In the credit-loss file, the two band columns hold the ~95% interval onobservedrows and the Projected range onprojectedrows; the Point column is what tells the two statistics apart, exactly as the legend does on screen. - Exposure (loans) in the credit-loss file is the count behind the chart’s bars: the loans whose original balances form the denominator at that age. Loans measurable for prepayment in the prepayment file is the narrower count of loans a speed could be measured over. The prepayment file carries the per-age speeds as plotted (the smoothed line), not the raw per-age ratios.
- The pricing file holds the Required-rate build-up when the required rate governs: each component with its direction (
addorsubtract) and its value in percent, then a final row markedtotalcarrying the required rate. When your proposed rate governs, it holds the Return build-up instead: your proposed rate (markedstart), each component with its direction, the projected return on assets and, on the ROE path, on equity (markedresult), and its distance from your target in points of return (markeddelta). It never carries a second “required rate”. - In the month-by-month file, custom line items appear as two columns, Line item costs and Line item income, where the screen shows one signed Line items column. On the ROE path the funding column is headed Funding cost (debt share), as on screen.
Basis rows: the assumptions travel with the file
Section titled “Basis rows: the assumptions travel with the file”Wherever the screen states an assumption beside a figure, the download carries the same sentence, word for word, as a trailing row: Basis in the first column and the sentence in the second. A file that carried the numbers without them would read as unconditional.
- The Credit Loss download carries the sentences that describe the dashed part of the curve: what the projection is and its level-payment assumption (or the WARM version of it), and, when it applies, that prepayment could not be measured and the projection assumes none. When the curve could not be projected past a given month, it carries that sentence instead.
- The pricing and month-by-month downloads carry every assumption behind the projection: level-payment amortization; how the funding blend was priced and the bullet tenor it equals; that the adjusted term includes defaults; interest forgone on defaulted balances; the equity funding credit on the ROE path; a term that differs from the cohort’s; a funding curve shorter than the loan; zero prepayment and its reason; and unobserved opening months. Each appears only when it applies. On screen these sentences are spread across Results, each beside the figure it qualifies; a file has no such geography, so it carries them all.
- The month-by-month download also carries the note that a column’s parts may differ from its total by up to $0.01 and, when credit loss is priced, the cross-foot note: the annual credit-loss rate × (the sum of the Begin balance column ÷ 12) equals the Loss column’s total, with both figures.
- The Prepayment, Monthly net cash flow, and Remaining balance downloads carry the data alone. The assumptions behind the projection travel in the pricing and month-by-month files.
The interest-forgone sentence and its build-up row are always in the pricing file, even when the screen hides that row for rounding to less than one basis point (a hundredth of a percentage point). The file is where a reader re-derives the stack.
When credit loss could not be measured
Section titled “When credit loss could not be measured”If no upload in your organization supplies a charge-off amount, the build-up on screen omits the expected credit loss rather than pricing it at zero. The pricing download carries that omission as an explicit row (Expected credit loss, excluded, no charge-off data, excluded from the required rate), so a spreadsheet cannot lose the caveat the screen showed. The month-by-month file drops the Defaulted principal and Loss columns, as the screen does, rather than printing zeros a reader might tie out against. See Reading pricing results.
Blank range columns on a WARM curve
Section titled “Blank range columns on a WARM curve”When the Credit Loss section used the WARM fallback (one average charge-off rate standing in for a measured curve, on a cohort too thin for a vintage curve), the chart draws no range, and the download leaves Lower 95% band % and Upper 95% band % blank. Printing the curve’s value in both would claim an interval of zero width, which is the opposite of what withholding the range means. See Reading the credit-loss section.