{"id":10784,"date":"2026-09-22T06:00:00","date_gmt":"2026-09-21T21:00:00","guid":{"rendered":"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l1-fi-lm19\/"},"modified":"2026-09-22T07:44:21","modified_gmt":"2026-09-21T22:44:21","slug":"cfa-l1-fi-lm19","status":"publish","type":"post","link":"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l1-fi-lm19\/","title":{"rendered":"\u3010CFA\u00ae\ufe0e L1 Fixed Income LM19\u3011Mortgage-Backed Security (MBS) Instrument and Market Features \u3092\u8981\u70b9\u89e3\u8aac\uff5c\u671f\u9650\u524d\u8fd4\u6e08\u30ea\u30b9\u30af\u30fb\u30d1\u30b9\u30b9\u30eb\u30fc\u8a3c\u5238\u30fbCMO\u30fbCMBS"},"content":{"rendered":"<style>\n.cfalm-los{counter-reset:los;list-style:none;padding:0!important;margin:1em 0!important}\n.cfalm-los li{border:1px solid #d5d9e3;border-left:4px solid #172152;border-radius:4px;padding:.8em 1em!important;margin:0 0 .8em!important;background:#fff}\n.cfalm-los li::before{display:none!important;content:none!important}\n.cfalm-los .ja{display:block;font-weight:bold;color:#172152;line-height:1.6}\n.cfalm-los .en{display:block;font-size:.85em;color:#667;margin-top:.3em;line-height:1.5;word-break:normal!important;overflow-wrap:anywhere}\n.cfalm-sum{background:#f6f7fb;border-radius:6px;padding:1em 1.2em!important;margin:1em 0!important;list-style:none!important}\n.cfalm-sum li{position:relative;margin:.4em 0!important;padding:0 0 0 1.1em!important;line-height:1.7;list-style:none!important}.cfalm-sum li::before{content:\"\"!important;display:block!important;position:absolute!important;left:0!important;top:.7em!important;width:6px!important;height:6px!important;border-radius:50%!important;background:#172152!important;border:none!important;transform:none!important}\n.cfalm-f{background:#f6f7fb;border-left:4px solid #172152;padding:.7em 1em;margin:.8em 0;font-family:\"Menlo\",\"Consolas\",monospace;font-size:.95em;overflow-x:auto}\n.cfalm-nav{background:#f6f7fb;padding:1em 1.2em;border-radius:6px;margin:1em 0;word-break:normal;overflow-wrap:anywhere}\n<\/style>\n<div class=\"box05\">\n<p>Learning Module 19\u300cMortgage-Backed Security (MBS) Instrument and Market Features\uff08\u4f4f\u5b85\u30ed\u30fc\u30f3\u62c5\u4fdd\u8a3c\u5238\uff08MBS\uff09\uff09\u300d\u306f\u3001\u671f\u9650\u524d\u8fd4\u6e08\u30ea\u30b9\u30af\uff08\u77ed\u7e2e\u30ea\u30b9\u30af\u3068\u5ef6\u9577\u30ea\u30b9\u30af\uff09\u3068\u6642\u9593\u7684\u30c8\u30e9\u30f3\u30b7\u30f3\u30b0\u306e\u76ee\u7684\u3001\u8a3c\u5238\u5316\u3055\u308c\u308b\u4f4f\u5b85\u30ed\u30fc\u30f3\u306e\u57fa\u672c\u7684\u306a\u7279\u5fb4\u3001\u30d1\u30b9\u30b9\u30eb\u30fc\u8a3c\u5238\u3084\u62c5\u4fdd\u4ed8\u30e2\u30fc\u30b2\u30fc\u30b8\u8a3c\u5238\uff08CMO\uff09\u306a\u3069\u306e\u4f4f\u5b85\u30ed\u30fc\u30f3\u62c5\u4fdd\u8a3c\u5238\uff08RMBS\uff09\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3068\u30ea\u30b9\u30af\u3001\u305d\u3057\u3066\u5546\u696d\u7528\u4e0d\u52d5\u7523\u30ed\u30fc\u30f3\u62c5\u4fdd\u8a3c\u5238\uff08CMBS\uff09\u306e\u7279\u5fb4\u3068\u30ea\u30b9\u30af\u3092\u6271\u3046\u5358\u5143\u3067\u3059\u3002<\/p>\n<p>\u672c\u8a18\u4e8b\u3067\u306f\u3001\u6700\u65b0\u7248\u30ab\u30ea\u30ad\u30e5\u30e9\u30e0\u306eLOS\uff08Learning Outcome Statement\uff09\u3068\u3001\u3053\u306e\u5358\u5143\u306e\u91cd\u8981\u8ad6\u70b9\u3092\u65e5\u672c\u8a9e\u3067\u6574\u7406\u3057\u307e\u3057\u305f\u3002<\/p>\n<\/div>\n<h2>LM19\u306eLOS\uff08\u5b66\u7fd2\u76ee\u6a19\uff09<\/h2>\n<p>LOS\u306f\u3001\u3053\u306e\u5358\u5143\u3067\u300c\u3067\u304d\u308b\u3088\u3046\u306b\u306a\u308b\u3079\u304d\u3053\u3068\u300d\u3068\u3057\u3066\u793a\u3055\u308c\u3066\u3044\u308b\u5b66\u7fd2\u76ee\u6a19\u3067\u3059\u3002LM19\u306b\u306f4\u3064\u306eLOS\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<ol class=\"cfalm-los\">\n<li><span class=\"ja\">LOS 1\uff1a\u671f\u9650\u524d\u8fd4\u6e08\u30ea\u30b9\u30af\u3092\u5b9a\u7fa9\u3057\u3001\u8a3c\u5238\u5316\u306b\u304a\u3051\u308b\u6642\u9593\u7684\u30c8\u30e9\u30f3\u30b7\u30f3\u30b0\u306e\u69cb\u9020\u3068\u305d\u306e\u76ee\u7684\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">define prepayment risk and describe time tranching structures in securitizations and their purpose<\/span><\/li>\n<li><span class=\"ja\">LOS 2\uff1a\u8a3c\u5238\u5316\u3055\u308c\u308b\u4f4f\u5b85\u30ed\u30fc\u30f3\u306e\u57fa\u672c\u7684\u306a\u7279\u5fb4\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">describe fundamental features of residential mortgage loans that are securitized<\/span><\/li>\n<li><span class=\"ja\">LOS 3\uff1a\u30d1\u30b9\u30b9\u30eb\u30fc\u8a3c\u5238\u3084\u62c5\u4fdd\u4ed8\u30e2\u30fc\u30b2\u30fc\u30b8\u8a3c\u5238\u3092\u542b\u3080\u4f4f\u5b85\u30ed\u30fc\u30f3\u62c5\u4fdd\u8a3c\u5238\u306e\u7a2e\u985e\u3068\u7279\u5fb4\u3092\u8aac\u660e\u3057\u3001\u305d\u308c\u305e\u308c\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3068\u30ea\u30b9\u30af\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">describe types and characteristics of residential mortgage-backed securities, including mortgage pass-through securities and collateralized mortgage obligations, and explain the cash flows and risks for each type<\/span><\/li>\n<li><span class=\"ja\">LOS 4\uff1a\u5546\u696d\u7528\u4e0d\u52d5\u7523\u30ed\u30fc\u30f3\u62c5\u4fdd\u8a3c\u5238\u306e\u7279\u5fb4\u3068\u30ea\u30b9\u30af\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">describe characteristics and risks of commercial mortgage-backed securities<\/span><\/li>\n<\/ol>\n<h2>LM19\u306e\u307e\u3068\u3081<\/h2>\n<p>\u3053\u306e\u5358\u5143\u306e\u8981\u70b9\u3092\u307e\u3068\u3081\u308b\u3068\u3001\u6b21\u306e\u3068\u304a\u308a\u3067\u3059\u3002<\/p>\n<ul class=\"cfalm-sum\">\n<li>\u671f\u9650\u524d\u8fd4\u6e08\u30ea\u30b9\u30af\u306f\u3001\u501f\u308a\u624b\u304c\u5143\u672c\uff08\u307e\u305f\u306f\u305d\u306e\u4e00\u90e8\uff09\u3092\u4e88\u5b9a\u3069\u304a\u308a\u306b\u8fd4\u6e08\u3057\u306a\u3044\u30ea\u30b9\u30af\u3067\u3001\u4e88\u5b9a\u3088\u308a\u65e9\u304f\u8fd4\u6e08\u3055\u308c\u308b\u77ed\u7e2e\u30ea\u30b9\u30af\u3068\u3001\u4e88\u5b9a\u3088\u308a\u9045\u304f\u8fd4\u6e08\u3055\u308c\u308b\u5ef6\u9577\u30ea\u30b9\u30af\u304c\u3042\u308b<\/li>\n<li>\u4f4f\u5b85\u30ed\u30fc\u30f3\u62c5\u4fdd\u8a3c\u5238\uff08MBS\uff09\u306f\u4f4f\u5b85\u30ed\u30fc\u30f3\u3092\u8a3c\u5238\u5316\u3057\u305f\u50b5\u5238\u3067\u3001\u4f4f\u5b85\u30ed\u30fc\u30f3\u306f\u501f\u308a\u624b\u306b\u7269\u4ef6\u8cfc\u5165\u8cc7\u91d1\u3092\u63d0\u4f9b\u3057\u3001\u5408\u610f\u3057\u305f\u30b9\u30b1\u30b8\u30e5\u30fc\u30eb\u3067\u306e\u8fd4\u6e08\u3092\u6c42\u3081\u3001\u8fd4\u6e08\u3055\u308c\u306a\u3051\u308c\u3070\u8cb8\u3057\u624b\u306f\u7269\u4ef6\u3092\u5dee\u3057\u62bc\u3055\u3048\u308b\u6a29\u5229\u3092\u6301\u3064<\/li>\n<li>MBS\u306b\u306f\u4f4f\u5b85\u7528\u3068\u5546\u696d\u7528\u306e\u4e0d\u52d5\u7523\u30ed\u30fc\u30f3\u3092\u88cf\u4ed8\u3051\u3068\u3059\u308b\u3082\u306e\u304c\u3042\u308a\u3001\u4f4f\u5b85\u3092\u88cf\u4ed8\u3051\u3068\u3059\u308b\u3082\u306e\u304c\u4f4f\u5b85\u30ed\u30fc\u30f3\u62c5\u4fdd\u8a3c\u5238\uff08RMBS\uff09<\/li>\n<li>MBS\u3067\u306f\u4e88\u5b9a\u3055\u308c\u305f\u5143\u672c\u8fd4\u6e08\u3068\u4e88\u5b9a\u5916\u306e\u671f\u9650\u524d\u8fd4\u6e08\u306e\u4e21\u65b9\u304c\u767a\u751f\u3059\u308b\u305f\u3081\u3001\u5951\u7d04\u4e0a\u306e\u6e80\u671f\u306f\u5b9f\u969b\u306e\u8fd4\u6e08\u6642\u671f\u3092\u793a\u3055\u306a\u3044\u3002\u3044\u3064\u8fd4\u6e08\u3055\u308c\u308b\u304b\u306e\u76ee\u5b89\u3068\u3057\u3066\u52a0\u91cd\u5e73\u5747\u6b8b\u5b58\u671f\u9593\uff08WAL\uff09\u304c\u5e83\u304f\u4f7f\u308f\u308c\u308b<\/li>\n<li>\u30e2\u30fc\u30b2\u30fc\u30b8\u30fb\u30d1\u30b9\u30b9\u30eb\u30fc\u8a3c\u5238\u306f\u3001\u8cb8\u3057\u624b\u304c\u4f4f\u5b85\u30ed\u30fc\u30f3\u3092\u30d7\u30fc\u30eb\u3057\u3001\u305d\u308c\u3092\u88cf\u4ed8\u3051\u306b\u767a\u884c\u3059\u308b\u8a3c\u5238\u3067\u3001\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306f\u539f\u8cc7\u7523\u30d7\u30fc\u30eb\u306e\u6bce\u6708\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306b\u4f9d\u5b58\u3059\u308b<\/li>\n<li>\u62c5\u4fdd\u4ed8\u30e2\u30fc\u30b2\u30fc\u30b8\u8a3c\u5238\uff08CMO\uff09\u306f\u3001\u30d1\u30b9\u30b9\u30eb\u30fc\u8a3c\u5238\u3084\u8907\u6570\u306e\u30ed\u30fc\u30f3\u30fb\u30d7\u30fc\u30eb\u3092\u8a3c\u5238\u5316\u3057\u3001\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u8907\u6570\u306e\u30c8\u30e9\u30f3\u30b7\u30a7\u306b\u518d\u914d\u5206\u3057\u3066\u3001\u671f\u9650\u524d\u8fd4\u6e08\u30ea\u30b9\u30af\u3078\u306e\u30a8\u30af\u30b9\u30dd\u30fc\u30b8\u30e3\u30fc\u304c\u7570\u306a\u308b\u8a3c\u5238\u3092\u4f5c\u308b<\/li>\n<li>CMBS\u306f\u5c11\u6570\u306e\u5546\u696d\u7528\u4e0d\u52d5\u7523\u30ed\u30fc\u30f3\u3067\u69cb\u6210\u3055\u308c\u308b\u3053\u3068\u304c\u3042\u308a\u30011\u4ef6\u306e\u30c7\u30d5\u30a9\u30eb\u30c8\u304c\u6295\u8cc7\u5bb6\u306b\u5927\u304d\u304f\u5f71\u97ff\u3057\u5f97\u308b\u305f\u3081\u3001\u500b\u5225\u306e\u30ed\u30fc\u30f3\u3068\u7269\u4ef6\u3001\u7269\u4ef6\u306e\u6240\u6709\u8005\u3001CMBS\u306e\u69cb\u9020\u3092\u5206\u6790\u3057\u3066\u96c6\u4e2d\u30ea\u30b9\u30af\u3092\u8a55\u4fa1\u3059\u308b\u5fc5\u8981\u304c\u3042\u308b<\/li>\n<li>CMBS\u306fRMBS\u3068\u7570\u306a\u308a\u3001\u69cb\u9020\u9762\u3084\u30ed\u30fc\u30f3\u5358\u4f4d\u3067\u30b3\u30fc\u30eb\u30fb\u30d7\u30ed\u30c6\u30af\u30b7\u30e7\u30f3\u304c\u3042\u308a\u793e\u50b5\u306b\u8fd1\u3044\u5024\u52d5\u304d\u3092\u3059\u308b\u304c\u3001\u6e80\u671f\u306b\u591a\u984d\u306e\u30d0\u30eb\u30fc\u30f3\u8fd4\u6e08\u3092\u4f34\u3046\u3053\u3068\u304c\u591a\u304f\u3001\u5ef6\u9577\u30ea\u30b9\u30af\u306e\u4e00\u7a2e\u3067\u3042\u308b\u30d0\u30eb\u30fc\u30f3\u30fb\u30ea\u30b9\u30af\u306b\u3055\u3089\u3055\u308c\u308b<\/li>\n<\/ul>\n<p>\u4ee5\u4e0b\u3001LOS\u3054\u3068\u306b\u91cd\u8981\u8ad6\u70b9\u3092\u6574\u7406\u3057\u307e\u3059\u3002<\/p>\n<h3>LOS 1\uff1a\u671f\u9650\u524d\u8fd4\u6e08\u30ea\u30b9\u30af\u3068\u6642\u9593\u7684\u30c8\u30e9\u30f3\u30b7\u30f3\u30b0<\/h3>\n<p><strong>\u671f\u9650\u524d\u8fd4\u6e08\u30ea\u30b9\u30af<\/strong>\u306f\u3001\u501f\u308a\u624b\u304c\u5143\u672c\u3092\u4e88\u5b9a\u3069\u304a\u308a\u306b\u8fd4\u6e08\u3057\u306a\u3044\u30ea\u30b9\u30af\u3067\u3001\u91d1\u5229\u4f4e\u4e0b\u6642\u306b\u501f\u308a\u63db\u3048\u306a\u3069\u3067\u8fd4\u6e08\u304c\u65e9\u307e\u308b<strong>\u77ed\u7e2e\u30ea\u30b9\u30af<\/strong>\u3068\u3001\u91d1\u5229\u4e0a\u6607\u6642\u306b\u8fd4\u6e08\u304c\u9045\u308c\u308b<strong>\u5ef6\u9577\u30ea\u30b9\u30af<\/strong>\u304c\u3042\u308a\u307e\u3059\u3002<strong>\u6642\u9593\u7684\u30c8\u30e9\u30f3\u30b7\u30f3\u30b0<\/strong>\u306f\u3001\u5143\u672c\u306e\u53d7\u53d6\u9806\u5e8f\u304c\u7570\u306a\u308b\u30c8\u30e9\u30f3\u30b7\u30a7\u3092\u4f5c\u308b\u3053\u3068\u3067\u3001\u3053\u308c\u3089\u306e\u30ea\u30b9\u30af\u3092\u6295\u8cc7\u5bb6\u306e\u30cb\u30fc\u30ba\u306b\u5408\u308f\u305b\u3066\u518d\u914d\u5206\u3059\u308b\u4ed5\u7d44\u307f\u3067\u3059\u3002<\/p>\n<ul>\n<li>\u77ed\u7e2e\u30ea\u30b9\u30af\uff1a\u91d1\u5229\u4f4e\u4e0b\u6642\u306b\u5143\u672c\u304c\u65e9\u304f\u623b\u308a\u3001\u4f4e\u3044\u91d1\u5229\u3067\u306e\u518d\u6295\u8cc7\u3092\u5f37\u3044\u3089\u308c\u308b<\/li>\n<li>\u5ef6\u9577\u30ea\u30b9\u30af\uff1a\u91d1\u5229\u4e0a\u6607\u6642\u306b\u5143\u672c\u306e\u8fd4\u6e08\u304c\u9045\u308c\u3001\u4f4e\u3044\u5229\u56de\u308a\u306e\u8cc7\u7523\u3092\u9577\u304f\u4fdd\u6709\u3059\u308b\u3053\u3068\u306b\u306a\u308b<\/li>\n<li>\u9010\u6b21\u8fd4\u6e08\uff08\u30b7\u30fc\u30b1\u30f3\u30b7\u30e3\u30eb\uff09\u578b\uff1a\u5143\u672c\u3092\u4e0a\u4f4d\u306e\u30c8\u30e9\u30f3\u30b7\u30a7\u304b\u3089\u9806\u306b\u8fd4\u6e08<\/li>\n<li>\u6642\u9593\u7684\u30c8\u30e9\u30f3\u30b7\u30f3\u30b0\u306f\u671f\u9650\u524d\u8fd4\u6e08\u30ea\u30b9\u30af\u3092\u6d88\u3059\u306e\u3067\u306f\u306a\u304f\u3001\u30c8\u30e9\u30f3\u30b7\u30a7\u9593\u3067\u518d\u914d\u5206\u3059\u308b<\/li>\n<li>\u4fe1\u7528\u30ea\u30b9\u30af\u3092\u914d\u5206\u3059\u308b\u30af\u30ec\u30b8\u30c3\u30c8\u30fb\u30c8\u30e9\u30f3\u30b7\u30f3\u30b0\u3068\u306e\u533a\u5225<\/li>\n<\/ul>\n<h3>LOS 2\uff1a\u8a3c\u5238\u5316\u3055\u308c\u308b\u4f4f\u5b85\u30ed\u30fc\u30f3\u306e\u7279\u5fb4<\/h3>\n<p>\u4f4f\u5b85\u30ed\u30fc\u30f3\u306f\u3001<strong>\u6e80\u671f\u3001\u91d1\u5229\u306e\u7a2e\u985e\u3001\u5143\u672c\u306e\u511f\u5374\u65b9\u6cd5\u3001\u671f\u9650\u524d\u8fd4\u6e08\u6761\u9805\u3001\u511f\u9084\u8acb\u6c42\u6a29\uff08\u30ea\u30b3\u30fc\u30b9\uff09\u306e\u6709\u7121<\/strong>\u306a\u3069\u306e\u7279\u5fb4\u306b\u3088\u3063\u3066\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3068\u30ea\u30b9\u30af\u304c\u5909\u308f\u308a\u307e\u3059\u3002\u501f\u308a\u624b\u306e\u4fe1\u7528\u529b\u306b\u52a0\u3048\u3001\u30ed\u30fc\u30f3\u6b8b\u9ad8\u3068\u7269\u4ef6\u4fa1\u5024\u306e\u6bd4\u7387\u3067\u3042\u308b<strong>LTV\uff08\u30ed\u30fc\u30f3\u30fb\u30c8\u30a5\u30fb\u30d0\u30ea\u30e5\u30fc\uff09<\/strong>\u3082\u91cd\u8981\u306a\u6307\u6a19\u3067\u3059\u3002<\/p>\n<ul>\n<li>\u91d1\u5229\uff1a\u56fa\u5b9a\u91d1\u5229\u3001\u5909\u52d5\u91d1\u5229\uff08ARM\uff09\u3001\u5f53\u521d\u4e00\u5b9a\u671f\u9593\u56fa\u5b9a\u306e\u30cf\u30a4\u30d6\u30ea\u30c3\u30c9\u578b\u306a\u3069<\/li>\n<li>\u511f\u5374\u65b9\u6cd5\uff1a\u5b8c\u5168\u511f\u5374\u3001\u90e8\u5206\u511f\u5374\uff08\u30d0\u30eb\u30fc\u30f3\u8fd4\u6e08\u3042\u308a\uff09\u3001\u5229\u606f\u306e\u307f\uff08\u30a4\u30f3\u30bf\u30ec\u30b9\u30c8\u30fb\u30aa\u30f3\u30ea\u30fc\uff09<\/li>\n<li>\u671f\u9650\u524d\u8fd4\u6e08\u30da\u30ca\u30eb\u30c6\u30a3\uff1a\u65e9\u671f\u8fd4\u6e08\u6642\u306b\u501f\u308a\u624b\u304c\u652f\u6255\u3046\u9055\u7d04\u91d1<\/li>\n<li>\u30ea\u30b3\u30fc\u30b9\u30fb\u30ed\u30fc\u30f3\u3068\u30ce\u30f3\u30ea\u30b3\u30fc\u30b9\u30fb\u30ed\u30fc\u30f3\uff1a\u62c5\u4fdd\u51e6\u5206\u5f8c\u306e\u4e0d\u8db3\u5206\u3092\u501f\u308a\u624b\u306b\u8acb\u6c42\u3067\u304d\u308b\u304b<\/li>\n<li>LTV \uff1d \u30ed\u30fc\u30f3\u6b8b\u9ad8 \u00f7 \u7269\u4ef6\u4fa1\u5024\u3002\u4f4e\u3044\u307b\u3069\u30c7\u30d5\u30a9\u30eb\u30c8\u6642\u306e\u640d\u5931\u306f\u5c0f\u3055\u3044<\/li>\n<li>\u30a8\u30fc\u30b8\u30a7\u30f3\u30b7\u30fc\uff08\u653f\u5e9c\u30fb\u653f\u5e9c\u7cfb\u6a5f\u95a2\u306e\u4fdd\u8a3c\u4ed8\u304d\uff09\u3068\u30ce\u30f3\u30a8\u30fc\u30b8\u30a7\u30f3\u30b7\u30fc\u306e\u533a\u5225<\/li>\n<\/ul>\n<h3>LOS 3\uff1aRMBS\uff1a\u30d1\u30b9\u30b9\u30eb\u30fc\u8a3c\u5238\u3068CMO<\/h3>\n<p><strong>\u30e2\u30fc\u30b2\u30fc\u30b8\u30fb\u30d1\u30b9\u30b9\u30eb\u30fc\u8a3c\u5238<\/strong>\u306f\u3001\u4f4f\u5b85\u30ed\u30fc\u30f3\u30fb\u30d7\u30fc\u30eb\u306e\u5143\u5229\u91d1\uff08\u4e88\u5b9a\u8fd4\u6e08\uff0b\u671f\u9650\u524d\u8fd4\u6e08\uff09\u304b\u3089\u624b\u6570\u6599\u3092\u5dee\u3057\u5f15\u3044\u305f\u984d\u3092\u3001\u6301\u5206\u306b\u5fdc\u3058\u3066\u6295\u8cc7\u5bb6\u306b\u6bce\u6708\u652f\u6255\u3046\u8a3c\u5238\u3067\u3059\u3002<strong>CMO<\/strong>\u306f\u30d1\u30b9\u30b9\u30eb\u30fc\u8a3c\u5238\u306a\u3069\u3092\u88cf\u4ed8\u3051\u306b\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u8907\u6570\u306e\u30c8\u30e9\u30f3\u30b7\u30a7\u306b\u518d\u914d\u5206\u3057\u3001\u671f\u9650\u524d\u8fd4\u6e08\u30ea\u30b9\u30af\u306e\u7570\u306a\u308b\u8a3c\u5238\u3092\u4f5c\u308a\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u30d1\u30b9\u30b9\u30eb\u30fc\u30fb\u30ec\u30fc\u30c8\u306f\u3001\u4f4f\u5b85\u30ed\u30fc\u30f3\u91d1\u5229\u306e\u52a0\u91cd\u5e73\u5747\uff08WAC\uff09\u304b\u3089\u30b5\u30fc\u30d3\u30b7\u30f3\u30b0\u624b\u6570\u6599\u306a\u3069\u3092\u5dee\u3057\u5f15\u3044\u305f\u6c34\u6e96<\/li>\n<li>\u671f\u9650\u524d\u8fd4\u6e08\u306e\u901f\u3055\u306e\u6307\u6a19\uff1aSMM\uff08\u5358\u6708\u671f\u9650\u524d\u8fd4\u6e08\u7387\uff09\u3068CPR\uff08\u5e74\u7387\u63db\u7b97\uff09\u3001PSA\u57fa\u6e96<\/li>\n<li>WAL\uff08\u52a0\u91cd\u5e73\u5747\u6b8b\u5b58\u671f\u9593\uff09\u306f\u671f\u9650\u524d\u8fd4\u6e08\u304c\u901f\u3044\u307b\u3069\u77ed\u304f\u306a\u308b<\/li>\n<li>CMO\u306e\u7a2e\u985e\uff1a\u9010\u6b21\u8fd4\u6e08\u578b\u3001PAC\uff08\u8a08\u753b\u511f\u9084\uff09\u30c8\u30e9\u30f3\u30b7\u30a7\u3068\u30b5\u30dd\u30fc\u30c8\u30fb\u30c8\u30e9\u30f3\u30b7\u30a7\u3001\u30d5\u30ed\u30fc\u30bf\u30fc\u306a\u3069<\/li>\n<li>PAC\u30c8\u30e9\u30f3\u30b7\u30a7\u306f\u4e00\u5b9a\u7bc4\u56f2\u306e\u671f\u9650\u524d\u8fd4\u6e08\u901f\u5ea6\u3067\u4e88\u5b9a\u3069\u304a\u308a\u306e\u5143\u672c\u8fd4\u6e08\u3092\u53d7\u3051\u3001\u30b5\u30dd\u30fc\u30c8\u30fb\u30c8\u30e9\u30f3\u30b7\u30a7\u304c\u30ea\u30b9\u30af\u3092\u5438\u53ce<\/li>\n<li>\u9010\u6b21\u8fd4\u6e08\u578b\u3067\u306f\u3001\u77ed\u671f\u306e\u30c8\u30e9\u30f3\u30b7\u30a7\u306f\u5ef6\u9577\u30ea\u30b9\u30af\u306b\u5bfe\u3057\u3066\u3001\u9577\u671f\u306e\u30c8\u30e9\u30f3\u30b7\u30a7\u306f\u77ed\u7e2e\u30ea\u30b9\u30af\u306b\u5bfe\u3057\u3066\u76f8\u5bfe\u7684\u306b\u4fdd\u8b77\u3055\u308c\u308b<\/li>\n<\/ul>\n<div class=\"cfalm-f\">CPR = 1 \u2212 (1 \u2212 SMM)\u00b9\u00b2<\/div>\n<h3>LOS 4\uff1aCMBS\u306e\u7279\u5fb4\u3068\u30ea\u30b9\u30af<\/h3>\n<p><strong>CMBS<\/strong>\u306f\u5546\u696d\u7528\u4e0d\u52d5\u7523\u30ed\u30fc\u30f3\u3092\u88cf\u4ed8\u3051\u3068\u3059\u308b\u8a3c\u5238\u3067\u3001\u30ce\u30f3\u30ea\u30b3\u30fc\u30b9\u306e\u30ed\u30fc\u30f3\u304c\u4e2d\u5fc3\u306e\u305f\u3081\u3001<strong>\u7269\u4ef6\u304c\u751f\u307f\u51fa\u3059\u53ce\u76ca<\/strong>\u304c\u8fd4\u6e08\u306e\u6e90\u6cc9\u306b\u306a\u308a\u307e\u3059\u3002\u5c11\u6570\u306e\u30ed\u30fc\u30f3\u3067\u69cb\u6210\u3055\u308c\u308b\u3053\u3068\u3082\u3042\u308b\u305f\u3081\u96c6\u4e2d\u30ea\u30b9\u30af\u304c\u5927\u304d\u304f\u3001<strong>\u50b5\u52d9\u8fd4\u6e08\u6bd4\u7387\uff08DSCR\uff09<\/strong>\u3068LTV\u304c\u4fe1\u7528\u5206\u6790\u306e\u91cd\u8981\u306a\u6307\u6a19\u3067\u3059\u3002<\/p>\n<ul>\n<li>DSCR \uff1d \u7d14\u55b6\u696d\u53ce\u76ca\uff08NOI\uff09\u00f7 \u5143\u5229\u8fd4\u6e08\u984d\u3002\u9ad8\u3044\u307b\u3069\u8fd4\u6e08\u4f59\u529b\u304c\u5927\u304d\u3044<\/li>\n<li>\u30ed\u30fc\u30f3\u5358\u4f4d\u306e\u30b3\u30fc\u30eb\u30fb\u30d7\u30ed\u30c6\u30af\u30b7\u30e7\u30f3\uff1a\u671f\u9650\u524d\u8fd4\u6e08\u30ed\u30c3\u30af\u30a2\u30a6\u30c8\u3001\u30c7\u30a3\u30d5\u30a3\u30fc\u30b6\u30f3\u30b9\u3001\u671f\u9650\u524d\u8fd4\u6e08\u30da\u30ca\u30eb\u30c6\u30a3\u3001\u30a4\u30fc\u30eb\u30c9\u30fb\u30e1\u30f3\u30c6\u30ca\u30f3\u30b9<\/li>\n<li>\u69cb\u9020\u9762\u306e\u30b3\u30fc\u30eb\u30fb\u30d7\u30ed\u30c6\u30af\u30b7\u30e7\u30f3\uff1a\u30c8\u30e9\u30f3\u30b7\u30f3\u30b0\uff08\u9010\u6b21\u8fd4\u6e08\uff09\u306b\u3088\u308b\u4fdd\u8b77<\/li>\n<li>\u30b3\u30fc\u30eb\u30fb\u30d7\u30ed\u30c6\u30af\u30b7\u30e7\u30f3\u304c\u3042\u308b\u305f\u3081\u3001RMBS\u3088\u308a\u793e\u50b5\u306b\u8fd1\u3044\u5024\u52d5\u304d<\/li>\n<li>\u30d0\u30eb\u30fc\u30f3\u30fb\u30ea\u30b9\u30af\uff1a\u6e80\u671f\u306e\u30d0\u30eb\u30fc\u30f3\u8fd4\u6e08\u6642\u306b\u501f\u308a\u63db\u3048\u304c\u3067\u304d\u305a\u8fd4\u6e08\u304c\u9045\u308c\u308b\u3001\u5ef6\u9577\u30ea\u30b9\u30af\u306e\u4e00\u7a2e<\/li>\n<li>\u5c11\u6570\u30ed\u30fc\u30f3\u3078\u306e\u96c6\u4e2d\u306b\u3088\u308b\u30011\u4ef6\u306e\u30c7\u30d5\u30a9\u30eb\u30c8\u306e\u5f71\u97ff\u306e\u5927\u304d\u3055<\/li>\n<\/ul>\n<div class=\"cfalm-f\">DSCR = NOI \u00f7 \u5143\u5229\u8fd4\u6e08\u984d<\/div>\n<h2>\u52b9\u7387\u3088\u304f\u5b66\u3076\u306b\u306f FA-Academy<\/h2>\n<p>CFA\u00ae\ufe0e\u306e\u5354\u4f1a\u30c6\u30ad\u30b9\u30c8\u306f\u82f1\u8a9e\u3067\u5206\u91cf\u3082\u591a\u304f\u30011\u3064\u3072\u3068\u3064\u306e\u5358\u5143\u3092\u82f1\u8a9e\u3060\u3051\u3067\u7406\u89e3\u3057\u3066\u3044\u304f\u306e\u306f\u5927\u304d\u306a\u8ca0\u62c5\u3067\u3059\u3002<\/p>\n<p>FA-Academy\uff08Financial Analyst Academy\uff09\u306f\u3001<strong>\u65e5\u672c\u8a9e\u3067\u5b66\u3079\u308b\u6570\u5c11\u306a\u3044CFA\u00ae\ufe0e\u8a66\u9a13\u30b5\u30dd\u30fc\u30c8<\/strong>\u3067\u3059\u3002\u3053\u308c\u307e\u3067 Level 1 \u304b\u3089 Level 3 \u307e\u3067\u591a\u304f\u306e\u5408\u683c\u8005\u3092\u8f29\u51fa\u3057\u3066\u304a\u308a\u3001\u5408\u683c\u8005\u306e\u65b9\u3005\u3068\u306e\u5bfe\u8ac7\u3082\u6570\u591a\u304f\u516c\u958b\u3057\u3066\u3044\u307e\u3059\u3002\u3069\u3093\u306a\u65b9\u304c\u3001\u3069\u306e\u3088\u3046\u306b\u5408\u683c\u3055\u308c\u305f\u306e\u304b\u306f<a href=\"https:\/\/triumphmind.com\/cfa\/category\/gokaku\/\" target=\"_blank\" rel=\"noopener\">\u5408\u683c\u8005\u5bfe\u8ac7\u30fb\u5408\u683c\u4f53\u9a13\u8ac7\u306e\u4e00\u89a7<\/a>\u304b\u3089\u3054\u89a7\u3044\u305f\u3060\u3051\u307e\u3059\u3002<\/p>\n<ul>\n<li><a href=\"https:\/\/triumphmind.com\/cfa\/present1\/\" target=\"_blank\" rel=\"noopener\">Level 1 \u65e5\u672c\u8a9e\u8981\u70b9\u96c6\u306e\u7121\u6599\u30b5\u30f3\u30d7\u30eb\u3092\u53d7\u3051\u53d6\u308b\uff087\u65e5\u9593\u30e1\u30fc\u30eb\u8b1b\u5ea7\uff09<\/a><\/li>\n<li><a href=\"https:\/\/timerex.net\/s\/cfa.tips.slack_2a23\/e72e883e\/\" target=\"_blank\" rel=\"noopener\">\u7121\u6599\u500b\u5225\u9762\u8ac7\u3092\u4e88\u7d04\u3059\u308b\uff08\u5b66\u7fd2\u8a08\u753b\u306e\u3054\u76f8\u8ac7\uff09<\/a><\/li>\n<li><a href=\"https:\/\/triumphmind.com\/cfa\/course\/\" target=\"_blank\" rel=\"noopener\">\u53d7\u8b1b\u6848\u5185\uff08\u30b3\u30fc\u30b9\u4e00\u89a7\u30fb\u53d7\u8b1b\u6599\uff09\u3092\u898b\u308b<\/a><\/li>\n<\/ul>\n<div class=\"cfalm-nav\">\u524d\u306e\u5358\u5143\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l1-fi-lm18\/\">LM18 Asset-Backed Security (ABS) Instrument and Market Features\uff08\u8cc7\u7523\u62c5\u4fdd\u8a3c\u5238\uff08ABS\uff09\uff09<\/a><br \/>\n\u5168\u4f53\u306e\u76ee\u6b21\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/cfa-curriculum\/#l1-fi\">CFA\u00ae\ufe0e \u5b66\u7fd2\u5185\u5bb9\u306e\u76ee\u6b21\uff08Level 1 Fixed Income\uff09<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>CFA\u00ae\ufe0e Level 1 Fixed Income LM19\u300cMortgage-Backed Security (MBS) Instrument and Market Features\uff08\u4f4f\u5b85\u30ed\u30fc\u30f3\u62c5\u4fdd\u8a3c\u5238\uff08MBS\uff09\uff09\u300d\u306eLOS\uff08\u5b66\u7fd2\u76ee\u6a19\uff09\u3068\u91cd\u8981\u8ad6\u70b9\u3092\u3001\u6700\u65b0\u7248\u30ab\u30ea\u30ad\u30e5\u30e9\u30e0\u306b\u57fa\u3065\u3044\u3066\u65e5\u672c\u8a9e\u3067\u6574\u7406\u3057\u307e\u3057\u305f\u3002<\/p>\n","protected":false},"author":1,"featured_media":11130,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jin_ogp_image_url":"","_jin_last_featured_id":0,"footnotes":""},"categories":[98],"tags":[],"class_list":["post-10784","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-level1-topics"],"_links":{"self":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10784","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/comments?post=10784"}],"version-history":[{"count":2,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10784\/revisions"}],"predecessor-version":[{"id":11325,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10784\/revisions\/11325"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media\/11130"}],"wp:attachment":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media?parent=10784"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/categories?post=10784"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/tags?post=10784"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}