MDX Indices

VISTA MDX Indices™

VISTA MDX Indices™ are mortgage credit benchmarks based on single-family home loans guaranteed by Fannie Mae and Freddie Mac (the GSEs). By referencing a large cross-section of US household borrowers, MDX Indices capture essential trends in the credit performance of US housing and consumers. With clear, rules-based definitions for determining credit events and straightforward calculations for assigning values, MDX Indices are designed for broad use as benchmarks for financial products including swaps and derivatives. Vista will publish a new MDX Series every six months, enabling the market to monitor household debt trends across a range of characteristics.

Calculating VISTA MDX Indices™

Vista MDX Indices are intended to be accurate and reliable representations of mortgage borrowers experiencing Credit Events in the U.S. residential mortgage credit market. New MDX Index Series are released every six (6) months and are computed monthly from loan performance reports provided to the market by the GSEs. Vista offers two separate index computations: MDX-A and MDX-B.

MDX-A measures the cumulative number of serious delinquencies and modifications in each Index Series as Credit Events. This provides a view of borrowers who experience a “failure to pay” and/or change the original terms of their loan. Such borrowers are exhibiting credit stress requiring lender remediation.

MDX-B measures only the cumulative number of serious delinquencies and excludes modifications (if made prior to becoming seriously delinquent) and/or delinquencies that are in forbearance as Credit Events. This provides a more limited view of borrowers that may be exhibiting credit stress but have elected and received remediation from lenders before coming seriously delinquent.

MDX-A and MDX-B both define seriously delinquent as a loan that is 120-days delinquent. The Index Values for each MDX Series are computed based solely on the number of loans in the Index without regard to their unpaid principal balances.

Computation of MDX Index Values

Black Knight Inc. (NYSE: BKI) is the exclusive index computation agent for the Vista MDX Indices. As the MDX computation agent, Black Knight sources loan level information from the GSEs and provides the market with monthly Index Values for each MDX Series. MDX Series 1 through Series 10 cover loan origination periods from 2017 to mid-2022. Subsequent MDX Series are released on a six (6) month cycle in March and September each year. All MDX Series are maintained for 10 years from release, at which point they are discontinued.

MDX Reference Loans

Each MDX Series is composed of 30-year loans contained within mortgage-backed securities (“MBS”) issued by the GSEs and referenced by Connecticut Avenue Securities (“CAS”) and Structured Agency Credit Risk (“STACR®”) notes, collectively known as credit risk transfer (“CRT”) securities. These loans represent a nationwide range of borrowers having standard qualifications and offer the deepest level of performance reporting and transparency. Every MDX Series contains a unique set of loans with origination dates no earlier than twelve (12) months from the latest report period prior to inclusion within an MDX Series.

Data Contingency

Vista MDX Indices, once released, rely on the ongoing publication of loan performance data by the GSEs. Since this data is also required to compute payments on MBS and CRT securities, it is very unlikely that this data will become unavailable during the 10-year term of each Index. In the event that one or both of the GSEs discontinue issuing MBS or CRT securities, Vista will postpone the release new MDX indices until a suitable new loan source and/or computation process can be found.

Governance & Oversight

Vista maintains an internal Benchmark Management Committee (“Committee”) that is accountable for the overall operation of the Vista MDX Benchmarks. This Committee is comprised of staff from product management, research, operations, and development functions within the Company. The Committee meets on a regular basis to discuss benchmark operational performance measures and to review key business issues and risks.

Additionally, Vista will establish an Oversight Committee responsible for effective scrutiny of the Administrator and its Code of Conduct prior to the use of MDX Benchmarks in financial products.

IOSCO Principles for Financial Benchmarks

Vista administers its Vista MDX Benchmarks consistent with the International Organization of Securities Commissions Principles for Financial Benchmarks (IOSCO Principles). Details of VISTA’s benchmark administration practices can be found in the documents referenced at the bottom of this section and, where applicable, in documentation provided elsewhere on this Resources page.

For any questions on Vista MDX Indices in relation with the IOSCO Principles, please email Vista’s compliance group at VistaMDX@vistacap.com.

Complaint Submissions

Complaints should be submitted with the appropriate contact information and as much detail as possible about the concern in order to allow the Administrator to assess the complaint properly. Stakeholder may submit complaints to the following email address: complaints@vistacap.com.

When submitting a complaint via email please write in the subject line the nature of your complaint.

Stakeholders may also submit complaints in directly in writing by mail to:

Compliance Department C/O Vista Data Services 16 York Road, Larchmont NY 10538

hello

Thank you for submitting your request for MDX historical data and login credentials.

Once your application is approved, you will receive an Excel spreadsheet with complete MDX Series historical data from the Vista team.

You also will receive credentials in a separate email from Black Knight for programmatic access.

The complete MDX Series historical data set will be available via SFTP upon activation.

Thank you, the Current Monthly Data and the Historical Data has been downloaded

    TERMS OF USE APPLICABLE TO INDIVIDUALS AND ENTITIES ACCESSING VISTA MDX DATA

    YOU REPRESENT THAT:

    (1) YOU ARE ACCESSING VISTA MDX DATA ON BEHALF OF PERSON(S) (WHICH MAY INCLUDE INDIVIDUALS, ENTITIES AND YOURSELF, ALL OF WHOM ARE JOINTLY AND SEVERALLY REFERRED TO AS THE “USER”) WHO INTEND TO USE THE INFORMATION SOLELY IN THE MANNER AND FOR THE PURPOSES PERMITTED IN THIS AGREEMENT; AND

    (2) (II) YOU HAVE THE AUTHORITY TO ENTER INTO THIS AGREEMENT ON BEHALF OF THE USER AND TO BIND THE USER TO THE TERMS OF THIS AGREEMENT.

    1. The User acknowledges that Fannie Mae and Freddie Mac (the “Disclosing Parties”) are making certain data (the “Disclosing Parties’ Data”) available to Vista Index Services (“Vista”) for the purpose of facilitating the computation of indices (the “Index Data”) that may be used for a range of investment purposes. The User acknowledges that it has no ownership or other proprietary interest in the Disclosing Parties’ Data or the Index Data (collectively the “Vista MDX Data”).
    2. The User is permitted to retrieve, copy and use (collectively, “Use”) the Vista MDX Data solely for its internal purposes related to (i) User’s potential investment in or marketing of financial products, and (ii) research and analytics based in whole or in part on Vista MDX Data (collectively, the “Internal Purpose”). As part of the Internal Purpose, the User is permitted to Use the Vista MDX Data to: (i) derive data from Vista MDX Data; (ii) create products that incorporate Vista MDX Data or data derived therefrom (such derived data and products, “Derived Products”); and (iii) disseminate Vista MDX Data and Derived Products within the User’s organization for their Internal Purpose.
    3. The User is prohibited from using Vista MDX Data for any purpose not expressly permitted in this Agreement. Without limiting the preceding sentence, the User is prohibited from: (i) modifying or altering MDX Data in any manner, except to the extent necessary for the Internal Purpose; (ii) using Vista MDX Data or any Derived Product to map data contained in these to any other data distributed by the Disclosing Parties.
    4. Except as expressly permitted under this Agreement, the User is prohibited from licensing, distributing, disclosing or otherwise making available the Vista MDX Data (in whole or in part) or any Derived Products to any third party.
    5. This Agreement will be governed by the laws of the State of New York, without regard to conflicts of law rules that might cause the substantive laws of another jurisdiction to govern.
    6. The Disclosing Parties have endeavored to make the Disclosing Parties’ Data reasonably accurate but does not guarantee the Disclosing Parties’ Data are complete, error free or suitable for any particular purpose, including the Internal Purpose. Use of the Disclosing Parties’ Data is entirely at User’s own risk and Disclosing Parties will have no liability to the User or any third party for or arising out of or related to this Agreement, Disclosing Parties’ Data, Vista MDX Data, or any Derived Products. DISCLOSING PARTIES’ DATA ARE PROVIDED ON AN “AS IS”, AS AVAILABLE BASIS, AND THE DISCLOSING PARTIES EXPRESSLY DISCLAIM ALL WARRANTIES WITH RESPECT THERETO, INCLUDING WARRANTIES OF NON-INFRINGEMENT, MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE. NO ORAL OR WRITTEN INFORMATION OR ADVICE PROVIDED BY THE DISCLOSING PARTIES OR ANY OF THEIR OFFICERS, DIRECTORS, EMPLOYEES, AGENTS OR SUBCONTRACTORS WILL CREATE A WARRANTY.


      TERMS OF USE APPLICABLE TO INDIVIDUALS AND ENTITIES ACCESSING VISTA MDX DATA

      YOU REPRESENT THAT:

      (1) YOU ARE ACCESSING VISTA MDX DATA ON BEHALF OF PERSON(S) (WHICH MAY INCLUDE INDIVIDUALS, ENTITIES AND YOURSELF, ALL OF WHOM ARE JOINTLY AND SEVERALLY REFERRED TO AS THE “USER”) WHO INTEND TO USE THE INFORMATION SOLELY IN THE MANNER AND FOR THE PURPOSES PERMITTED IN THIS AGREEMENT; AND

      (2) (II) YOU HAVE THE AUTHORITY TO ENTER INTO THIS AGREEMENT ON BEHALF OF THE USER AND TO BIND THE USER TO THE TERMS OF THIS AGREEMENT.

      1. The User acknowledges that Fannie Mae and Freddie Mac (the “Disclosing Parties”) are making certain data (the “Disclosing Parties’ Data”) available to Vista Index Services (“Vista”) for the purpose of facilitating the computation of indices (the “Index Data”) that may be used for a range of investment purposes. The User acknowledges that it has no ownership or other proprietary interest in the Disclosing Parties’ Data or the Index Data (collectively the “Vista MDX Data”).
      2. The User is permitted to retrieve, copy and use (collectively, “Use”) the Vista MDX Data solely for its internal purposes related to (i) User’s potential investment in or marketing of financial products, and (ii) research and analytics based in whole or in part on Vista MDX Data (collectively, the “Internal Purpose”). As part of the Internal Purpose, the User is permitted to Use the Vista MDX Data to: (i) derive data from Vista MDX Data; (ii) create products that incorporate Vista MDX Data or data derived therefrom (such derived data and products, “Derived Products”); and (iii) disseminate Vista MDX Data and Derived Products within the User’s organization for their Internal Purpose.
      3. The User is prohibited from using Vista MDX Data for any purpose not expressly permitted in this Agreement. Without limiting the preceding sentence, the User is prohibited from: (i) modifying or altering MDX Data in any manner, except to the extent necessary for the Internal Purpose; (ii) using Vista MDX Data or any Derived Product to map data contained in these to any other data distributed by the Disclosing Parties.
      4. Except as expressly permitted under this Agreement, the User is prohibited from licensing, distributing, disclosing or otherwise making available the Vista MDX Data (in whole or in part) or any Derived Products to any third party.
      5. This Agreement will be governed by the laws of the State of New York, without regard to conflicts of law rules that might cause the substantive laws of another jurisdiction to govern.
      6. The Disclosing Parties have endeavored to make the Disclosing Parties’ Data reasonably accurate but does not guarantee the Disclosing Parties’ Data are complete, error free or suitable for any particular purpose, including the Internal Purpose. Use of the Disclosing Parties’ Data is entirely at User’s own risk and Disclosing Parties will have no liability to the User or any third party for or arising out of or related to this Agreement, Disclosing Parties’ Data, Vista MDX Data, or any Derived Products. DISCLOSING PARTIES’ DATA ARE PROVIDED ON AN “AS IS”, AS AVAILABLE BASIS, AND THE DISCLOSING PARTIES EXPRESSLY DISCLAIM ALL WARRANTIES WITH RESPECT THERETO, INCLUDING WARRANTIES OF NON-INFRINGEMENT, MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE. NO ORAL OR WRITTEN INFORMATION OR ADVICE PROVIDED BY THE DISCLOSING PARTIES OR ANY OF THEIR OFFICERS, DIRECTORS, EMPLOYEES, AGENTS OR SUBCONTRACTORS WILL CREATE A WARRANTY.