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Consider a pool of mortgages, originated three years ago. Prepayment on this pool of mortgages ran at SMM = 0.5% over the first 12 months,

Consider a pool of mortgages, originated three years ago. Prepayment on this pool of mortgages ran at SMM = 0.5% over the first 12 months, and then SMM = 1.5% over months 13-36.

What is the survival factor for this pool?

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