By definition, a new issue mortgage-backed security will have a pool factor of 1; in other words, the original face will equal the current face. As the principal is paid down, the current face will be less than the original face.
The current face is derived by multiplying the original face by the current pool factor.
Investment dictionary. Academic. 2012.
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original face — or original face value The total principal amount of all of the loans in an MBS pool as of the issue date. American Banker Glossary … Financial and business terms
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original face value — original face or original face value The total principal amount of all of the loans in an MBS pool as of the issue date. American Banker Glossary The principal amount of a mortgage as of its issue date. Bloomberg Financial Dictionary … Financial and business terms
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original face value — Fin the amount of the principal of a mortgage on the day it is created … The ultimate business dictionary
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face — or face value See current face and original face. American Banker Glossary … Financial and business terms
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