How to Value MBS Pools?

I currently work for a mortgage fund with a conduit program that specializes in the acquisition, securitization and sale of high yield debt obligations (non-agency mortgages). I was wondering how firms such as the fund value securitized mortgages that get sold to financial institutions. Do the rating agencies value the securitized mortgages? How much does a mortgage pool increase in value when it is securitized? What type of capital gains should the fund expect from selling MBS pools?

 

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