What goes into the pricing of a perfoming note?

[Kelly Byrd]

I'm just exploring note investing and I'm looking for some pointers on how performing notes are priced. I'm hoping there are general guidelines. Looking around quickly on someplace like FCI (not a great resource from what I understand, but I'm just looking to get a feel for the market) it looks like there is a discount for unpaid balances under about $80K, but where notes above that are offered at more than 100% UPB.

I assume a lower LTV and a higher interest rate would drive the price up, but I have not yet figured out the relationship or rules of thumbs. Thanks for any insight.