Mortgage lenders could get a more accurate read on prepayment risk in new production if they evaluated the “propensity” of a specific borrower to prepay his or her mortgage, rather than focusing on prepayment “probability,” according to an industry consultant. Michael Bykhovsky, founder of San Francisco-based Applied Financial Technology, says the mortgage market mis-prices prepayment risk by some $60 billion a year. His seven-year-old firm offers what he says is the first program