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Basics of Adjustable-Rate MBS
Fannie Mae's adjustable-rate (ARM) MBS are securities backed by a pool of mortgages
having adjustable rates. In an ARM mortgage, the interest rate can change during
the life of a loan, with the possibility of both increases and decreases to
the interest rate and mortgage payment. ARMs periodically adjust the interest
rate on the basis of the movement of a specified index (e.g., LIBOR, CMT).
In this section, the user has access to a wide range of Fannie Mae ARM MBS
information.
In ARM
Structure, we describe Fannie Mae ARM MBS features.
In Understanding
ARM Indices, we detail the interest rates and indices of the ARMs in Fannie
Mae MBS pools. A pool of adjustable-rate mortgages that share the same index
and other similar contractual features back Fannie Mae ARM MBS. Unless the related
prospectus supplement says otherwise, each Fannie Mae MBS pool of ARM loans
has a combined unpaid principal balance of at least $500,000.
Selecting
an ARM Investment provides information on Fannie Mae ARM MBS pooling options,
including ARM Flex®, ARM Fannie Megas®, and Fannie Mae 5/1 Hybrid ARM Majors.
MBS Prospectuses and Related Documents
Fannie Mae publishes documents related to each Fannie Mae MBS. For a particular
Fannie Mae MBS, the disclosure documents include:
Investors can obtain Fannie Mae MBS documents by calling 1-800-237-8627, faxing a request to (202) 752-4624, or by accessing certain Fannie Mae MBS documents online through the following sections:
MBS Prospectus provides prospectuses dating back to November 1, 1981. Each document contains general information about pools issued during its effective period, including the nature of the guaranty, yield considerations, and the mortgage purchase programs. For example, the March 1, 2002, Single-Family MBS Prospectus (PDF) will relate to Single-Family Fannie Mae MBS issued on or after March 1, 2002, but before May 1, 2002 (the date on which the next Single-Family Fannie Mae MBS Prospectus was released).
The Prospectus Supplement section provides information about a specific issuance, the mortgage loans or other collateral that back that issue, and the Fannie Mae MBS certificates. A pool's prospectus supplement is generally available two business days before the settlement date of the Fannie Mae MBS pool. The information in the prospectus supplement may be different or more complete than the information in the prospectus because it describes a specific issue of certificates.
Annual Report on Form 10-K (PDF) describes the business and operations of Fannie Mae and our financial condition as of a specified date. It contains audited financial information and is filed with the SEC annually. Fannie Mae also files quarterly and current reports, among other documents, with the SEC.
Fannie Mae also publishes certain trust documents related to its Fannie Mae MBS, including:
MBS Trust Indentures (and/or Trust Agreements for pools issued after June 1, 2007) create the trust holding the assets backing the mortgage-backed security. The Trust Indenture or the Trust Agreement outlines the rights and responsibilities of Fannie Mae and of the mortgage certificateholders in relation to a trust.
Other Useful MBS Information
In addition, Fannie Mae provides information related to its mortgage-backed securities, including:
PoolTalk® is an online tool that provides information about Fannie Mae MBS, Megas, SMBS, REMICs, and Grantor Trusts. PoolTalk includes current and historical factors, CUSIP numbers, original issue balances, interest rates, issue and maturity dates, weighted-average coupons, weighted-average maturities, and other data.
New Issues lists pools closed each day on a running 30-day basis. The files also contain preliminary information about those pools, such as CUSIP number, pool number, coupon, issue date, maturity date, and the unpaid principal balance on the issue date.
Single-Family ARM MBS Subtypes contains files with definitions of the different adjustable-rate mortgage pool characteristics. These files summarize key features (otherwise known as "subtypes") of the adjustable-rate mortgages backing Single-Family Fannie Mae MBS.
The Multifamily Securities Locator Service is the repository for multifamily MBS disclosure information. Users can locate and download information on multifamily securities, create a portfolio to track specific securities, view reports of loan activity, and choose to receive e-mail updates on changes to pools.
Finally, the Pool Prefix Glossary lists the different prefixes that identify the type of Fannie Mae MBS pool. The prefix identifies the type of loans, the original terms of those loans, and other information regarding a pool's characteristics.
For additional information or assistance, please call the Fannie Mae Fixed-Income Investor Helpline at 1-800-237-8627, 8:30 a.m. to 5:30 p.m., ET, every business day.
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Last Revised: June 16, 2009
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