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Basics of Fixed-Rate MBS
One type of security Fannie Mae offers is the Fannie Mae Fixed-Rate MBS. These securities are backed by pools of mortgages with interest rates that are fixed for the entire term of a mortgage.
Fixed-rate Fannie Mae MBS loan pools may include:
- fixed-rate, equal payment, fully amortizing loans;
- fixed-rate loans with monthly payments of interest only for a specified initial period, followed by fully amortizing equal monthly payments of principal and interest for the remaining loan term;
- fixed-rate loans with a balloon payment due at maturity; and
- fixed-rate fully amortizing loans with biweekly payment options.
Each fixed-rate Fannie Mae MBS pool is composed of only one of these types of loans, but may have loans with varying fixed interest rates. The investor will receive interest at the single fixed pass-through rate, which is specified in the related prospectus supplement. Fannie Mae will make distributions to certficateholders on the 25th day of each month, or if the 25th day is not a business day, on the first business day following the 25th day of the month. We refer to this date as a distribution date. We will make the first payment for each issue of certificates on the distribution date in the month following the month in which the certificates are issued. For example, if an issue date occurs on March 1st, the first distribution date for that issuance will by April 25th or the following business day if April 25th is not a business day.
The pass-through rate is lower than the interest rates on the loans. This differential covers the guaranty fee paid to Fannie Mae and the fee paid to the servicing institution for collecting payments from homeowners and performing other servicing functions.
Fixed-rate mortgage pools typically will have an issue date unpaid principal balance of at least $1 million, unless the related prospectus supplement says otherwise.
Fannie Mae MBS Prospectuses and Related Documents
Fannie Mae publishes documents related to each Fannie Mae MBS. For a particular Fannie Mae MBS, the relevant 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, including:
Each Fannie Mae MBS Prospectus contains general information about pools issued during its effective period. The information includes 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 Fannie Mae MBS pools issued on or after March 1, 2002, but before May 1, 2002 (i.e., the date that the next Fannie Mae Single-Family MBS Prospectus was released).
The Prospectus Supplement contains information about a specific issuance, the mortgage loans or other collateral that back that issue, and information about the 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.
The 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 mortgage-backed securities, 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 Mortgage-Backed Securities Information
Fannie Mae provides additional information related to Fannie Mae MBS, including:
PoolTalk®, an online tool, provides information about Fannie Mae MBS, SMBS, Megas, 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.
The New Issues files list pools closed each day on a running 30-day basis. The files also contain preliminary information about those pools, such as CUSIP, pool number, coupon, issue date, maturity date, and the unpaid principal balance on the issue date.
The Single-Family ARM MBS Subtypes files include definitions of the different adjustable-rate mortgage pool characteristics. These files summarize key features (otherwise known as "subtypes") of the adjustable-rate mortgages backing Fannie Mae's Single-Family MBS.
The Multifamily
Securities Locator Service provides a
central location for obtaining 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.
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. The Helpline is staffed from 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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