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Basics of MBS Market & Pools
Within this section:
- In MBS Structure, users can access information about how Fannie Mae MBS work, including the securities' geographical information, liquidity, and unique structural features.
- In Understanding Yield, users can get introduction/information about yield, weighted-average life, and pricing of mortgage-backed securities. There is also a discussion of mortgage-backed securities' cash flows and an example of the yield-to-maturity for an 8 percent, 30-year mortgage-backed security.
- In Credit Quality, users will note that the quality and value of Fannie Mae MBS hinge on several factors, including Fannie Mae's guaranty of full and timely payment of both principal and interest; the investment quality of the underlying mortgages; the quality of information provided to investors; and more.
- Selecting a Mortgage-Backed Security Investment reviews certain factors an investor may wish to consider when evaluating a Fannie Mae MBS. The section also provides an overview of standard Fannie Mae MBS products, from fixed-rate to adjustable-rate to biweekly Fannie Mae MBS and more.
- Finally, in Other MBS Products, users can review information relating to Fannie Majors®, Fannie Megas®, and SMBS.
In general, mortgage-backed securities are commonly called "MBS" or "Pools" but they can also be called "mortgage pass-through certificates." An investor in a mortgage-backed security -- the certificateholder -- owns an undivided interest in a pool of mortgages that serves as the underlying asset for the security. Interest payments and principal repayments from the individual mortgage loans are grouped and paid out to investors.
The mortgages that back a Fannie Mae MBS are held in a trust on behalf of Fannie Mae MBS investors and are not Fannie Mae assets. As a Fannie Mae MBS investor, the certificateholder receives a pro rata share of the scheduled principal and interest from mortgagors on the loans backing the security. Interest is paid at a specific interest rate. The certificateholder also receives any unscheduled payments of principal.
Basics of Multifamily MBS provides links to general information about multifamily securities, multifamily MBS Prospectus Supplement templates, loan level data for Standard MBS (including DUS), and Multifamily Real Estate Mortgage Investment Conduits (REMICs).
Fannie Mae 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, including:
Each 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 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:
Fannie Mae MBS Trust Indenture documents create the trust holding the assets backing the mortgage security. The Trust Indenture outlines the rights and responsibilities of Fannie Mae and of the mortgage certificateholders in relation to the trust.
Other Useful MBS 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 issue date.
The Single-Family
ARM MBS Subtypes files include definitions
of the different adjustable-rate mortgage
pool characteristics. These files summarize
certain key features (otherwise known as "subtypes")
of the adjustable-rate mortgages backing Single-Family
Fannie Mae 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 provides access to the pool prefixes for each individual issue of Fannie Mae MBS or Fannie Mega securities. The prefix identifies the type of loans in a pool, the original term 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.
Last Revised: August 28, 2006
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