Credit Insurance Risk Transfer

Credit Insurance Risk Transfer, or CIRT deals, transfer credit risk on a pool of loans to an insurance provider which may then transfer that risk to one or more reinsurers. The reinsurance market is a significant and attractive source of private capital because reinsurers generally have diversified books of business that are not heavily concentrated in nor highly correlated to U.S. residential mortgage risk. Insurance benefits paid under these transactions are based on actual losses, for which credit risk investors have expressed a preference. Additionally, these transactions complement Fannie Mae's other current risk sharing offerings that leverage the capital markets, mortgage insurance, or lender risk-sharing structures.

Transactions

CIRT-2017-4

News Release Insurance Policy (PDF)
Loan Level Data File (CSV) Summary Information (PDF)
Glossary (PDF) Loan Level File Layout (PDF)

CIRT-2017-3

News Release Insurance Policy (PDF)
Loan Level Data File (CSV) Summary Information (PDF)
Quota Share Agreement (domestic) (PDF) Quota Share Agreement (non-domestic) (PDF)
Glossary (PDF) Loan Level File Layout (PDF)

CIRT-FE-2017-2

News Release Insurance Policy (PDF)
Loan Level Data File (CSV) * Summary Information (PDF)
Quota Share Agreement (domestic) (PDF) Quota Share Agreement (non-domestic) (PDF)
Glossary (PDF) Loan Level File Layout (PDF)

Note: The Loan Level Data File contains data from a sample pool of loans that was used to generate pricing quotes. This file will be replaced with data related to loans included in the actual loan pool following the end of the fill up period.

CIRT-2017-2

News Release Insurance Policy (PDF)
Loan Level Data File (CSV) * Summary Information (PDF)
Glossary (PDF) Loan Level File Layout (PDF)

CIRT-2017-1

News Release Insurance Policy (PDF)
Loan Level Data File (CSV) * Summary Information (PDF)
Quota Share Agreement (domestic) (PDF) Quota Share Agreement (non-domestic) (PDF)
Glossary (PDF) Loan Level File Layout (PDF)

CIRT-FE-2017-1

News Release Insurance Policy (PDF)
Loan Level Data File (CSV) * Summary Information (PDF)
Quota Share Agreement (domestic) (PDF) Quota Share Agreement (non-domestic) (PDF)
Glossary (PDF) Loan Level File Layout (PDF)

Note: The Loan Level Data File contains data from a sample pool of loans that was used to generate pricing quotes. This file will be replaced with data related to loans included in the actual loan pool following the end of the fill up period.

CIRT-2016-9

News Release Insurance Policy (PDF)
Loan Level Data File (CSV) * Summary Information (PDF)
Quota Share Agreement (domestic) (PDF) Quota Share Agreement (non-domestic) (PDF)
Glossary (PDF) Loan Level File Layout (PDF)

CIRT-FE-2016-1

News Release Insurance Policy (PDF)
Loan Level Data File (CSV) * Summary Information (PDF)
Quota Share Agreement (domestic) (PDF) Quota Share Agreement (non-domestic) (PDF)
Glossary (PDF) Loan Level File Layout (PDF)

Note: The Loan Level Data File contains data from a sample pool of loans that was used to generate pricing quotes. This file will be replaced with data related to loans included in the actual loan pool following the end of the fill up period.

CIRT-2016-8

News Release Insurance Policy (PDF)
Loan Level Data File (CSV) * Summary Information (PDF)
Glossary (PDF) Loan Level File Layout (PDF)

 

CIRT-2016-7

News Release Insurance Policy (PDF)
Loan Level Data File (CSV) * Summary Information (PDF)
Quota Share Agreement (domestic) (PDF) Quota Share Agreement (non-domestic) (PDF)
Glossary (PDF) Loan Level File Layout (PDF)

 

CIRT-2016-6

News Release Insurance Policy (PDF)
Loan Level Data File (CSV) * Summary Information (PDF)
Glossary (PDF) Loan Level File Layout (PDF)

 

CIRT-2016-5

News Release Insurance Policy (PDF)
Loan Level Data File (CSV) * Summary Information (PDF)
Glossary (PDF) Loan Level File Layout (PDF)

 

CIRT-2016-4

News Release Insurance Policy (PDF)
Loan Level Data File (CSV) * Summary Information (PDF)
Quota Share Agreement (domestic) (PDF) Quota Share Agreement (non-domestic) (PDF)
Glossary (PDF) Loan Level File Layout (PDF)

 

CIRT-2016-3

News Release Insurance Policy (PDF)
Loan Level Data File (CSV) * Summary Information (PDF)
Glossary (PDF) Loan Level File Layout (PDF)

 

CIRT-2016-2

News Release Insurance Policy (PDF)
Loan Level Data File (CSV) * Summary Information (PDF)
Glossary (PDF) Loan Level File Layout (PDF)

 

CIRT-2016-1

News Release Insurance Policy (PDF)
Loan Level Data File (CSV) * Summary Information (PDF)
Quota Share Agreement (domestic) (PDF) Quota Share Agreement (non-domestic) (PDF)
Glossary (PDF) Loan Level File Layout (PDF)

 

CIRT-2015-6

News Release Insurance Policy (PDF)
Loan Level Data File (CSV) * Summary Information (PDF)
Quota Share Agreement (domestic) (PDF) Quota Share Agreement (non-domestic) (PDF)
Glossary (PDF) Loan Level File Layout (ARMs) (PDF)

 

CIRT-2015-5

News Release Insurance Policy (PDF)
Loan Level Data File (CSV) * Summary Information (PDF)
Glossary (PDF) Loan Level File Layout (PDF)

 

CIRT-2015-4

News Release Insurance Policy (PDF)
Loan Level Data File (CSV) * Summary Information (PDF)
Quota Share Agreement (domestic) (PDF) Quota Share Agreement (non-domestic) (PDF)
Glossary (PDF) Loan Level File Layout (PDF)

 

CIRT-2015-3

News Release Insurance Policy (PDF)
Loan Level Data File (CSV) * Summary Information (PDF)
Quota Share Agreement (PDF) Loan Level File Layout (PDF)
Glossary (PDF)  

 

CIRT-2015-2

News Release Insurance Policy (PDF)
Loan Level Data File (CSV) * Summary Information (PDF)
Quota Share Agreement (PDF) Loan Level File Layout (PDF)
Glossary (PDF)  

 

CIRT-2015-1

News Release Insurance Policy (PDF)
Loan Level Data File (CSV) * Summary Information (PDF)
Quota Share Agreement (PDF) Loan Level File Layout (PDF)
Glossary (PDF)  

 

CIRT-2014-1

News Release Insurance Policy (PDF)
Loan Level Data File (CSV) * Summary Information (PDF)
Quota Share Agreement (PDF) Loan Level File Layout (PDF)
Glossary (PDF)  

*If you experience issues downloading CSV files, please right click on the file and select 'Save As', then open the file from the location where you saved it.