Selling Guide

Published December 4, 2018

C3-4-02: Commingling Fixed-Rate Mortgages in MBS (02/23/2016)

This topic contains Fannie Mae’s policies regarding commingling fixed-rate mortgages in MBS, including:

Fixed-Rate Loan Types that May Be Commingled in the Same Pool

Fixed interest rate co-op share loans, relocation loans, loans with significant interest rate buydowns, and high-balance loans may be pooled separately under specially designated pool prefixes or may be commingled with other similar mortgages as long as they do not constitute more than 10% of the issue date UPB of the pool under a TBA-eligible prefix. If the pool has at least two or more of these features, the issue date UPB of the combination cannot exceed 15% of the UPB of the TBA pool. If the percentage exceeds 15%, non-TBA prefixes will apply. The 15% cumulative limitation does not apply to high-balance loans. For example, a TBA pool may contain 10% high-balance loans and 10% co-op share loans.

Fixed-Rate Loan Types that May Not Be Commingled in the Same Pool

The following loan types may not be commingled in the same pool:

  • Government-guaranteed and government-insured loans may not be commingled with conventional loans.

Related Announcements

The table below provides references to the Announcements that have been issued that are related to this topic.

Announcements Issue Date
Announcement SEL-2016–02 February 23, 2016
Announcement SEL-2014–11 August 26, 2014
Announcement SEL-2010–02 March 2, 2010
Announcement 09–29 September 22, 2009
Announcement 09-08R June 8, 2009
Announcement 08-36 December 18, 2008