MBS News and Announcements

MBS Disclosure Enhancement: Property Valuation Method

In March 2020, Fannie Mae will enhance its Uniform Mortgage Backed Securities (UMBS®) and Mortgage-Backed Securities (MBS) disclosures to include a new attribute, "Property Valuation Method," which indicates the method by which the value of the subject mortgaged property was obtained. This attribute will also identify loans that have received an appraisal waiver.

The new attribute will apply to all Fannie Mae single-family securities – both fixed-rate and adjustable-rate – with issue dates on or after January 1, 2017. For Supers or Megas® issued on or after January 1, 2017 with collateral issued prior to that date, the disclosures will indicate "Not Available."

The Property Valuation Method attribute is being added to Fannie Mae's:

  • Disclosure application, PoolTalk®, under the "Collateral" tab for UMBS and MBS and "Statistics" tab for Supers and Megas
  • Prospectus Supplement, which is part of the Offering Documents
  • Issuance and Monthly Loan-Level disclosure files (appended to the file in position L-107)
  • Issuance and Monthly Security Supplemental files as a new stratification (Record Type 44)

Disclosure Specifications

Draft Enumeration Definitions. Final definitions will be documented in the Single-Family MBS Disclosures Guide prior to implementation.

  • Appraisal - The property value was obtained through an appraisal that was completed by a licensed or certified appraiser.
  • Onsite Property Data Collection – The property data was collected onsite by a licensed or certified appraiser or other third party and validated through a proprietary automated valuation model (AVM). The condition of the property was physically assessed, but the value was determined through a proprietary AVM.
  • GSE Targeted Refinance Programs – The programs implemented by the Government Sponsored Enterprises (GSEs) for targeted refinance products, including loans refinanced by Fannie Mae under the Home Affordable Refinance Program® (HARP®), Refi Plus, or high loan-to-value (LTV) refinance option. This also includes loans refinanced by Freddie Mac for commingled Supers.
  • Appraisal Waiver – The appraisal requirement is waived per applicable Selling Guide or negotiated terms.
  • Other - Any property valuation method not provided for within the other enumerations.
  • Not Available - The Property Valuation Method is not available for disclosure. This will be the default value for loans related to pools issued prior to January 1, 2017.
  • Not Applicable - The Property Valuation Method is not applicable. This will be the default value for Modified Reperforming pools (fixed-rate and step-rate).

Impacted Disclosure Files

The new disclosure attribute will be added to the following files. The at-issuance files will only include this attribute for securities with issue dates on or after March 1, 2020. The monthly Loan-Level and Security Supplemental files will include this new disclosure attribute beginning with files published after March 1, 2020 for securities with issue dates on or after January 1, 2017.

File File Name Planned Implementation
MBS Intraday Issuance Loan-Level File FNM_ILLD_YYYYMMDD_X 3/2/2020
MBS Intraday Security Supplemental Issuance File FNM_ISS_YYYYMMDD_X 3/2/2020
MBS Month-End Issuance Loan Level FNM_ILLD_YYYYMM 4/1/2020
MBS Month-End Security Supplemental Issuance File FNM_ISS_YYYYMM 4/1/2020
MBS Monthly Loan-Level File FNM_MLLD_YYYYMM 3/5/2020 (BD4)
MBS Monthly Security Supplemental File FNM_MS_YYYYMM 3/5/2020
MBS Security Issuance Supplemental Correction File FNM_RISS_YYYYMM 4/1/2020
Prospectus Supplement PoolTalk UI only 3/2/2020

Loan-Level File Format Specification

ID Attribute Name Attribute Definition Enumerations Data Type Format Max Length
L-107 Property Valuation Method Indicates the method by which the value of the subject property was obtained. A = Appraisal
P = Onsite Property Data Collection
R = GSE Targeted Refinance Programs
W = Appraisal Waiver
O = Other
9 = Not Available
7 = Not Applicable
String   1

Pool-Level Stratification File Format Specification (Security Supplemental Files)

ID Attribute Name Attribute Definition Enumerations Data Type Format Max Length
SS-474 Record Type = 44 Property Valuation Method Stratification   String   2
SS-475 Prefix The designation assigned by the issuer denoting the type of the loans and the security.   String   3
SS-476 Security Identifier The unique designation assigned to the security by the issuer.   String   6
SS-477 CUSIP The unique designation assigned to the security by the Committee on Uniform Securities Identification Procedures (CUSIP).   String   9
SS-478 Property Valuation Method Indicates the method by which the value of the subject property was obtained. A = Appraisal
P = Onsite Property Data Collection
R = GSE Targeted Refinance Programs
W = Appraisal Waiver
O = Other
9 = Not Available
7 = Not Applicable
String   1
SS-479 Aggregate Investor Loan UPB For the stratified attribute, the sum of the Investor Loan UPB for the loans in the security.   Numeric 14.2 17
SS-480 Percentage Investor Loan UPB For the stratified attribute, the percentage of the Investor Loan UPB for the loans in the security.   Numeric 3.2 6
SS-481 Aggregate Loan Count For the stratified attribute, the total number of loans in the security.   Numeric   9
SS-482 Percentage Loan Count For the stratified attribute, the percentage of loans in the security.   Numeric 3.2 6

Test Files

Test files are available here and represent the format for the new disclosure. Disclosure values for the CUSIPs contained in the test files do not reflect current data and the Property Valuation Method values have been fabricated for testing purposes. The files are representative, but not all product types may be included. There is no correlation between the loan-level and security supplemental test files (different test securities).

For questions, please contact the Fannie Mae Investor Help Line at 1-800-232-6643, Option 3 or by e-mail.

Home Affordable Refinance Program® and HARP® are registered trademarks of the Federal Housing Finance Agency (FHFA).