Structured Transactions Products

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

Why invest in Fannie Mae? Fannie Mae UMBS and MBS offer investors high quality assets with attractive yields to fit their portfolio needs or investment strategies. Investors should exercise care to fully understand the value of any mortgage-backed investment and diligently review the applicable disclosure documents. Furthermore, investors may wish to discuss the potential risks versus rewards of investing in UMBS and MBS with their investment advisors.

Our Guaranty: Fannie Mae guarantees investors timely payments of principal and interest. The payments of principal and interest on the certificates are not guaranteed by the United States and do not constitute a debt or obligation of the United States or any of its agencies or instrumentalities other than Fannie Mae. Fannie Mae uses prudent underwriting guidelines to ensure the credit quality of the loans it guarantees.

Review the sections below to view General Information, Legal Documents, and Data Collections for Megas & Supers, REMICs, Grantor Trusts, and SMBS.

Our Products

Supers

Fannie Mae Supers (Supers) are single class, pass-through, TBA-eligible securities in which the underlying collateral are groups of existing UMBS and/or Supers. The securities that back Supers may be issued and guaranteed by either Fannie Mae or Freddie Mac. The cash flows from the underlying UMBS and/or Supers provide the cash flows for the Supers pool. On June 3, 2019, previously issued Megas with TBA-prefixes are converted to Supers.

Fannie Supers enable investors to accumulate pieces of similar, existing mortgage-backed securities to form a larger security with its own unique characteristics. Investors can consolidate small or paid-down pools in a Supers to help reduce administrative costs or form a Supers with certain characteristics, such as enhanced geographical diversity.

Megas

Fannie Megas® (Megas) are single-class pass-through, Non-TBA-eligible securities in which the underlying collateral are groups of existing Fannie Mae Non-TBA MBS and/or Fannie Mae Megas. The securities that back a Mega are issued and guaranteed by Fannie Mae.  The cash flows from the underlying MBS and/or Megas provide the cash flows for the Mega pool. Unlike Supers, Megas can only be backed by Non-TBA Fannie Mae-only issued collateral. On June 3, 2019, previously issued Megas with TBA-prefixes are converted to Supers.

Similar to Supers, Megas enable investors to accumulate pieces of similar, existing mortgage-backed securities to form a larger security with its own unique characteristics. Investors can consolidate small or paid-down pools in a Mega to help reduce administrative costs or form a Mega with certain characteristics, such as enhanced geographical diversity.

Additional data related to Megas & Supers can be located via the tools on the right and via additional links outlined below:

Legal Documents

 

Data Collections

With the implementation of the Single Security Initiative, the information on this webpage will be available in our new PoolTalk® disclosure application.

As of July 2, 2018, the Mega links below were no longer updated for Multifamily securities. DUS Disclose® provides Multifamily Mega disclosures.

REMICs & Grantor Trusts

A Real Estate Mortgage Investment Conduit (REMIC) is a type of multiclass mortgage-related security in which interest and principal payments from the mortgage-related assets serving as collateral are structured into separately traded securities called classes.  The cash flow from the underlying collateral is directed to several classes, which may have different coupon rates, average lives, prepayment sensitivities, and final maturities.  REMICs further enhance the mortgage securities market with their increased efficiency.

A grantor trust is a pass-through vehicle that, like a REMIC, issues separately traded classes. However, grantor trusts are treated differently than REMICs for federal income tax purposes, and, unlike a REMIC, the classes in grantor trusts cannot be "time tranched." This means each grantor trust class must receive its proportionate share of principal from the underlying collateral each month until such collateral is paid off. Each holder of a grantor trust certificate is treated for tax purposes as owning an undivided interest in the underlying collateral. The mortgage-related assets serving as collateral and providing the cash flow for Fannie Mae grantor trusts are specifically described in the trust's disclosure documents.

Additional data related to REMICs can be located via the tools on the right and via additional links outlined below:

Legal Documents

 

Data Collections

With the implementation of the Single Security Initiative, the information on this webpage will be available in our new PoolTalk® disclosure application.

As of November 1, 2018, the REMIC links below were no longer updated for Multifamily securities. DUS Disclose® provides Multifamily REMIC disclosures.

SMBS

Stripped mortgage-backed securities (SMBS) are multiclass, pass-through, grantor trust securities created by "stripping apart" the principal and interest payments from the underlying mortgage-related collateral into two or more classes of securities. The securities so created address two distinct investment needs.  SMBS deals create one or more classes of securities:

  • Interest Only (IO) classes receive the interest cash flow from the underlying assets.
  • Principal Only (PO) classes receive the principal cash flow from the underlying assets.
  • Additional classes that may receive different portions of principal and interest.

Most SMBS can be recombined at a future date and are commonly identified by a trust number and class (e.g., SMBS Trust 318, and class 1 or 2).

In another type of SMBS transaction, excess servicing is stripped from base servicing on loans backing Fannie Mae MBS and issued solely as interest-only (IO) bonds.

Additional data related to SMBS can be located via the tools on the right and via additional links outlined below:

Legal Documents

 

Data Collections


 

Page last revised: 7/15/19

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