Fannie Mae Selling Guide C3-4-01 — Term-Related Fixed-Rate Mortgage Pooling Parameters

fnma-sel-c3-4-01

Fannie Mae Selling Guide C3-4-01 — Term-Related Fixed-Rate Mortgage Pooling Parameters.

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Fannie Mae Selling Guide C3-4-01 — Term-Related Fixed-Rate Mortgage Pooling Parameters

Effective 2019-05-01 · publisher's stamp for this provision

C3-4-01, Term-Related Fixed-Rate Mortgage Pooling Parameters (05/01/2019) Introduction Fannie Mae issues and specially designates securities backed by either government-insured or government-guaranteed loans or conventional loans. This topic contains information on pooling fixed-rate mortgages (FRM) of various terms, including: 30-year (Long-Term) FRM MBS / UMBS 20–year FRM MBS / UMBS 15-year (Intermediate-Term) FRM MBS / UMBS 10–year FRM MBS / UMBS 30-year (Long-Term) FRM MBS / UMBS Each loan in a long-term fixed-rate MBS pool must provide for constant monthly installments payable on a specified day of the month of an amount sufficient to pay interest and amortize the principal amount of the loan within the remaining term. The loans must: have original terms of no less than 181 months and no more than 360 months for both single-issuer pools and Fannie Majors, and provide for the reduction of the principal amount of the loan to zero no more than 30 years after the issue date of the related securities. Loans that provide for interest to be paid in advance may be included in an MBS pool without converting the interest payment to interest in arrears on a loan-by-loan basis. 20–year FRM MBS / UMBS Fannie Mae issues and specially designates securities that are backed by conventional loans that have loan terms that do not extend for more than 20 years after the origination of the loan. Such securities will have a maturity date no greater than 20 years from their issue date, which represents the date by which all loans backing the pool will have been liquidated from the pool and the securities will have been retired. The loans must: have original terms of no less than 181 months and no more than 240 months for both single-issuer pools and Fannie Majors, and provide for the reduction of the principal amount of the loan to zero no more than 20 years after the issue date of the related securities. 15-year (Intermediate-Term) FRM MBS / UMBS Fannie Mae issues and specially designates securities that are backed by conventional loans that have loan terms that do not extend for more than 15 years after the origination of the loan. Such securities will have a maturity date no greater than 15 years from their issue date, which represents the date by which all loans backing the pool will have been liquidated from the pool and the securities will have been retired. The loans must: have original terms of no less than 85 months and no more than 180 months for both single-issuer pools and Fannie Majors, and provide for the reduction of the principal amount of the loan to zero no more than 15 years after the issue date of the related securities. 10–year FRM MBS / UMBS Fannie Mae issues and specially designates securities that are backed by conventional loans that have loan terms that do not extend for more than 10 years after the origination of the loan. Such securities will have a maturity date no greater than 10 years from their issue date, which represents the date by which all loans backing the pool will have been liquidated from the pool and the securities will have been retired. The loans must: have original terms of no less than 85 months and no more than 120 months for both single-issuer pools and Fannie Majors, and provide for the reduction of the principal amount of the loan to zero no more than 10 years after the issue date of the related securities.

Source: Fannie Mae Selling Guide C3-4-01 — Term-Related Fixed-Rate Mortgage Pooling Parameters · source URL · snapshot 2897f21e1e729b42

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