Selling Guide

Published April 07, 2021

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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:

 

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

 

 

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.

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