Product Information

Glossary

This page is intended to provide quick definitions of our disclosure elements. For full descriptions of our securities and disclosure elements, please see the applicable Offering Circular (Base Books) document using our Legal Documentation page.

Description

Additional Supplement: For PCs issued under the Guarantor program, a disclosure document containing information, provided solely by the seller, that supplements the information contained in the PC Offering Circular and the Pool Supplement concerning the mortgages in a PC pool as of pool formation. Additional Supplements are not updated monthly.

Adjustment Period: The frequency (in months) that the mortgages in an ARM PC pool will adjust. For hybrid ARMs, the Adjustment Period is the frequency that the mortgages in an ARM PC pool will adjust after the first interest change date.

As of Date: The first day of the month and year of issuance of the PC. Interest to be paid to PC holders on the PC first payment date begins to accrue on the As of Date.

AOLS (Average Original Loan Size): The simple average of the UPBs of the mortgages in a PC pool as of the note date. This disclosure field is updated monthly, which means the information is associated with the current remaining balance of the mortgages in the PC pool. Refer to WAOLS for the weighted average.

Convertible: Indicates whether the mortgages in an ARM PC pool may convert from an adjustable interest rate to a fixed interest rate during a specified conversion window. The conversion window is either a specified period of time or specific dates in or by which the borrower can exercise the option to convert from an adjustable interest rate to a fixed interest rate.

Coupon: The current annual rate at which interest is passed through monthly to a holder of a PC, based on a 360-day year of twelve 30-day months.

Current Factor: A truncated eight-digit decimal that Freddie Mac calculates monthly for each PC that, when multiplied by its original principal balance, equals its remaining principal balance. The Pool Factor for any month reflects the principal balance that remains after the payment to the holders of the PC is made on the payment date:

In the same month, for Gold PCs
In the following month, for ARM PCs

Current Factor Date: The date on which the corresponding factor is effective, which is the first day of the month for all PCs.

Current Neg Am Factor: For payment capped ARM PCs only, a truncated eight-digit decimal, which represents Freddie Mac's determination of the amount of deferred interest added to the principal balance of the mortgages in a PC pool in the preceding month.

CUSIP Number: A unique nine-digit alphanumeric designation assigned by the CUSIP Service Bureau to each PC. The CUSIP Number is used to identify the PC on the books and records of the Federal Reserve Bank’s book-entry system. All PCs in book-entry form are identified by a CUSIP Number.

First Conversion Date: For convertible ARM PCs only, the earliest date that any mortgage in an ARM PC pool may convert from an adjustable interest rate to a fixed interest rate; this information is not updated and is generally disclosed in an Additional Supplement.

Index: A benchmark interest rate which changes periodically and specified in the mortgage note, the value of which is used to adjust the note rate of the mortgages in an ARM PC pool.

Initial Cap Down Percent: The maximum amount that the note rate may decrease at the first interest change date for the mortgages in an ARM PC pool. If the field is blank and the initial cap is not specified in the Legend1/Legend 2 field, the initial cap equals the periodic cap; a value of zero (0.000%) indicates that there is no downward adjustment permitted.

Initial Cap Up Percent: The maximum amount that the note rate may increase at the first interest change date for the mortgages in an ARM PC pool. If the field is blank and the initial cap is not specified in the Legend 1/Legend 2 field, the initial cap equals the periodic cap; a value of zero (0.000%) indicates that there is no upward adjustment permitted.

Initial Fixed Rate Period: For hybrid ARMs only, the period of time between the first payment due date of the mortgage and the first interest rate change date. The initial period will be designated by one of the numbers below, which defines the eligible months to first interest rate change date for the mortgages in an ARM PC pool.

2 = Initial Fixed Rate Period between 18 and 30 months

3 = Initial Fixed Rate Period between 30 and 42 months

4 = Initial Fixed Rate Period between 42 and 54 months

5 = Initial Fixed Rate Period between 54 and 66 months

6 = Initial Fixed Rate Period between 66 and 78 months

7 = Initial Fixed Rate Period between 78 and 90 months

8 = Initial Fixed Rate Period between 90 and 102 months

9 = Initial Fixed Rate Period between 102 and 114 months

10 = Initial Fixed Rate Period between 114 and 126 months

15 = Initial Fixed Rate Period between 174 and 186 months

For example, an Initial Fixed Period equal to 3 and an Adjustment Period equal to 12 denotes a 3/1 hybrid ARM.

Initial Interest Period: For Initial Interest PCs only, the period of time between the first payment due date and the first scheduled principal and interest payment date required in accordance with the terms of the mortgage loans backing the PC. This time period will be designated by one of the numbers below, which indicates the number of months between such dates:

00 = Not Applicable

01 = 06-18 months

03 = 30-42 months

05 = 54-66 months

07 = 78-90 months

10 = 114-126 months

15 = 174-186 months

Last Conversion Date: For convertible ARM PCs, the latest date that any mortgage in an ARM PC pool may convert from an adjustable interest rate to a fixed interest rate; this information is not updated and is generally disclosed in an Additional Supplement.

Legend 1/Legend 2: A text field used to disclose additional information about the mortgages or the PC, including whether an Additional Supplement is available for the PC.

Look back: For each mortgage in an ARM PC pool, the number of days from the publication of the Index value used to adjust the note rate to the interest change date.

Maturity Date: For Gold PCs, the first day of the month in which the last monthly payment on the Gold PCs is scheduled to be made. For ARM, TPM, and Original Multifamily PCs, the first day of the month preceding the month in which the last monthly payment is scheduled to be made.

Next Adjustment Date: For ARM PCs only, the next date on which the PC coupon adjusts. This disclosure field is updated monthly, which means the information is associated with the current remaining mortgages in the PC pool.

Original Wghtd Avg Mort Life Ceiling (Gross): The original weighted average of the lifetime ceilings of the mortgages in an ARM PC pool. The lifetime ceiling is the maximum note rate to which an ARM may increase over the life of the mortgage.

Original Wghtd Avg Mort Life Floor (Gross): The original weighted average of the lifetime floors of the mortgages in an ARM PC pool. The lifetime floor is the minimum note rate to which an ARM may decrease to over the life of the mortgage.

Original Wghtd Avg Mort Margin: The original weighted average of the margins of the mortgages in an ARM PC pool. The margin is the number of percentage points that is added to the current Index value to establish the new note rate at each interest change date.

Original WAMTA (Weighted Average Months to Adjust): For ARM PCs only, the weighted average of the number of months from pool formation to the next date on which the PC coupon adjusts.

Original WAMTAM (Weighted Average Months to Amortize): For Initial Interest PCs only, the weighted average number of months from pool formation to the First P&I Payment Date of the Mortgages in the PC, adjusted by adding one month (for ARM PCs only) to reflect the timing of the corresponding PC First P&I Payment Date.

Original UPB: The aggregate unpaid principal balance of the mortgages in a PC pool.

Payment Adjustment Cap: For payment capped ARM PCs only, the maximum percentage that a borrower’s monthly scheduled payment amount can adjust on a payment date.

Payment Date: The day of the month on which Freddie Mac passes through payments of principal and interest to holders of PCs. The 15th day of each month is a payment date unless the 15th day is not a business day, in which case the next succeeding business day is the payment date.

Payoff Date: The last payment date on which Freddie Mac passes through payments of principal and interest to holders of PCs. The last payment date will always fall on the 15th day of the month unless the 15th day is not a business day, in which case the next succeeding business day is the payment date.

PC Margin: The weighted average of the margins of the mortgages in an ARM PC pool, net of gross fees. This disclosure field is updated monthly, which means the information is associated with the current remaining balance of the mortgages in the PC pool. The margin is the number of percentage points that is added to the current Index value to establish the new note rate at each interest change date.

Periodic Rate Cap: The maximum amount that the note rate may increase or decrease at each interest rate change date after the first interest rate change date for the mortgages in an ARM PC pool. However, if an initial cap is not separately disclosed for an ARM PC, the periodic cap is the initial cap. A Periodic Rate Cap of zero (0.00%) indicates that there is no periodic cap and mortgages are subject to the lifetime ceiling and margin only.

Pool Number: A unique numeric or alphanumeric designation assigned by Freddie Mac to identify a PC. The first two characters of a Pool Number indicate the PC prefix.

Prepayment Protection Mortgage Flag: Indicates whether the mortgages in an ARM PC pool are prepayment protection mortgages (PPMs). A PPM is a mortgage with respect to which the borrower is, or at any time has been, obligated to pay a premium in the event of certain prepayments of principal. (Fixed-rate PPMs will be identified by a unique PC prefix.)

Reduced Minimum Servicing Flag: The minimum servicing spread is the least amount of interest income, as established by Freddie Mac that must be retained by the servicer as compensation for servicing mortgages. Y = the minimum servicing spread is less than 25 basis points. N = the minimum servicing spread is 25 basis points.

Seller Name/Seller Address: Identifies the name and address of the entity that sold the mortgages in a PC pool to Freddie Mac. This may or may not be the servicer of the mortgages.

Third Party Origination Percentage (TPO %): Percentage of the aggregate UPB of the mortgages in a PC pool that were originated by a third party, to include Broker and Correspondent originations. Loans for which Third Party Origination is applicable, but for which the Seller does not specify Broker or Correspondent, will be disclosed as "TPO Not Specified" and will be included in this category. This disclosure field is updated monthly, which means the information is associated with the current remaining balance of the mortgages in the PC pool.

Broker is a person or entity that specializes in loan originations, receiving a commission (from a Correspondent or other lender) to match Borrowers and lenders. The Broker performs some or most of the loan processing functions, such as taking loan applications, or ordering credit reports, appraisals and title reports. Typically, the Broker does not underwrite or service the mortgage loan and generally does not use its own funds for closing; however, if the Broker funded a mortgage loan on a lender’s behalf, such a mortgage loan is considered a "Broker" third party origination mortgage loan. The mortgage loan is generally closed in the name of the lender who commissioned the Broker’s services.

Correspondent is an entity that typically sells the Mortgages it originates to other lenders, which are not Affiliates of that entity, under a specific commitment or as part of an ongoing relationship. The Correspondent performs some or all of the loan processing functions, such as taking the loan application, ordering credit reports, appraisals, and title reports, and verifying the Borrower’s income and employment. The Correspondent may or may not have delegated underwriting and typically funds the mortgage loans at settlement. The mortgage loan is closed in the Correspondent’s name and the Correspondent may or may not service the mortgage loan. The Correspondent may use a Broker to perform some of the processing functions or even to fund the loan on its behalf; under such circumstances, the mortgage loan is considered a "Broker" third party origination mortgage loan, rather than a "Correspondent" third party origination mortgage loan.

Retail Mortgage is a mortgage loan that is originated, underwritten and funded by a lender or its Affiliates. The mortgage loan is closed in the name of the lender or its Affiliate and if it is sold to Freddie Mac, it is sold by the lender or its Affiliate that originated it. A mortgage loan that a Broker or Correspondent completely or partially originated, processed, underwrote, packaged, funded or closed is not considered a Retail mortgage loan.

For purposes of the definitions of Correspondent and Retail, "Affiliate" means any entity that is related to another party as a consequence of the entity, directly or indirectly, controlling the other party, being controlled by the other party, or being under common control with the other party.

UPB: The aggregate unpaid principal balance of the mortgages in a PC pool. This disclosure field is updated monthly, which means the information is associated with the current remaining balance of the mortgages in the PC pool.

WAC (Weighted Average Coupon): The weighted average of the current note rate of the mortgages in a PC pool. This disclosure field is updated monthly for Gold PCs, which means the information is associated with the current remaining balance of the mortgages in the PC pool. This field is disclosed only at pool formation for ARM PCs.

WAELTV (Weighted Average Estimated Loan to Value): In the case of Reinstated PCs, the weighted average of the ratios between each mortgage's UPB as of the PC issue date and the value of the property obtained through our proprietary automated valuation model. This disclosure field is updated monthly, which means the information is associated with the current remaining balance of the mortgages in the PC pool.

WALA (Weighted Average Loan Age): The weighted average of the current number of months since the note dates of the mortgages in a PC pool. This disclosure field is updated monthly, which means the information is associated with the current remaining balance of the mortgages in the PC pool.

WAMTA (Weighted Average Months to Adjust): For ARM PCs only, the weighted average of the number of months from the first day of the current month until the next date on which the PC coupon adjusts. This disclosure field is updated monthly, which means the information is associated with the current remaining balance of the mortgages in the PC pool.

WAMTAM (Weighted Average Months to Amortize): For Initial Interest PCs only, the weighted average number of months from the first day of the current month to the First P&I Payment Date of the mortgages in the PC, adjusted by adding one month (for ARM PCs only) to reflect the timing of the corresponding PC First P&I Payment Date. This disclosure field is updated monthly, which means the information is associated with the current remaining balance of the mortgages in the PC pool.

WAOCLTV (Weighted Average Original Combined Loan to Value): The weighted average of the ratios between each mortgage’s UPB as of the note date plus any secondary mortgage loan amount disclosed by the Seller and either (1) in the case of a purchase, the lesser of the mortgaged property’s appraised value on the note date or its purchase price or (2) in the case of a refinance mortgage loan, the mortgaged property’s appraised value on the note date. This disclosure field is updated monthly, which means the information is associated with the current remaining balance of the mortgages in the PC pool.

If the secondary financing amount disclosed by the Seller includes a home equity line of credit, then the mortgage CLTV ratio used in the PC WAOCLTV calculation reflects the disbursed amount at closing of the first lien mortgage loan, not the maximum loan amount available under the home equity line of credit.

In the case of a seasoned mortgage loan, if the Seller cannot warrant that the value of the mortgaged property has not declined since the note date, Freddie Mac requires that the Seller must provide a new appraisal value, which is used in the mortgage CLTV calculation and subsequently in the PC WAOCLTV calculation.

This disclosure is subject to the widely varying standards originators use to verify Borrowers’ secondary mortgage loan amounts.

WAOCS (Weighted Average Original Credit Score): The weighted average, as of the note date, of the borrowers' credit scores for the mortgages in a PC pool. The original WAOCS consists of known credit scores as of the settlement date of the PC and the 1^st month update after the settlement date may reflect additional known credit scores. This disclosure field is updated monthly, which means the information is associated with the current remaining balance of the mortgages in the PC pool.

WAODTI (Weighted Average Original Debt to Income): The weighted average of the ratios between each mortgage’s (1) sum of the Borrower’s monthly debt payments, including monthly housing expenses that incorporate the mortgage payment the Borrower is making at the time of the delivery of the mortgage loan to Freddie Mac and (2) the total monthly income used to underwrite the Borrower as of the date of the origination of the mortgage loan. This disclosure field is updated monthly, which means the information is associated with the current remaining balance of the mortgages in the PC pool.

This disclosure is subject to the widely varying standards originators use to verify Borrowers’ assets and liabilities.

WAOLS (Weighted Average Original Loan Size): The weighted average of the UPBs, as of the note date, of the mortgages in a PC pool. This disclosure field is updated monthly, which means the information is associated with the current remaining balance of the mortgages in the PC pool. Refer to AOLS for the simple average.

WAOLT (Weighted Average Original Loan Term): The weighted average of the number of scheduled monthly payments of the mortgages in a PC pool. This disclosure field is updated monthly, which means the information is associated with the current remaining balance of the mortgages in the PC pool.

WAOLTV (Weighted Average Original Loan to Value): The weighted average of the ratios between each mortgage’s UPB as of the note date and either (1) in the case of a purchase mortgage loan, the lesser of the mortgaged property’s appraised value on the note date or its purchase price or (2) in the case of a refinance mortgage loan, the mortgaged property’s appraised value on the note date. This disclosure field is updated monthly, which means the information is associated with the current remaining balance of the mortgages in the PC pool.

Wghtd Avg Mort Life Ceiling (Net): The weighted average of the lifetime ceilings of the mortgages in an ARM PC pool, net of gross fees. This disclosure field is updated monthly, which means the information is associated with the current remaining balance of the mortgages in the PC pool. The lifetime ceiling is the maximum note rate to which an ARM may increase over the life of the mortgage.

Wghtd Avg Mort Life Floor (Net): The weighted average of the lifetime floors of the mortgages in an ARM PC pool, net of gross fees. This disclosure field is updated monthly, which means the information is associated with the current remaining balance of the mortgages in the PC pool. The lifetime floor is the minimum note rate to which an ARM may decrease over the life of the mortgage.

WARM (Weighted Average Remaining Maturity): For Gold PCs, the weighted average of the current number of scheduled monthly payments that, after giving effect to full and partial unscheduled principal payments, remain on the mortgages in a PC pool. For ARM PCs, the weighted average of the current number of scheduled monthly payments, which remain on the mortgages in a PC pool. For PC pools backed by balloon/reset mortgages, the WARM reflects the WATB (Weighted Average Term to Balloon), which is the weighted average remaining number of months to the balloon maturity or reset date of the mortgages. This disclosure field is updated monthly, which means the information is associated with the current remaining balance of the mortgages in the PC pool.

WAUCS (Weighted Average Updated Credit Score): In the case of Reinstated PCs, the weighted average, as of PC issuance date, of the borrowers' updated credit scores for the mortgages in a PC pool. This disclosure field is updated monthly, which means the information is associated with the current remaining balance of the mortgages in the PC pool.

Historical Factors & Coupons

12 Month Payment History Prior to PC Issue Date: In the case of Reinstated PCs, for each month over the 12 month period prior to PC issuance represents the aggregate delinquency status of the loans backing the PC Pool. The number of loans and their contributing loan UPB are categorized as Current, or 30, 60, 90 or 120+ days delinquent for each of the previous 12 months prior to PC Pool Issuance.

1984 Tax Flag: Percentage of the aggregate UPB of the mortgages in a PC pool that were originated prior to July 18, 1984 (for non-US resident tax purposes)

1985 Tax Flag: Percentage of the aggregate UPB of the mortgages in a PC pool that were originated prior to September 27, 1985 (for premium tax purposes).

Coupon: The annual rate at which interest is passed through monthly to a holder of a PC, based on a 360-day year of twelve 30-day months.

Factor: A truncated eight-digit decimal that Freddie Mac calculates each month for each PC that, when multiplied by its original principal balance, equals its remaining principal balance. The Pool Factor for any month reflects the principal balance that remains after the payment to the holder of the PC is made on the payment date:

In the same month, for Gold PCs
In the following month, for ARM PCs

Factor Date: The date corresponding factor is effective, which is first day of the month for all PCs.

Neg Am Factor: For payment capped ARM PCs only, a truncated eight-digit decimal, which represents Freddie Mac's determination of the amount of deferred interest added to the principal balance of the mortgages in a PC pool in the preceding month.

Prepayment Penalty Factor: A truncated eight-digit decimal calculated by Freddie Mac which represents the prepayment fee collected by Freddie Mac. A prepayment fee factor published in a particular month indicates that a PC has received and passed through prepayment fees during the previous month.

Breakout Information

Note to reader: Where percentage of mortgages or percentage of the aggregate UPB is calculated for the mortgages within a PC, the total may not add up to 100.00% due to rounding.

Delinquency Information

30-59 Days Delinquent – Data regarding mortgage loans that have missed one month of scheduled payment
60-89 Days Delinquent – Data regarding mortgage loans that have missed two months of scheduled payments
90-119 Days Delinquent – Data regarding mortgage loans that have missed three months of scheduled payments
120+ Days Delinquent – Data regarding mortgage loans that have missed four or more months of scheduled payments

Data disclosed will indicate: the aggregate unpaid principal balance (UPB), the percentage of the aggregate UPB, the number of mortgage loans, and the percentage of mortgage loans in a PC pool that fall into each of the above delinquency categories. These disclosure fields are updated monthly, which means the data in each field is associated with the current aggregate UPB and number of mortgage loans in the related PC pool.

For example, consider a current mortgage loan with a borrower payment due on November 1. If the Servicer does not receive a payment from the borrower by November 30, the mortgage loan would be reported to Freddie Mac in the Servicer’s December Electronic Default Reporting (EDR) transmission as having a due date of last paid installment (DDLPI) of October 1 and would be considered 30 days delinquent (one scheduled payment has been missed). This mortgage loan would be included and disclosed in the 30-59 days delinquent category in Freddie Mac’s January pool-level delinquency data, which would be reflected on Freddie Mac’s website by the fifth business day of January. If the Servicer does not receive a payment by December 31 with respect to this mortgage loan, Freddie Mac would include and disclose this mortgage loan in the 60-89 days delinquent category by the fifth business day of February.

Delinquent Loans Purchased

The UPB and number of mortgage loans that were purchased by Freddie Mac from the PC pool because the mortgage loans are 120 days or more delinquent and (i) the cost of making guarantee payments on the PCs backed by these loans, including advances of interest, exceeds the cost of holding such loans in Freddie Mac’s portfolio or (ii) the loans have continued their delinquency for a total of 24 months. These purchases by Freddie Mac will be reflected in the factor for the current month. The UPB disclosed is based on the mortgage loan balances from the prior factor date. The related principal payment will be passed through to security holders on the payment date in the current month in the case of fixed-rate PCs and Giant PCs and on the payment date in the following month in the case of adjustable-rate PCs and Giant PCs.

Continuing with the preceding example, if no ensuing payments were received by the Servicer with respect to this mortgage loan, the Servicer would report the mortgage loan to Freddie Mac with a DDLPI of October 1 in its March EDR transmission, making the loan 120 days delinquent. Assuming the mortgage loan meets the provisions for purchasing delinquent loans from PC pools outlined above, the mortgage loan would be disclosed by Freddie Mac in the delinquent loans purchased category in the disclosures released with the April factor. If the mortgage loan is fixed-rate, its UPB would be passed through to the holder of the related PC or Giant PC on April 15; if the mortgage loan is adjustable-rate, its UPB would be passed through to the holder of the related PC or Giant PC on May 15.

Inclusion of mortgage loans in any of the above delinquency categories is based on the DDLPI as reported by Servicers to Freddie Mac. Servicers are required to report the DDLPI for all Freddie Mac single-family mortgage loans in payment default via Freddie Mac’s EDR system. In each monthly EDR transmission, Servicers are instructed to include all activity that occurred in the previous month. Freddie Mac is not responsible for the DDLPI reported by Servicers, makes no representations and warranties regarding such reported DDLPI and may not have independently verified such reported DDLPI.

Documentation Type

The number of mortgages, percentage of mortgages and percentage of the aggregate UPB of the mortgages in a PC pool for which the documentation has been verified/waived or not verified/not waived. Loans for which this information cannot be determined will be reflected under the heading "Unknown." This disclosure field is updated monthly, which means the information is associated with the current remaining balance of the mortgages in the PC pool.

Documentation Type – Income
Documentation Type – Assets
Documentation Type – Employment

Generally, Freddie Mac requires that Sellers of mortgage loans document or verify loan application information about the Borrower’s income, assets and employment. Sellers’ documentation or verification can take several forms; for example, Sellers may require that a Borrower provide pay stubs or W-2 or 1099 forms to verify employment and income and depository and brokerage statements to verify assets. In some cases, because of the measured creditworthiness of the Borrower (e.g., credit score) and loan attributes (e.g., a refinance loan or low loan-to-value ratio), a Seller may require a reduced level of documentation or verification or may waive its general documentation or verification requirements. In other cases, pursuant to programs offered by lenders, Borrowers may elect to provide a reduced level of documentation or verification or may elect to provide no documentation or verification of some or all of this information in a loan application. Standards to qualify for reduced levels of documentation and for waivers of documentation based on creditworthiness, and what constitutes a material reduced level of documentation, may vary among Sellers. If Freddie Mac agrees with a Seller’s decision to underwrite the Borrower using reduced documentation or no documentation, Freddie Mac will generally require that Sellers deliver a special code in connection with the delivery of such mortgage loans. Freddie Mac monitors the performance of such loans to determine whether they continue to perform at least as well as traditional full documentation loans.

In cases of full documentation and verification, mortgage loans bear the disclosure "Yes (Verified/Waived)." In cases in which the Seller delivered a loan to Freddie Mac with a special code indicating a reduced level of documentation or waiver, Freddie Mac has used its review of the Seller’s underwriting standards for reduced documentation or waiver and its data on actual loans’ performance to make a judgment about the credit quality of that loan, which is reflected in whether the loan bears the disclosure "Yes (Verified/Waived)" or "No (Not Verified/Not Waived)." Under these circumstances, loans bearing the disclosure "Yes (Verified/Waived)" reflect an assessment by Freddie Mac of higher credit quality than those loans that bear the disclosure "No (Not Verified/Not Waived)." The performance standard for reduced or waived-documentation loans is default performance on a level at least as strong as traditional full documentation loans.

In cases in which Sellers did not deliver a special code indicating a reduced level of documentation or a waiver, the disclosure will indicate "Yes (Verified/Waived)." It is possible nonetheless that loans delivered without a special code may be loans that had a reduced level of documentation or waiver. Freddie Mac seeks to identify through special codes all cases of reduced documentation and conducts quality control sampling to identify and work with sellers on correcting data deficiencies.

First-Time Homebuyer

The number of mortgages, percentage of mortgages and percentage of the aggregate UPB of the mortgages in a PC pool that have indicated whether the Borrower, or one of a group of Borrowers, is a First-Time Homebuyer.

Specifically, a First-Time Homebuyer is an individual Borrower, or one of a group of Borrowers, who (1) is purchasing the mortgaged property, (2) will reside in the mortgaged property as a primary residence and (3) had no ownership interest (sole or joint) in a residential property during the three-year period preceding the date of the purchase of the mortgaged property. With certain limited exceptions, a displaced homemaker or single parent may also be considered a First-Time Homebuyer if the individual had no ownership interest in a residential property during the preceding three-year period other than an ownership interest in the marital residence with a spouse.

Loans for which First-Time Homebuyer information is not available will be reflected under the heading "Unknown." This disclosure field is updated monthly, which means the information is associated with the current remaining balance of the mortgages in the PC pool.

First Payment Distribution

The number of mortgages, percentage of mortgages, and percentage of the aggregate UPB of the mortgages in a PC pool that have not yet reached their first payment date.

Geographic

The number of mortgages, percentage of mortgages, and percentage of the aggregate UPB of the mortgages in a PC pool that are secured by properties in a given state. This disclosure field is updated monthly, which means the information is associated with the current remaining balance of the mortgages in the PC pool.

Initial Interest First P&I Payment Date

For Initial Interest PCs only, the first fully amortizing principal and interest payment date of the mortgages in a pool, adjusted by adding one month (for ARM PCs) to reflect the timing of the corresponding PC First P&I Payment Date.

For Initial Interest Gold PCs only, the UPB, percentage of the aggregate UPB, number of mortgages, percentage of the aggregate number of mortgages, WAC, highest and lowest note rates, WARM, highest and lowest remaining maturity, WALA, and highest and lowest loan age of the mortgages in a PC pool having the same first date on which principal as well as interest will be due. This disclosure field is updated monthly, which means the information is associated with the current remaining balance of the mortgages in the PC pool.

For Initial Interest ARM PCs only, the UPB, percentage of the aggregate UPB, number of mortgages, percentage of the aggregate number of mortgages, WARM, highest and lowest remaining maturity, WALA, and highest and lowest loan age of the mortgages in a PC pool having the same first date on which principal as well as interest will be due. This disclosure field is updated monthly, which means the information is associated with the current remaining balance of the mortgages in the PC pool.

Loan Origination Year

The number of mortgages, percentage of mortgages, and percentage of the aggregate UPB of the mortgages in a PC pool that are originated in a given year. This disclosure field is updated monthly, which means the information is associated with the current remaining balance of the mortgages in the PC pool.

For seller-owned modified mortgages, modified mortgages, converted mortgages, and construction-to-permanent mortgages, the modification/converted date is substituted for the origination date.

Loan Purpose

The number of mortgages, percentage of mortgages and percentage of the aggregate UPB of the mortgages in a PC pool that are Cash-out Refinance mortgages, No Cash-out Refinance mortgages or Purchase mortgages. If a Refinance is applicable, but the seller of the mortgage loan does not specify Cash-out Refinance or No Cash-out Refinance, it will be reflected under the heading "Refinance – Not Specified." Loans for which the loan purpose is not available will be reflected under the heading "Unknown." This disclosure field is updated monthly, which means the information is associated with the current remaining balance of the mortgages in the PC pool.

Mortgage Insurance Percentage

The number of mortgages, percentage of mortgages, and percentage of the aggregate UPB of the mortgages in a PC pool having loss coverage, at the time of Freddie Mac’s purchase of the mortgage loan, that a mortgage insurer is providing to cover losses incurred as a result of a default on the loan. Only primary mortgage insurance that is purchased by the Borrower, lender or Freddie Mac is included in this category. Mortgage insurance that constitutes "credit enhancement" that is not required by Freddie Mac’s Charter is not included.

Loans for which the amount of mortgage insurance reported by Sellers is in excess of 55% will be reflected under the heading "Unknown." This disclosure field is updated monthly, which means the information is associated with the current remaining balance of the mortgages in the PC pool.

Number of Borrowers

The number of mortgages, percentage of mortgages, and percentage of the aggregate UPB of the mortgages in a PC pool that have one borrower or more than one borrower obligated to repay the mortgage note secured by the mortgaged property. This disclosure field is updated monthly, which means the information is associated with the current remaining balance of the mortgages in the PC pool.

Number of Units

The number of mortgages, percentage of mortgages, and percentage of the aggregate UPB of the mortgages in a PC pool that are secured by one-unit properties and by two to four unit properties. Loans for which the Number of Units is not available will be reflected under the heading "Unknown." This disclosure field is updated monthly, which means the information is associated with the current remaining balance of the mortgages in the PC pool.

Occupancy Status

The number of mortgages, percentage of mortgages, and percentage of the aggregate UPB of the mortgages in a PC pool that are secured by primary residences, second homes, and investment properties. Loans for which the Occupancy Status is not available will be reflected under the heading "Unknown." This disclosure field is updated monthly, which means the information is associated with the current remaining balance of the mortgages in the PC pool.

Original LTV, Original CLTV, Original Credit Score and Original DTI Data

Original LTV Unknown:

The number of mortgages, percentage of mortgages, and percentage of the aggregate UPB of the mortgages in a PC pool that have loan-to-value ratios that are not available. Loans with an Original LTV percentage below 6% or greater than 105% are included in this category. In the case of FHA/VA mortgage loans, percentages less than 6% or greater than 110% are included. In the case of a mortgage loan backing a High LTV Gold PC>105% and <=125%, the percentages less than 6% or greater than 155% will be disclosed as "Unknown," which will be indicated by a blank space. In the case of a mortgage loan backing a High LTV>125% Gold PC, percentages <6% or >999% will be disclosed as "Unknown,"which will be indicated by a blank. This disclosure field is updated monthly, which means the information is associated with the current remaining balance of the mortgages in the PC pool.

Estimated LTV Unknown:

The number of mortgages, percentage of mortgages, and percentage of the aggregate UPB of the mortgages in a PC pool that have estimated loan-to-value ratios that are not available. Loans with an Estimated LTV percentages below 6% or greater than 300% are included in this category. This disclosure field is updated monthly, which means the information is associated with the current remaining balance of the mortgages in the PC pool.

Original CLTV Unknown:

The number of mortgages, percentage of mortgages, and percentage of the aggregate UPB of the mortgages in a PC pool that have combined loan-to-value ratios that are not available. Loans with an Original CLTV percentage below 6% or greater than 135% are included in this category. In the case of a mortgage loan backing a High LTV Gold PC>105% and <=125%, the percentages less than 6% or greater than 155% will be disclosed as "Unknown," which will be indicated by a blank space. In the case of a mortgage loan backing a High LTV>125% Gold PC, percentages <6% or >999% will be disclosed as "Unknown," which will be indicated by a blank. Loans for which the CLTV ratio is less than the LTV ratio or for which the LTV ratio is "Unknown" are also included in this category. This disclosure field is updated monthly, which means the information is associated with the current remaining balance of the mortgages in the PC pool.

Original Credit Score Unknown:

The number of mortgages, percentage of mortgages and percent of aggregate UPB of the mortgages that have credit scores that are not available. Loans with a Credit Score value less than 300 or greater than 850 are included in this category. This disclosure field is updated monthly, which means the information is associated with the current remaining balance of the mortgages in the PC pool.

Updated Credit Score Unknown:

The number of mortgages, percentage of mortgages and percent of aggregate UPB of the mortgages that have updated credit scores that are not available. Loans with an Updated Credit Score value less than 300 or greater than 850 are included in this category. This disclosure field is updated monthly, which means the information is associated with the current remaining balance of the mortgages in the PC pool.

Original DTI Unknown:

The number of mortgages, percentage of mortgages, and percentage of the aggregate UPB of the mortgages in a PC pool that have debt-to-income ratios that are not available. Loans with an Original DTI falling outside the range of greater than 0% and less than or equal to 65% are included in this category. Loans for which the reported Monthly Income is less than $100 are considered "Unknown" as well. Loans for which the reported Monthly Debt is less than the loan’s Monthly P&I Payment (at the time for delivery to Freddie Mac) without being an Investment Property are also included in this category. This disclosure field is updated monthly, which means the information is associated with the current remaining balance of the mortgages in the PC pool.

Servicer

The WAC, highest and lowest note rates, WALA, highest and lowest age, WARM, highest and lowest remaining maturity, number of mortgages, percentage of mortgages, and percentage of the aggregate UPB of the mortgages in each entity that services at least 1% of the mortgages in a PC pool (updated to reflect transfer of servicing). Entities servicing less than 1% of the mortgages in a PC pool are reflected under the heading "Servicers<1%." This disclosure field is updated monthly, which means the information is associated with the current remaining balance of the mortgages in the PC pool.

Seller

The WAC, highest and lowest note rates, WALA, highest and lowest loan age, WARM, highest and lowest remaining maturity, number of mortgages, and percentage of mortgages, percentage of the aggregate UPB of the mortgages for each entity that sold to Freddie Mac at least 1% of the mortgages in a PC pool. Entities that sold to Freddie Mac less than 1% of the mortgages in a PC pool are reflected under the heading "Sellers<1%." This disclosure field is updated monthly, which means the information is associated with the current remaining balance of the mortgages in the PC pool.

Third Party Origination (TPO)

The number of mortgages, percentage of mortgages, and percentage of the aggregate UPB of the mortgages in a PC pool that are Broker-, Correspondent- and Retail-originated. Loans for which Third Party Origination is applicable, but for which the Seller does not specify Broker or Correspondent, will be reflected under the heading "TPO Not Specified." Loans for which TPO or Retail-origination information is not available will be reflected under the heading "Unknown." This disclosure field is updated monthly, which means the information is associated with the current remaining balance of the mortgages in the PC pool.

Broker is a person or entity that specializes in loan originations, receiving a commission (from a Correspondent or other lender) to match Borrowers and lenders. The Broker performs some or most of the loan processing functions, such as taking loan applications, or ordering credit reports, appraisals and title reports. Typically, the Broker does not underwrite or service the mortgage loan and generally does not use its own funds for closing; however, if the Broker funded a mortgage loan on a lender’s behalf, such a mortgage loan is considered a "Broker" third party origination mortgage loan. The mortgage loan is generally closed in the name of the lender who commissioned the Broker’s services.

Quartiles

Quartiles are based on each 25th percentile of each PC’s current principal balance. Quartiles are updated monthly, which means the information is associated with the current remaining balance of the mortgages in the PC pool.

-Quartile 1 represents the range from the lowest value of the data to the data corresponding to the 25th percentile of the PC’s current principal balance.

-Quartile 2 represents the range from the data corresponding to the 25th percentile of the PC’s current principal balance to the data corresponding to the 50th percentile of the PC’s current principal balance.

-Quartile 3 represents the range from the data corresponding to the 50th percentile of the PC’s current principal balance to the data corresponding to the 75th percentile of the PC current principal balance.

-Quartile 4 represents the range from the data corresponding to the 75th percentile of the PC’s current principal balance to the highest data.

Quartiles represent the distribution of the following mortgage attributes for all mortgages in a PC pool:

Note Rate: (Gold PCs only) The interest rate on a mortgage note.
Original Loan Size: Loan amount as of the note date of the mortgage.
Remaining Maturity: Remaining terms to maturity date, or term to balloon maturity or reset date.
Loan Age: Number of months from the note date.
Loan Term: Number of scheduled monthly payments that are due over the life of the mortgage.
Original CLTV: Original combined loan-to-value ratio.
Original Credit Score: A number summarizing an individual's credit profile that indicates the likelihood that an individual will repay future obligations.
Original DTI: Original debt-to-income ratio.
Original LTV: Original loan-to-value ratio.

WAC ARM Component

Component Coupon Adjustment Date: The next scheduled interest change date of the mortgages in an ARM PC pool having the same interest change date, adjusted by adding one month to reflect the timing of the corresponding PC coupon adjustment date.

Component First P&I Payment Date: For Initial Interest ARM PCs only, the first fully amortizing principal and interest payment date of a group of mortgages in the pool having the same Component Coupon Adjustment Date. Component First P&I Payment Date is the mortgage first P&I payment date adjusted by adding one month to reflect the timing of the corresponding PC First P&I Payment Date.

Component UPB: The aggregate UPB of the mortgages in an ARM PC pool having the same Component Coupon Adjustment Date. For Initial Interest ARM PCs, the aggregate UPB of the mortgages in an ARM PC pool having the same Component Coupon Adjustment Date and Component First P&I Payment Date. This disclosure field is updated monthly, which means the information is associated with the current remaining balance of the mortgages in the PC pool.

Component Number of Loans: The number of loans in an ARM PC pool having the same Component Coupon Adjustment Date. For Initial Interest ARM PCs, the number of loans in an ARM PC pool having the same Component Coupon Adjustment Date and the same Component First P & I Payment Date. The disclosure field is updated monthly, which means the information is associated with the current remaining balance of the mortgages in the PC pool.

Component Coupon: The weighted average of the note rates of the mortgages in an ARM PC pool having the same Component Coupon Adjustment Date, net of gross fees. For Initial Interest ARM PCs, the weighted average of the note rates of the mortgages in an ARM PC pool having the same Component Coupon Adjustment Date and Component First P&I Payment Date, net of gross fees. This disclosure field is updated monthly, which means the information is associated with the current remaining balance of the mortgages in the PC pool.

Component Coupon High: The highest note rate of the mortgages in an ARM PC pool having the same Component Coupon Adjustment Date, net of gross fees. For Initial Interest ARM PCs, the highest note rate of the mortgages in an ARM PC pool having the same Component Coupon Adjustment Date and Component First P&I Payment Date, net of gross fees. This disclosure field is updated monthly, which means the information is associated with the current remaining balance of the mortgages in the PC pool.

Component Coupon Low: The lowest note rate of the mortgages in an ARM PC pool having the same Component Coupon Adjustment Date, net of gross fees. For Initial Interest ARM PCs, the lowest note rate of the mortgages in an ARM PC pool having the same Component Coupon Adjustment Date and Component First P&I Payment Date, net of gross fees. This disclosure field is updated monthly, which means the information is associated with the current remaining balance of the mortgages in the PC pool.

Component Margin: The weighted average of the margins of the mortgages in an ARM PC pool having the same Component Coupon Adjustment Date, net of gross fees. For Initial Interest ARM PCs, the weighted average of the margins of the mortgages in an ARM PC pool having the same Component Coupon Adjustment Date and Component First P&I Payment Date, net of gross fees. This disclosure field is updated monthly, which means the information is associated with the current remaining balance of the mortgages in the PC pool. The margin is the number of percentage points that is added to the current Index value to establish the new note rate at each interest change date.

Component Margin High: The highest margin of the mortgages in an ARM PC pool having the same Component Coupon Adjustment Date, net of gross fees. For Initial Interest ARM PCs, the highest margin of the mortgages in an ARM PC pool having the same Component Coupon Adjustment Date and Component First P&I Payment Date, net of gross fees. This disclosure field is updated monthly, which means the information is associated with the current remaining balance of the mortgages in the PC pool. The margin is the number of percentage points that is added to the current Index value to establish the new note rate at each interest change date.

Component Margin Low: The lowest margin of the mortgages in an ARM PC pool having the same Component Coupon Adjustment Date, net of gross fees. For Initial Interest ARM PCs, the lowest margin of the mortgages in an ARM PC pool having the same Component Coupon Adjustment Date and Component First P&I Payment Date, net of gross fees. This disclosure field is updated monthly, which means the information is associated with the current remaining balance of the mortgages in the PC pool. The margin is the number of percentage points that is added to the current Index value to establish the new note rate at each interest change date.

Component Life Ceiling: The weighted average of the lifetime ceilings of the mortgages in an ARM PC pool having the same Component Coupon Adjustment Date, net of gross fees. For Initial Interest ARM PCs, the weighted average of the lifetime ceilings of the mortgages in an ARM PC pool having the same Component Coupon Adjustment Date and Component First P&I Payment Date, net of gross fees. This disclosure field is updated monthly, which means the information is associated with the current remaining balance of the mortgages in the PC pool. The lifetime ceiling is the maximum note rate to which an ARM may increase.

Component Life Ceiling High: The highest lifetime ceiling of the mortgages in an ARM PC pool having the same Component Coupon Adjustment Date, net of gross fees. For Initial Interest ARM PCs, the highest lifetime ceiling of the mortgages in an ARM PC pool having the same Component Coupon Adjustment Date and Component First P&I Payment Date, net of gross fees. This disclosure field is updated monthly, which means the information is associated with the current remaining balance of the mortgages in the PC pool. The lifetime ceiling is the maximum note rate to which an ARM may increase.

Component Life Ceiling Low: The lowest lifetime ceiling of the mortgages in an ARM PC pool having the same Component Coupon Adjustment Date, net of gross fees. For Initial Interest ARM PCs, the lowest lifetime ceiling of the mortgages in an ARM PC pool having the same Component Coupon Adjustment Date and Component First P&I Payment Date, net of gross fees. This disclosure field is updated monthly, which means the information is associated with the current remaining balance of the mortgages in the PC pool. The lifetime ceiling is the maximum note rate to which an ARM may increase.

Component Life Floor: The weighted average of the lifetime floors of the mortgages in an ARM PC pool having the Component Coupon Adjustment Date, net of gross fees. For Initial Interest ARM PCs, the weighted average of the lifetime floors of the mortgages in an ARM PC pool having the same Component Coupon Adjustment Date and Component First P&I Payment Date, net of gross fees. This disclosure field is updated monthly, which means the information is associated with the current remaining balance of the mortgages in the PC pool. The lifetime floor is the minimum note rate to which an ARM may decrease.

Component Life Floor High: The highest lifetime floor of the mortgages in an ARM PC pool having the same Component Coupon Adjustment Date, net of gross fees. For Initial Interest ARM PCs, the highest lifetime floor of the mortgages in an ARM PC pool having the same Component Coupon Adjustment Date and Component First P&I Payment Date, net of gross fees. This disclosure field is updated monthly, which means the information is associated with the current remaining balance of the mortgages in the PC pool.

Component Life Floor Low: The lowest lifetime floor of the mortgages in an ARM PC pool having the same Component Coupon Adjustment Date, net of gross fees. For Initial Interest ARM PCs, the lowest lifetime floor of the mortgages in an ARM PC pool having the same Component Coupon Adjustment Date and Component First P&I Payment Date, net of gross fees. This disclosure field is updated monthly, which means the information is associated with the current remaining balance of the mortgages in the PC pool.

Factor Date: The date the corresponding Factor is effective, which is the first day of the month for all PCs.

Original Range Information

Life Ceiling Range High: The highest lifetime ceiling, as of pool formation, of the mortgages in an ARM PC pool. The lifetime ceiling is the maximum note rate to which an ARM may increase.

Life Ceiling Range Low: The lowest lifetime ceiling, as of pool formation, of the mortgages in an ARM PC pool. The lifetime ceiling is the maximum note rate to which an ARM may increase.

Life Floor Range High: The highest lifetime floor, as of pool formation, of the mortgages in an ARM PC pool. The lifetime floor is the minimum note rate to which an ARM may decrease.

Life Floor Range Low: The lowest lifetime floor, as of pool formation, of the mortgages in an ARM PC pool. The lifetime floor is the minimum note rate to which an ARM may decrease.

Mortgage Margin Range High: The highest margin, as of pool formation, of the mortgages in an ARM PC pool. The margin is the number of percentage points that is added to the current Index value to establish the new note rate at each interest change date.

Mortgage Margin Range Low: The lowest margin, as of pool formation, of the mortgages in an ARM PC pool. The margin is the number of percentage points that is added to the current Index value to establish the new note rate at each interest change date.

WAC Range High: The highest note rate, as of pool formation, of the mortgages in an ARM PC pool.

WAC Range Low: The lowest note rate, as of pool formation, of the mortgages in an ARM PC pool.

WARM Range High: The longest remaining term to maturity, as of pool formation, of the mortgages in an ARM PC pool.

WARM Range Low: The shortest remaining term to maturity, as of pool formation, of the mortgages in an ARM PC pool.