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Glossary of Giant PC Terms

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 (BaseBooks) document using our Legal Documentation page.

Description 

Note to reader: Updated monthly means it reflects information associated with the current remaining balance of the mortgages in the underlying PCs and/or Giant PCs in the related Giant PC pool.

Additional Supplement: For certain 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 or the Pool Supplement concerning the mortgages in a PC pool as of pool formation and is not updated monthly.

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

As of Date: The first day of the month and year of pass-through pool formation of the Giant PC, which is the first day that interest accrues for the first payment to holders of Giant PCs.

AOLS (Average Original Loan Size): The simple average of the UPBs as of the note date of the mortgages in the underlying PCs and/or Giant PCs in the related Giant PC pool.  Refer to WAOLS for the weighted average.

Convertible: Indicates whether the mortgages in the ARM Giant 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 that 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 Giant PC, based on a 360-day year of twelve 30-day months.  For ARM Giant PCs, calculated as a weighted average of the individual coupons of the underlying ARM PCs and/or ARM Giant PCs in effect as of the first day of that month, rounded down to the nearest .001%.

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

  • In the same month, for Giant PCs backed by Gold PCs.
  • In the following month, for Giant PCs backed by ARM PCs. 

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

Current Neg Am Factor: For payment capped ARM Giant 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 Giant PC pool in the preceding month.

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

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

Index: A fluctuating economic indicator specified in the mortgage note, the value of which is used to adjust the note rate of the mortgages in the ARM Giant 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 the ARM Giant 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 the ARM Giant 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 Period: For hybrid ARMs only, the period of time between the note date of the mortgages and the first interest change date.  The initial period will be designated by one of the numbers below, which defines the eligible months to first interest change date for the mortgages in the ARM Giant PC pool. 

2 = Initial Period between 18 and 30 months

3 = Initial Period between 30 and 42 months

4 = Initial Period between 42 and 54 months

5 = Initial Period between 54 and 66 months

6 = Initial Period between 66 and 78 months

7 = Initial Period between 78 and 90 months

8 = Initial Period between 90 and 102 months

9 = Initial Period between 102 and 114 months

10 = Initial Period between 114 and 126 months

15 = Initial Period between 174 and 186 months

 

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

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

Legend 1/Legend 2: A text field used to disclose additional information about the mortgages in the underlying PCs and/or Giant PCs or the Giant PC.

Lookback: For each mortgage in the ARM Giant 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: The first day of the month in which the last monthly payment on the Giant PC is scheduled to be made, except for GNMA Giants, which is generally the 17th, 20th, or 25th day of the month.

Next Adjustment Date: For ARM Giant PCs only, the next date on which the Pass-Through Coupon adjusts (updated monthly).

Origl Wghtd Avg Mort Life Ceiling: The original weighted average of the lifetime ceilings of the mortgages in the Giant PC is based on the underlying ARM PCs and/or ARM Giant PCs weighted average of the lifetime ceilings and their contribution percentage to the related Giant PC pool.  The lifetime ceiling is the maximum note rate to which an ARM may adjust over the life of the mortgage .

Origl Wghted Avg Mort Life Floor: The original weighted average of the lifetime floors of the mortgages in the Giant PC is based on the underlying ARM PCs and/or ARM Giant PCs weighted average of the lifetime floors and their contribution percentage to the related Giant PC pool.  The lifetime floor is the minimum note rate to which an ARM may decrease over the life of the mortgage.

Origl Wghtd Avg Mort Margin: The original weighted average of the margins of the mortgages in the Giant PC is based on the underlying ARM PCs and/or ARM Giant PCs weighted average of the margins and their contribution percentage to the related Giant 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 Giant PCs only, the weighted average of the number of months from pool formation until the next date on which the Pass-Through Coupon adjusts.

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

Payment Date: The day of the month on which Freddie Mac passes through payments of principal and interest to holders of Giant 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, except for GNMA Giants, which is generally the 17th, 20th, or 25th day of the month.

Payoff Date: The last payment date on which Freddie Mac passes through payments of principal and interest to holders of Giant 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 .

PC Margin: The weighted average of the margins of the mortgages in the ARM Giant PC is based on the underlying ARM PCs and/or ARM Giant PCs component margin and their contribution percentage to the related ARM Giant PC pool (updated monthly).  “Components” are groups of mortgages having the same adjustment date (net of gross fees).  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 change date after the first interest change date for the mortgages in the ARM Giant PC pool.  However, if an initial cap is not separately disclosed for an ARM Giant PC, the periodic cap is the initial cap.  A Periodic Rate Cap of zero (0.00%) indicates that there is no periodic cap and the mortgages adjust subject to the lifetime ceiling and margin only.  

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

Prepayment Penalty Mortgage Flag: Indicates whether the mortgages in the ARM Giant PC pool are prepayment penalty 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 Giant PC prefix.)

Reduced Minimum Servicing Flag: The minimum 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:  Freddie Mac Giant

UPB:  The aggregate of the current outstanding principal balances of the mortgages in the underlying PCs and/or Giant PCs based on their contribution percentage to the related Giant PC pool (updated monthly).

WAC (Weighted Average Coupon): The weighted average of the current note rates of the mortgages in the Giant PC is based on the underlying PCs and/or Giant PCs weighted average current note rates and their contribution percentage to the related Giant PC pool (updated monthly for Gold Giant PCs; disclosed only at pool formation for ARM Giant PCs).

WALA (Weighted Average Loan Age): For Gold PCs only, the weighted average of the current number of months since the note dates of the mortgages in the Giant PC is based on the underlying PCs and/or Giant PCs and their contribution percentage to the related Giant PC pool (updated monthly). 

WAMTA (Weighted Average Months to Adjust): For ARM Giant PCs only, the weighted average of the number of months until the next date on which the Pass-Through Coupon adjusts (updated monthly).

WAOCS (Weighted Average Original Credit Score): The weighted average original credit score of the mortgages in the Giant PC is based on the underlying PCs and/or Giant PCs original credit score and their contribution percentage to the related Giant PC pool (updated monthly).  The original WAOCS consists of known credit scores as of the settlement date of the Giant PC and the 1st month update after the settlement date may reflect additional known credit scores.

WAOLS (Weighted Average Original Loan Size): The weighted average UPBs, as of the note date, of the mortgages in the Giant PC is based on the underlying PCs and/or Giant PCs weighted average original loan size and their contribution percentage to the related Giant PC pool (updated monthly).  Refer to AOLS for the simple average. 

WAOLT (Weighted Average Original Loan Term): For Gold Giant PCs only, the weighted average of the number of scheduled monthly payments of the mortgages in the Giant PC is based on the underlying PCs and/or Giant PCs weighted average of the original loan term and their contribution percentage to the related Giant PC pool (updated monthly). 

WAOLTV (Weighted Average Original Loan to Value): The weighted average of the original loan- to- value ratios of the mortgages in the Giant PC is based on the underlying PCs and/or Giant PCs weighted average of the original loan to value ratios and their contribution percentage to the related Giant PC pool (updated monthly).

The original loan to value ratio is the comparison of the mortgage’s unpaid principal balance (UPB), as of the note date, and either

(1)     in the case of a purchase, the lesser of the appraised value of the mortgaged premises on the note date or the purchase price of the mortgaged premises or

(2)     in the case of a refinancing, the appraised value of the mortgage premises on the note date

Wghtd Avg Mort Life Ceiling: The weighted average lifetime ceiling of the mortgages in the Giant PC is based on the underlying ARM PCs and/or Giant PCs component lifetime ceilings and their contribution percentage to the related ARM Giant PC pool (updated monthly).  “Components” are groups of mortgages having the same adjustment date (net of gross fees).  The lifetime ceiling is the maximum note rate to which a mortgage may adjust over the life of the mortgage.

Wghtd Avg Mort Life Floor: The weighted average lifetime floor of the mortgages in the Giant PC is based on the underlying ARM PCs and/or ARM Giant PCs component lifetime floor and their contribution percentage to the related ARM Giant PC pool (updated monthly).  “Components” are groups of mortgages having the same adjustment date (net of gross fees).  The lifetime floor is the minimum note rate to which a mortgage may adjust over the life of the mortgage.

WARM (Weighted Average Remaining Maturity): 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 the Giant PC is based on the underlying PCs and/or Giant PCs weighted average remaining maturity and their contribution percentage to the related Giant PC pool.  For Giant 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.  

Historical Factors & Coupons

1984 Tax Flag: The percentage of the aggregate UPB of the mortgages that were originated prior to July 18, 1984 in the Giant PC based on the underlying PCs and/or Giant PCs percentage of the aggregate UPB and their contribution percentage to the related Giant PC pool. (For non-US resident tax purposes.)

1985 Tax Flag: The percentage of the aggregate UPB of the mortgages that were originated prior to September 27, 1985 in the Giant PC based on the underlying PCs and/or Giant PCs percentage of the aggregate UPB and their contribution percentage to the related Giant PC pool. (For premium tax purposes.)

Coupon: The current annual rate at which interest is passed through monthly to a holder of a Giant PC, based on a 360-day year of twelve 30-day months.  For ARM Giant PCs, calculated as a weighted average of the individual coupons of the ARM PCs and/or ARM Giant PCs in effect as of the first day of that month, rounded down to the nearest .001%.

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

  • In the same month, for Giant PCs backed by Gold PCs.
  • In the following month, for Giant PCs backed by ARM PCs. 

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

Neg Am Factor:  For payment capped ARM Giant 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 ARM Giant 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 Giant PC has received and passed through prepayment fees during the previous month.

Breakout Information

Note to reader: Updated monthly means it reflects information associated with the current remaining balance of the mortgages in the underlying PCs and/or Giant PCs in the related Giant PC pool.

Loan Purpose

The number of mortgages and percentage of mortgages that are either refinance mortgages or purchase mortgages in the Giant PC, based on the underlying PCs and/or Giant PCs number and percentage of mortgages in the related Giant PC pool (updated monthly).

The percentage of the aggregate UPB of the mortgages that are either refinance mortgages or purchase mortgages in the Giant PC, based on the underlying PCs and/or Giant PCs percentage of UPB and their contribution percentage to the related Giant PC pool (updated monthly). 

If the Loan Purpose is not available, it will be reflected under the heading ‘Unknown’ (updated monthly).

Number of Units

The number of mortgages and percentage of mortgages that are secured by one-unit properties and by two to four unit properties in the Giant PC, based on the underlying PCs and/or Giant PCs number and percentage of mortgages in the related Giant PC pool (updated monthly).

The percentage of the aggregate UPB of the mortgages that are secured by one-unit properties and by two- to- four unit properties in the Giant PC, based on the underlying PCs and/or Giant PCs percentage of aggregate UPB and their contribution percentage to the related Giant PC pool (updated monthly). 

If the Number of Units is not available, it will be reflected under the heading ‘Unknown’ (updated monthly).

Occupancy Status

The number of mortgages and percentage of mortgages that are secured by primary residences, second homes, and investment properties in the Giant PC, based on the underlying PCs and/or Giant PCs number and percentage of mortgages in the related Giant PC pool (updated monthly).

The percentage of the aggregate UPB of the mortgages that are secured by primary residences, second homes, and investment properties in the Giant PC based on the underlying PCs and/or Giant PCs percentage of UPB and their contribution percentage to the related Giant PC pool (updated monthly). 

If the Occupancy Status is not available, it will be reflected under the heading ‘Unknown’ (updated monthly).

Original LTV and Original Credit Score Data

Original LTV Unknown:

The number of mortgages and percentage of mortgages that have loan-to-value ratios that are not available for the Giant PC, based on the underlying PCs and/or Giant PCs number and percentage of mortgages in the related Giant PC pool (updated monthly)

The percentage of the aggregate UPB of the mortgages that have loan-to-value ratios that are not available for the Giant PC based on the underlying PCs and/or Giant PCs percentage of the aggregate UPB and their contribution percentage to the related Giant PC pool (updated monthly). 

Original Credit Score Unknown:

The number of mortgages and percentage of mortgages that have credit scores that are not available for the Giant PC, based on the underlying PCs and/or Giant PCs number and percentage of mortgages in the related Giant PC pool (updated monthly)

The percentage of the aggregate UPB of the mortgages that have credit scores that are not available for the Giant PC based on the underlying PCs and/or Giant PCs percentage of aggregate UPB and their contribution percentage to the related Giant PC pool (updated monthly).

Servicer 

The number of mortgages and percentage of mortgages for each entity that services at least 1% of the mortgages in the Giant PC, based on the underlying PCs and/or Giant PCs number and percentage of mortgages in the related Giant PC pool (updated monthly).

For Gold Giant PCs, the WAC, WALA, WARM, and percentage of the aggregate UPB of the mortgages for each entity that services at least 1% of the mortgages in the Giant PC, based on the underlying PCs and/or Giant PCs WAC, WALA, WARM, and percentage of the aggregate UPB and their contribution percentage to the related Giant PC pool (updated monthly).

For Gold Giant PCs, the highest and lowest note rates, highest and lowest loan age, and highest and lowest remaining maturity of the mortgages for each entity that services at least 1% of the mortgages in the Giant PC, based on the underlying PCs and/or Giant PCs highest and lowest in the related Giant PC pool (updated monthly).

For ARM Giant PCs, the WAC, WARM, and percentage of the aggregate UPB of the mortgages for each entity that services at least 1% of the mortgages in the Giant PC, based on the underlying PCs and/or Giant PCs WAC, WARM, and percentage of the aggregate UPB and their contribution percentage to the related Giant PC pool (updated monthly).

For ARM Giant PCs, the highest and lowest note rates and highest and lowest remaining maturity of the mortgages for each entity that services at least 1% of the mortgages in the Giant PC, based on the underlying PCs and/or Giant PCs highest and lowest in the relate Giant PC pool (updated monthly).

Entities servicing less than 1% of the mortgages are reflected under the heading ‘Servicers< 1%’ (updated monthly).  

Seller

The number of mortgages and percentage of mortgages for each entity that sold to Freddie Mac at least 1% of the mortgages in the Giant PC, based on the underlying PCs and/or Giant PCs number and percentage of mortgages in the related Giant PC pool (updated monthly).

For Gold Giant PCs, the WAC, WALA, WARM, and percentage of the aggregate UPB of the mortgages for each entity that sold to Freddie Mac at least 1% of the mortgages in the Giant PC, based on the underlying PCs and/or Giant PCs WAC, WALA, WARM, and percentage of the aggregate UPB and their contribution percentage to the related Giant PC pool (updated monthly).

For Gold Giant PCs, the highest and lowest note rates, highest and lowest loan age, and highest and lowest remaining maturity of the mortgages for each entity that sold to Freddie Mac at least 1% of the mortgages in the Giant PC, based on the underlying PCs and/or Giant PCs highest and lowest in the related Giant PC pool (updated monthly).

For ARM Giant PCs, the WAC, WARM, and percentage of the aggregate UPB of the mortgages for each entity that sold to Freddie Mac at least 1% of the mortgages in the Giant PC based on the underlying PCs and/or Giant PCs WAC, WARM, and percentage of the aggregate UPB and their contribution percentage to the related Giant PC pool (updated monthly).

For ARM Giant PCs, the highest and lowest note rates and highest and lowest remaining maturity of the mortgages for each entity that sold to Freddie Mac at least 1% of the mortgages in the Giant PC, based on the underlying PCs and/or Giant PCs highest and lowest in the related Giant PC pool (updated monthly).

Entities that sold less than 1% of the mortgages are reflected under the heading ‘Servicers< 1%’ (updated monthly).  

Loan Origination Year

The number of mortgages and percentage of mortgages that are originated in a given year in the Giant PC, based on the underlying PCs and/or Giant PCs number and percentage of mortgages in the related Giant PC pool (updated monthly).

The percentage of the aggregate UPB of the mortgages that are originated in a given year in the Giant PC, based on underlying PCs and/or Giant PCs percentage of the aggregate UPB and their contribution percentage to  the related Giant PC pool (updated monthly). 

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

Geographic

The number of mortgages and percentage of mortgages that are secured by property in a given state in the Giant PC, based on the underlying PCs and/or Giant PCs number and percentage of mortgages in the related Giant PC pool (updated monthly).

The percentage of the aggregate UPB of the mortgages that are secured by property in a given state in the Giant PC, based on the underlying PCs and/or Giant PCs percentage of aggregate UPB and their contribution percentage to the related Giant PC pool (updated monthly). 

First Payment Distribution

The number of mortgages and percentage of mortgages that have not yet reached their first payment date in the Giant PC, based on the underlying PCs and/or Giant PCs number and percentage of mortgages in the related Giant PC pool (updated monthly).

The percentage of the aggregate UPB of the mortgages that have not yet reached their first payment date in the Giant PC, based on the underlying PCs and/or Giant PCs percentage of the aggregate UPB and their contribution percentage to the related Giant PC pool (updated monthly). 

Quartiles

Note to reader: Updated monthly means it reflects information associated with the current remaining balance of the mortgages in the underlying PCs and/or Giant PCs in the related Giant PC pool.

Quartiles are based on each 25th percentile of each Giant PC’s current principal balance (updated monthly).

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

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

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

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

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

  • Note Rate (Gold Giant PCs only)
  • Remaining Maturity (Gold Giant PCs only): Remaining term to maturity date, or term to balloon maturity or reset date.
  • Loan Age (Gold Giant PCs only): Number of months from the note date of the mortgage to the current month.
  • Original Loan Size: Loan amount as of the note date of the mortgage.
  • Loan Term (Gold Giant PCs only): Number of scheduled monthly payments that are due over the life of the mortgage.
  • Original LTV: Original loan-to-value ratio.
  • Original Credit Score

WAC ARM Component

Note to reader: Updated monthly means it reflects information associated with the current remaining balance of the mortgages in the underlying PCs and/or Giant PCs in the related Giant PC pool.

 

Component Adjustment Date:  The next scheduled interest change date of the mortgages in an ARM Giant PC is based on the underlying ARM PCs and/or ARM Giant PCs component adjustment date in the related ARM Giant PC pool.

For ARM PCs, the component adjustment date is 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.

Component Coupon: The weighted average component note rates of the mortgages in an ARM Giant PC is based on the underlying ARM PCs and/or ARM Giant PCs weighted average component note rates in the related ARM Giant PC updated monthly). “Components” are groups of mortgages having the same interest change date (net of gross fees). 

Component Coupon High:  The highest component note rate of the mortgages in an ARM Giant PC is based on the underlying ARM PCs and/or ARM Giant PCs highest component note rate in the related ARM Giant PC pool (updated monthly).  “Components” are groups of mortgages having the same interest change date (net of gross fees). 

Component Coupon Low:  The lowest component note rate of the mortgages in an ARM Giant PC is based on the underlying ARM PCs and/or ARM Giant PCs lowest component note rate in the related ARM Giant PC pool (updated monthly).  “Components” are groups of mortgages having the same interest change date (net of gross fees). 

Component Life Ceiling: The weighted average component lifetime ceilings of the mortgages in an ARM Giant PC is based on the underlying ARM PCs and/or ARM Giant PCs weighted average component lifetime ceilings in the related ARM Giant PC pool (updated monthly).  “Components” are groups of mortgages having the same adjust change date (net of gross fees).  The lifetime ceiling is the maximum note rate to which an ARM may increase.

Component Life Ceiling High: The highest component lifetime ceiling of the mortgages in an ARM Giant PC is based on the underlying ARM PCs and/or ARM Giant PCs highest component lifetime ceiling in the related ARM Giant PC pool (updated monthly). “Components” are groups of mortgages having the same interest change date (net of gross fees). The lifetime ceiling is the maximum note rate to which an ARM may adjust. 

Component Life Ceiling Low:  The lowest component lifetime ceiling of the mortgages in an ARM Giant PC is based on the underlying ARM PCs and/or ARM Giant PCs lowest component lifetime ceiling in the related ARM Giant PC pool (updated monthly). “Components” are groups of mortgages having the same interest change date (net of gross fees). The lifetime ceiling is the maximum note rate to which an ARM mayadjust. 

Component Life Floor: The weighted average component lifetime floors of the mortgages in an ARM Giant PC is based on the underlying ARM PCs and/or ARM Giant PCs weighted average component lifetime floors in the related ARM Giant PC pool (updated monthly).  “Components” are groups of mortgages having the same interest change date (net of gross fees).  The lifetime floor is the maximum note rate to which an ARM may decrease.

Component Margin: The weighted average component margins of the mortgages in an ARM Giant PC is based on the underlying ARM PCs and/or ARM Giant PCs weighted average component margins in the related ARM Giant PC pool (updated monthly).  “Components” are groups of mortgages having the same interest change date (net of gross fees).  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 component margin of the mortgages in an ARM Giant PC is based on the underlying ARM PCs and/or ARM Giant PCs highest component margin in the related ARM Giant PC pool (updated monthly). “Components” are groups of mortgages having the same interest change date (net of gross fees).   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 component margin of the mortgages in an ARM Giant PC is based on the underlying ARM PCs and/or ARM Giant PCs lowest component margin in the related ARM Giant PC pool (updated monthly). “Components” are groups of mortgages having the same interest change date (net of gross fees).   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 UPB: The aggregate component UPB of the mortgages in an ARM Giant PC is based on the underlying ARM PCs and/or ARM Giant PCs component UPB in the related ARM Giant PC (updated monthly). “Components” are groups of mortgages having the same interest change date (net of gross fees). 

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

Original Range Information

Life Ceiling Range High: The highest lifetime ceiling, as of pool formation, of the mortgages in an ARM Giant PC is based on the underlying ARM PCs and/or ARM Giant PCs highest lifetime ceiling in the related ARM Giant PC pool. The lifetime ceiling is the maximum note rate to which an ARM may adjust

Life Ceiling Range Low: The lowest lifetime ceiling, as of pool formation, of the mortgages in an ARM Giant PC is based on the underlying ARM PCs and/or ARM Giant PCs lowest lifetime ceiling in the related ARM Giant PC pool.  The lifetime ceiling is the maximum note rate to which an ARM may adjust.  

Life Floor Range High: The highest lifetime floor, as of pool formation, of the mortgages in an ARM Giant PC is based on the underlying ARM PCs and/or ARM Giant PCs highest lifetime floor in the related ARM Giant PC pool.  The lifetime floor is the minimum note rate to which an ARM may adjust.  

Life Floor Range Low: The lowest lifetime floor, as of pool formation, of the mortgages in an ARM Giant PC is based on the underlying ARM PCs and/or ARM Giant PCs lowest lifetime floor in the related ARM Giant PC pool.  The lifetime floor is the minimum note rate to which an ARM may adjust. 

Mortgage Margin Range High: The highest margin, as of pool formation, of the mortgages in an ARM Giant PC is based on the underlying ARM PCs and/or ARM Giant PCs highest margin in the related ARM Giant 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 Giant PC is based on the underlying ARM PCs and/or ARM Giant PCs lowest margin in the related ARM Giant 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 Giant PC is based on the underlying ARM PCs and/or ARM Giant PCs highest WAC in the related ARM Giant PC pool. 

WAC Range Low: The lowest note rate, as of pool formation, of the mortgages in an ARM Giant PC is based on the underlying ARM PCs and/or ARM Giant PCs lowest WAC in the related ARM Giant PC pool.   

WARM Range High: The longest remaining term to maturity, as of pool formation, of the mortgages in an ARM Giant PC is based on the underlying ARM PCs and/or ARM Giant PCs longest remaining term to maturity in the related ARM Giant PC pool. 

WARM Range Low: The shortest remaining term to maturity, as of pool formation, of the mortgages in an ARM Giant PC is based on the underlying ARM PCs and/or ARM Giant PCs shortest remaining term to maturity in the related ARM Giant PC pool. 

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