Single Security and the Common Securitization Platform (CSP)
Freddie Mac Launches Dealer DirectSM
The roll-out of Dealer DirectSM lays the foundation for the new Single Security.
The Single Security is a joint initiative of Fannie Mae and Freddie Mac (the Enterprises), under the direction of FHFA, to develop a single mortgage-backed security that will be issued by the Enterprises to finance fixed-rate mortgage loans backed by one- to four-unit single-family properties. The Enterprises will align key components of Fannie Mae’s mortgage-backed securities (MBS) and Freddie Mac’s Participation Certificates (PCs). The goal is to bring additional liquidity and fungibility to the “To-Be-Announced” (TBA) market and to reduce or eliminate the trading disparities that exist today between the Enterprises’ TBA securities. The components of the Single Security initiative include aligning (1) key features, which will mainly follow Fannie Mae’s MBS structure; (2) investor disclosures, which will generally follow Freddie Mac’s PCs; and (3) certain policies and practices related to the removal of loans from securities. In addition, the Single Security effort will allow investors to exchange their legacy 45-day Freddie Mac Participation Certificates (PCs) for new 55-day Single Securities issued by Freddie Mac.
The CSP is a technology and operational platform that is being developed by Common Securitization Solutions, LLC, a joint venture of Fannie Mae and Freddie Mac. CSP will perform many of the core back office operations for the Single Security, as well as most of the Enterprises’ current securitization functions for single-family mortgages, on behalf of the Enterprises. The CSP is necessary for the implementation of the Single Security.
To learn more about the initiatives refer to the Frequently Asked Questions (FAQs) available on these web pages.
- Freddie Mac Press Release Announcing Implementation of the Common Securitization Platform for Single-Family Mortgage-Backed Securities (December 2016)
- Single Security Highlights (February 2017)
- Single Security Focus Group Discussions (Summer 2016)
- Single Security Update Summary (May 2015)
- Freddie Mac Press Release about Single Security Public Report (May 2015)
Legacy PC Exchange
- Single Security Program Exchange and Float Compensation Proposal (October 2016)
- Legacy PC Exchange Program (July 2016)
Industry Advisory Group
- Industry Advisory Group Agenda, Meeting Summary, and Materials (December 2016)
- Industry Advisory Group Agenda (June 2016)
- Industry Advisory Group Meeting Summary (June 2016)
- Industry Advisory Group Agenda (December 2015)
- Industry Advisory Group Meeting Summary (December 2015)
- Industry Advisory Group Roles and Responsibilities (July 2015)
- Industry Advisory Group Meeting Summary (July 2015)
Common Securitization Platform
- CSP Overview and Development Approach (July 2015)
- FHFA Press Release Announcing Successful Implementation of Release 1 of the Common Securitization Platform (December 2016)
- FHFA Update on the Implementation of the Single Security and CSP (July 2016)
- FHFA Common Securitization Platform Update (September 2015)
- FHFA Single Security Update (May 2015)
- FHFA Request for Input on the Single Security (2014)
- FHFA Progress Report (2013)
- FHFA White Paper on the Common Securitization Platform (2012)
Subscribe for Updates
Please submit your contact information so we can share project updates and technical resources for you to use in support of your implementation of the Single Security.
FHFA and the Enterprises are interested in your feedback. Please submit your questions
Freddie Mac Business Updates
Check here for upcoming Guide, Policy, and Product Changes.
- SFIG Vegas 2017
February 26 – March 1, 2017, Las Vegas, NV
- MBA National Secondary Market Conference & Expo
April 30 – May 3, 2017, New York, NY
- SIFMA Operations Conference and Exhibition 2017
May 8 - 11, 2017 Boca Raton, FL