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Single Security Quickly Becoming a Reality

December 4, 2017

The Federal Housing Finance Agency (FHFA) reported on the progress Freddie Mac and Fannie Mae (GSEs) have made towards the successful implementation of the Uniform Mortgage-Backed SecuritiesTM (UMBSTM) or the Single Security.

FHFA’s December Update on the Single Security Initiative and the Common Securitization Platform shares additional milestones including the following:

  • In August 2017, Freddie Mac started using the UMBS loan-level and pool disclosures format for its Single-Family securities. Fannie Mae will also be adopting this new disclosure format when the UMBS launches.

  • An adoption playbook  for all stakeholders, including Seller/Servicers, has been released as the GSEs continue to ramp up their outreach activities. Industry participants need to be ready by the end of 2018 because forward trading of UMBS could begin as early as January 2019 as illustrated in this implementation schedule.

  • The GSEs are working closely with critical market infrastructures, service providers and the necessary federal and regulatory agencies to ensure a smooth market transition.

The bottom line is the sooner you get started on your impact assessments and business planning, the smoother and easier the transition will be for your organization when the UMBS launches.

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