Fannie Mae Enhances Multifamily MBS Disclosures

Fannie Mae Enhances Multifamily MBS Disclosures

In December 2012 Fannie Mae will enhance our at-issuance disclosures for newly issued Multifamily MBS.  These enhancements will provide new data elements as well as improve the clarity of existing data elements.

The following items will be impacted by this enhancement:

• Providing investors with the following new data fields:
         – Defeasance Lockout (Term and End Date)
         – Original Loan Amount
         – Disclosing “Other Debt” such as Line of Credit (previously disclosed in footnotes)
• Providing Loan Purpose (Loan Level)
• Renaming the Prior Lien fields to Other Debt
• Renaming DSCR (IO/ARM) to DSCR at Maximum Payment. This will impact all existing MBS on MFSLS screens; however, it will not affect the at-issuance disclosure documents (Schedule of Pool and Loan Information) for previously issued MBS.

Enhancements to the at-issuance disclosures have been updated on the New Issues Loan and Collateral Statement (NILCS).  Please see the updated NILCS file layout.

The New Issues Pool Statistics (NIPS) will be enhanced to include Defeasance and Defeasance Lockout as Aggregate Prepayment Premium types within Record Type 16 for all multifamily product types.

The Schedule of Pool and Loan Information (Schedule A) for individual MBS, as well as the user interface and the Download All and Export files on the MFSLS will be updated to reflect these changes.

Quarterly property performance information has also been enhanced as previously announced in the August 2012 Fannie Mae Multifamily Capital Markets Commentary.

Investors may contact our Fixed-Income Securities Helpline at 1-800-BEST-MBS (1-800-237-8627) with questions about this announcement.

Originally published: 11/30/12