Single Security Initiative Conference 2018 (videos)
The Single Security is a joint initiative between 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.
Visit the Single Security and Common Securitization Platform Section of the FHFA site for the latest updates on the CSP including whitepapers, progress reports, and other documentation.
Visit the FHFA website for a complete list of FHFA updates related to the Single Security and the Common Securitization Platform (CSP). Below are recent publications.
- Q3 FHFA Prepayment Monitoring Report November 2018
- FHFA Update on the Implementation of the Single Security & CSP November 2018 November 2018
- Single Security 817(h) IRS Guidance October 2018
- IRS Revenue Ruling 2018-24: Freddie Mac Gold PC Exchange not Taxable; Taxability of Additional Payments Not Covered August 2018
- Q2 2018 FHFA Prepayment Monitoring Report August 2018
- Q1 2018 FHFA Prepayment Monitoring Report May 2018
- An Update on Implementation of the New Uniform Mortgage-Backed Security March 2018
- Fannie Mae Confirming Letter to SEC and Companion February 2018
- An Update on the Single Security Initiative and the Common Securitization Platform December 2017
- Single Security Single-Class and Multiclass Securitizations Disclosure Update November 2016
- Single Security Multiclass Disclosure Specifications November 2016
- Updated Single Security Single-Class Disclosure Specifications November 2016
- Single Security Sample Disclosure Files November 2016
- Single Security Features and Disclosures July 2016
- FHFA Single Security & CSP Update July 2016
- FHFA Single Security Update May 2015
- Summary of Single Security May 2015
Freddie Mac recently posted a presentation that explains their current thinking around their proposed Freddie Mac Legacy PC exchange process.
- Exchange Paths Overview August 2018
- Single Security Program Exchange and Float Compensation Proposal April 2017
- Legacy PC Exchange Approach July 2016
Jointly with Freddie Mac and the FHFA, the presentation deck provides an update of the Single Security initiative, including a walk-through of the Single Security model and potential impacts that market participants should consider.
Single Security Focus Group Discussions 2017
Single Security Update to SIFMA October 2017
Single Security Illustrative Implementation Schedule November 2017
In coordination with FHFA and Freddie Mac, the infographic provides a one-page overview of the Single Security initiative.
Single Security Highlights February 2017
In collaboration with Freddie Mac and the FHFA, these FAQs are updated periodically based on common questions received from the market.
FAQs May 2018
Our regulator, FHFA, has provided additional transparency to the marketplace.
- FHFA Issues Notice of Proposed Rulemaking on Uniform Mortgage-Backed Security (September 2018)
- An Update on the Single Security Initiative and the Common Securitization Platform (December 2017)
- FHFA Announces Timing for Implementation of Release 2 of the Common Securitization Platform (March 2017)
- FHFA Announces Successful Implementation of Release 1 of the Common Securitization Platform (December 2016)
- FHFA Update on Implementation of Single Security & CSP (July 2016)
- FHFA Common Securitization Platform Update (Sept. 2015)
- Summary of Single Security Update (May 2015)
- FHFA Single Security Update (May 2015)
- Appendix A (May 2015)
- Appendix B (May 2015)
- Appendix C (May 2015)
- Appendix D (May 2015)
- Appendix E (May 2015)
- FHFA Request for Input on the Single Security (August 2014)
- November 2018 – Resecuritization Scenarios
- October 2018 – Highlight on Program Features and 817(h) Guidance
- September 2018 – IRS Tax Decision and Exchange Update
- August 2018 – Market Readiness Survey Results and Exchange Update
- June 2018 – Focus on Seller/Servicers
- May 2018 – Single Security Conference Recap
- April 2018 – Initiative Implementation Date
- March 2018 – Market Readiness