SMBS Trust Agreements

Each Stripped Mortgage-Backed Security (SMBS) is created as a trust and is governed by a trust agreement.

The trust agreement -- along with its exhibits -- defines the terms of the deal, describes how the deal will be executed, and lists the deal's parameters or limitations.

Fannie Mae executed a new SMBS Master Trust Agreement, effective November 1, 2016, that is used for SMBS pools with issue dates on or after November 1, 2016.  From this point forward, SMBS and Mega Certificates will be issued under separate trust agreements.

SMBS Trust Agreements apply to the settlement date ranges listed below.

Each is presented as a Portable Document Format (PDF) file.

Fannie Mae

Ginnie Mae

 

Last Revised: December 15, 2016