Fannie Mae Enhances its Single-Family Historical Loan Performance Dataset to include HARP Mortgage Loans
FHFA today announced additional details for the refinance programs for high LTV borrowers initially announced in August 2016. In conjunction with this announcement and at the direction of FHFA, Fannie Mae has shared additional details about its high LTV refinance option, including how this new option applies to Fannie Mae’s Connecticut Avenue Securities™ (CAS) and Credit Insurance Risk Transfer™ (CIRT™) programs.
In advance of the implementation of Fannie Mae’s high LTV refinance option, we have expanded our historical performance dataset to include a subset of mortgage loans that were refinanced through the Home Affordable Refinance Program® (HARP®). For approximately one million mortgage loans that are part of Fannie Mae’s Single-Family Historical Loan Performance Dataset and that were subsequently refinanced through the HARP program, we have included in this expanded dataset the loan characteristics for the refinanced loans. The dataset is designed to assist the market in analyzing the performance of loans that have been refinanced. While we have provided the HARP dataset, the new high LTV refinance option differs from HARP, due to features such as the eligibility date, the LTV ratio requirements, and because borrowers may use the high LTV refinance option more than once as long as all other requirements, including seasoning and payment history, are met, as mentioned in our recent CRT announcement. Although there can be no assurance that the past performance of refinanced loans will be predictive, investors may find such information useful in assessing how loans may perform as part of the new high LTV refinance option. The historical data release makes data available on mortgage loans acquired by Fannie Mae between January 1, 2000 and September 30, 2015 and that were subsequently refinanced through HARP between April 2009 and September 2016. This initial HARP release includes an acquisition file and performance file. Going forward, we anticipate updating the performance of this HARP dataset on a quarterly basis, aligned with our normal quarterly historical performance data updates.
In addition, because the loan ID at acquisition differs from the loan ID after refinancing, a mapping file is provided to align these corresponding loan IDs in order to better assist market participants with evaluating the performance of the original mortgage loan and the corresponding refinanced mortgage loan.
The data may be accessed through our Single-Family Loan Performance Data application. In addition, the following information is available on our webpages to support users in downloading and understanding the dataset:
- File Layout (unchanged from current file layout)
- Glossary (updated to incorporate the HARP dataset)
- FAQs (updated to incorporate the HARP dataset)
- SAS and R code to facilitate the download
We provide this data, to help investors model the credit performance of loans owned or guaranteed by Fannie Mae as we work to further develop our credit risk sharing programs. Visit our webpages to learn more about our programs and our industry-leading approach to credit risk management.
Please contact the Fannie Mae Investor Help Line at 1-800-2FANNIE, Option 2, or by e-mail with any questions.