Summary of Key Obligations Applicable to Fannie Mae’s Disclosure Data
Fannie Mae's pool and loan-level data and/or loan performance data relating to Fannie Mae's single-family and multifamily mortgage-related securities ("Research Data"), whether accessed directly from Fannie Mae or through a data vendor, are subject to certain terms and conditions, summarized below.
I. Legal and Regulatory Obligations
As an issuer of securities, Fannie Mae aims to balance investors’ desire for information with other factors, such as an obligation to help safeguard borrower information. Our obligation extends to both pool-level and loan-level disclosure in our fixed-income securities and considers applicable laws such as the Fair Housing Act and the Gramm-Leach-Bliley Act as it pertains to consumer information-sharing.
Users of Research Data (“You”) are similarly subject to all federal, state, and local laws and regulations applicable to the access, handling, and use of Research Data, including but not limited to all privacy and fair lending laws and regulations.
II. Contractual Obligations
In addition to complying with your legal and regulatory obligations, your contractual obligations (directly with Fannie Mae or under your agreement with your data redistributor) include, without limitations, the following:
- Absolute Prohibition Against Correlation of Research Data to Individuals: Fannie Mae publishes Research Data in an aggregate and anonymized format to prevent individual loans and individual borrowers' identification. Any analytics, correlation, reverse engineering, or any other processing applied to Research Data aiming at such identification - even to evaluate a Fannie Mae security for internal use - would be deemed misappropriating information about Research Data or deriving information about individuals, which are strictly prohibited under the applicable Fannie Mae Terms and Conditions (or your agreement with your data redistributor). As such, combining Research Data with information linked or reasonably linkable to an identified or identifiable person is prohibited. Analyzing Research Data to identify property addresses and individual borrowers' information (including race or other protected class, etc.) is similarly prohibited. The geographic granularity of our loan-level disclosures has been limited (to the state-level for MBS and Zip-3 level for CRT) in order to protect borrower privacy. Any attempt to refine the geographic granularity of these disclosures is a violation of the Terms and Conditions governing the use and redistribution.
- No Redistribution: Research Data is licensed by Fannie Mae for your internal use only: You are strictly prohibited, without Fannie Mae's prior written consent, from (i) reproducing, distributing, re-packaging, and sub-licensing Research Data to any third party, and/or (ii) licensing to third parties the use of or access to any proprietary development or service offering that is derived from, incorporates, or relies upon, Research Data. Distribution and commercial use of Research Data - or derived products or services - are prohibited without an executed Data License and Subscription Agreement.
- Primary Purpose and Scope of Use (for datasets subject to Fannie Mae Loan Performance Data Royalty-Free – Internal Use Only Terms and Conditions or your agreement with your data vendor, as applicable): your license to use Research Data is restricted to the primary purpose of Fannie Mae's disclosure of Research Data, namely to facilitate investments in its mortgage-related securities, assist in providing stability in the secondary market for residential mortgages and increasing the liquidity of mortgage investments. As such, your use of Research Data must be intended solely for analysis of Fannie Mae Mortgage-Backed Securities (MBS) and Credit Risk Transfer (CRT) transactions.
III. Obligations Placed on Data Vendors and Relevant to You
Those who intend to redistribute Research Data, or offer Research Data-derived products or services, are required to pass through, and ensure that their clients are in full compliance with, specific Terms and Conditions of the Data License and Subscription Agreement, including prohibitions aiming at preserving borrowers’ personal information and privacy consistent with this reminder.
We evaluate how vendors use Research Data. If such vendors or their clients violate applicable terms and conditions, we may take action to prohibit them from further using Research Data.
The current list of approved licensed vendors of Research Data - that have agreed to being listed - is available in Additional Information below.
IV. Additional Information
We invite You to review:
- Fannie Mae’s generic Legal Disclosure (Section 7.4 "Use and Redistribution of Research Data")
- MBS Data License & Subscription Agreement for Commercial Use
- Loan Performance Data License & Subscription Agreement for Commercial Use
- Licensed Research Data Vendors
- MBS Disclosure FAQs (Single-Family / Multifamily)
- Loan Performance Data FAQs (Single-Family / Multifamily)
Thank You for your continued commitment to supporting our responsible business practices and ethical behavior towards all stakeholders.
For questions, please contact the Fannie Mae Investor Help Line at 1-800-232-6643, Option 3 or by email.