MBS Trust Agreements
When Fannie Mae issues an MBS, that security represents an undivided beneficial interest in a pool of mortgage loans or participation interests in mortgage loans held in trust pursuant to the terms of a governing trust document.
The Master Trust Agreement, or the Trust Indenture, including its exhibits and supplements, generally sets forth the terms relating to an issuance of MBS, the loans or participation interests in the pool, and payment terms on the MBS.
Each document is presented as a Portable Document Format (PDF) file.
Single-Family
Effective January 1, 2021, Fannie Mae executed a new Second Amended and Restated 2016 Single-Family Master Trust Agreement that is used for both fixed-rate and ARM single-family pools with issue dates on or after June 1, 2016. This document amends the May 1, 2018 Amended and Restated 2016 Single-Family Master Trust Agreement to clarify certain loan disposition events in alignment with our current Servicing Guide policies.
The Second Amended and Restated 2016 Single-Family Master Trust Agreement also continues to permit certain REMIC elections with respect to all or a portion of the assets in the related MBS Trust. These elections may be made with respect to pools with issue dates on or after May 1, 2018 using special REMIC Master Trust Agreements like the following:
- Master Trust Agreement for Q-REMIC Interests (May 1, 2018)
- Master Trust Agreement for I-REMIC Interests (May 1, 2018)
Effective January 1, 2021, the Amended and Restated 2009 Single-Family Master Trust Agreement, clarifying the January 1, 2009 Single-Family Master Trust Agreement, was in effect for both fixed-rate and ARM single-family pools with issue dates on and after January 1, 2009 through May 1, 2016. The amended document clarifies certain loan disposition events in alignment with our current Servicing Guide policies.
Effective January 1, 2021, the Second Amended and Restated 2007 Single-Family Master Trust Agreement, clarifying the January 1, 2009 Amended and Restated 2007 Single-Family Master Trust Agreement, was in effect for both fixed-rate and ARM single-family pools with issue dates on and after June 1, 2007 through December 1, 2008. The further amended document clarifies certain loan disposition events in alignment with our current Servicing Guide policies.
Discontinued versions of trust documents can be found at the bottom of this page.
Multifamily
Effective December 1, 2024, Fannie Mae executed a new Amended and Restated 2021 Multifamily Master Trust Agreement that governs fixed-rate and ARM multifamily pools with issue dates on and after January 1, 2021. This document amends the 2021 Multifamily Master Trust Agreement to clarify how title to the mortgaged property will be held for mortgage loans subject to foreclosure or other conversion. These updates align with current multifamily policies for foreclosed loans.
The Amended and Restated 2021 Multifamily Master Trust Agreement continues to permit certain REMIC elections with respect to all or a portion of the assets in the related MBS Trust. These elections may be made with respect to pools with issue dates on or after January 1, 2021 using the following REMIC Master Trust Agreements:
- Master Trust Agreement for Multifamily Q-REMIC Interests
- Master Trust Agreement for Multifamily I-REMIC Interests
Effective December 1, 2024, the Amended and Restated 2017 Multifamily Master Trust Agreement, which amends and restates the December 1, 2017 Multifamily Master Trust Agreement, governs fixed-rate, ARM, and DMBS multifamily pools with issue dates on and after December 1, 2017 through December 1, 2020. The amended document clarifies how title to the mortgaged property will be held for mortgage loans subject to foreclosure or other conversion. These updates align with current multifamily policies for foreclosed loans.
Effective December 1, 2024, the Amended and Restated 2010 Multifamily Master Trust Agreement, which amends and restates the October 1, 2010 Multifamily Master Trust Agreement, governs fixed-rate, ARM and DMBS multifamily pools with issue dates on and after October 1, 2010 through November 1, 2017. The amended document clarifies how title to the mortgaged property will be held for mortgage loans subject to foreclosure or other conversion. These updates align with current multifamily policies for foreclosed loans.
Effective December 1, 2024, the Amended and Restated 2009 Multifamily Master Trust Agreement, which amends and restates the February 1, 2009 Multifamily Master Trust Agreement, governs fixed-rate, ARM, and DMBS multifamily pools with issue dates on and after February 1, 2009 through September 1, 2010. The amended document clarifies how title to the mortgaged property will be held for mortgage loans subject to foreclosure or other conversion. These updates align with current multifamily policies for foreclosed loans.
Effective December 1, 2024, the Second Amended and Restated 2007 Multifamily Master Trust Agreement, which further amends and restates the February 1, 2009 Amended and Restated 2007 Multifamily Master Trust Agreement, governs fixed-rate, ARM, and DMBS multifamily pools with issue dates on and after September 1, 2007 through January 1, 2009. The amended document clarifies how title to the mortgaged property will be held for mortgage loans subject to foreclosure or other conversion. These updates align with current multifamily policies for foreclosed loans.
The existing Fannie Mae Trust Indentures that were previously amended as of June 1, 2007 were further amended, effective December 1, 2024, and govern fixed-rate, ARM, and DMBS multifamily pools with issue dates from November 1, 1981 through August 1, 2007. The amended documents clarify how title to the mortgaged property will be held for mortgage loans subject to foreclosure or other conversion. These updates align with current multifamily policies for foreclosed loans.
- Fixed-Rate Trust Indenture (as amended December 1, 2024)
- Adjustable-Rate Trust Indenture
(as amended December 1, 2024)
Combined Trust Documents for Single-Family and Multifamily
The Fannie Mae MBS Trust Indentures were in effect for single-family and multifamily pools issued before June 1, 2007 (amended as stated above).
Discontinued versions of trust documents can be found on the archive page.
