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.

• Second Amended and Restated 2016 Single-Family Master Trust Agreement  

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.

• Amended and Restated 2009 Single-Family Master Trust Agreement  

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.

• Second Amended and Restated 2007 Single-Family Master Trust Agreement  

Discontinued versions of trust documents can be found at the bottom of this page.

Multifamily
Fannie Mae executed a new 2021 Multifamily Master Trust Agreement, effective January 1, 2021, that is used for fixed-rate and ARM multifamily pools with issue dates on and after January 1, 2021.

• 2021 Multifamily Master Trust Agreement  

The 2021 Multifamily Master Trust Agreement permits 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 new REMIC Master Trust Agreements:

• Master Trust Agreement for Multifamily Q-REMIC Interests  
• Master Trust Agreement for Multifamily I-REMIC Interests  

The 2017 Multifamily Master Trust Agreement was in effect for fixed-rate, ARM, and DMBS multifamily pools with issue dates on and after December 1, 2017 through December 1, 2020.

• 2017 Multifamily Master Trust Agreement  

The 2010 Multifamily Master Trust Agreement was in effect for fixed-rate, ARM and DMBS multifamily pools with issue dates on and after October 1, 2010 through November 1, 2017.

• 2010 Multifamily Master Trust Agreement  

The 2009 Multifamily Master Trust Agreement was in effect for fixed-rate, ARM, and DMBS multifamily pools with issue dates on and after February 1, 2009 through September 1, 2010.

• 2009 Multifamily Master Trust Agreement  

The Amended and Restated 2007 Multifamily Master Trust Agreement, effective February 1, 2009, clarifying the September 1, 2007 Multifamily Master Trust Agreement, was in effect for fixed-rate, ARM, and DMBS multifamily pools with issue dates on and after September 1, 2007 through January 1, 2009.

• Amended and Restated 2007 Multifamily Master Trust Agreement  

The existing Fannie Mae Trust Indentures were amended, effective June 1, 2007, and used for fixed-rate, ARM, and DMBS multifamily pools with issue dates on and after June 1, 2007 through August 1, 2007.

• Fixed-Rate Trust Indenture (as amended June 1, 2007)  
• Adjustable-Rate Trust Indenture
  (as amended June 1, 2007)  

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).

• Fixed-Rate Trust Indenture  
• Adjustable-Rate Trust Indenture  

Discontinued versions of trust documents can be found on the archive page.