Fannie Mae to Enhance Multifamily Securities Disclosures

September 4, 2014


In the fourth quarter of 2014, Fannie Mae will enhance the at-issuance disclosures for Multifamily MBS securities.  This enhancement brings into alignment the publication of pool, loan and collateral level data in the New Issues Pool Statistics (NIPS) file and the New Issues Loan and Collateral Statement (NILCS) file for Multifamily MBS pools delivered the preceding day. In addition, the following data attributes and data field label updates will now be included in the NILCS file.

Newly-added Data Fields and Definitions

Data Field

Data Definition

Age Restricted (Yes/No)

A multifamily rental property that either restricts occupancy to persons who are 62 years of age or older or requires that at least 80% of the units in a community be occupied by at least one person who is 55 years of age or older, or as otherwise defined in the Housing for Older Persons Act (HOPA).

Bifurcated (Yes/No)

A Mortgage Loan structure consisting of two Mortgage Notes with equal priority of payment, each executed by the same Borrower and typically secured by a single security instrument encumbering the same collateral, but which may be securitized separately.

Housing Assistance Payment (HAP) Remaining Term

The term in months, from the date of acquisition, remaining on the Housing Assistance Payment program associated with the property.

Percentage of Units with Income or Rent Restrictions

The percentage of units in a multifamily property or development which are subject to either income or rent restrictions set aside for qualified tenants per the stated income amounts. Please refer to the Affordable Housing sections in the Base Prospectus for more detail.

Percentage of Units At or Below 80% of Median Income

The percentage of residential units in a mortgaged property required to be reserved for tenants with a household income equal to or less than 80% of the Area Median Income. Area Median Income is determined by the U.S. Department of Housing and Urban Development.

Multifamily Property Improvements to Reduce Energy (M-PIRE)

 A Green Financing loan option for properties located in NYC's five boroughs that meet certain energy and water efficiency requirements. The program allows loan proceeds to be increased by up to 50% of projected cost savings from energy improvements.

Field Label Updates

Current Field Name

Updated Field Name

% of Units for Under 50% Median Income

Percentage of Units At or Below 50% of Median Income

% of Units for Under 60% Median Income

Percentage of Units At or Below 60% of Median Income

Please review the NILCS File Layout and sample file for the enhanced Multifamily MBS disclosure data.

Additionally, these fields will be available in the Download All and Export files on the Multifamily Securities Locator Service.

For questions, please contact the Fannie Mae Fixed-Income Investor Helpline at 1-800-237-8627 or via e-mail.


Originally published: 09/04/14