REMIC Trust Agreements
Each of Fannie Mae's Structured Transactions is created as a trust and is governed by a trust agreement. Trust agreements are the documents pursuant to which the Fannie Mae certificates are issued. The assets backing the certificates are held in the trust. Trust agreements outline the rights and responsibilities of Fannie Mae and of the mortgage certificateholders in relation to the trust. These agreements define the terms of each deal and describe how the deal will be executed and the deal's parameters or limitations.
For certain REMICs and Structured Transactions, each trust is governed by a separate trust agreement relating solely to the particular transaction. For the remaining REMICs and Structured Transactions, each trust is governed by a master trust agreement together with a separate issue supplement relating solely to the particular transaction.
Each is presented as a Portable Document Format (PDF) file.
Omnibus Trust Supplement for Certain LIBOR Class Issuances
Effective May 27, 2020, Fannie Mae executed a new Omnibus Trust Supplement that generally applies to all Fannie Mae REMIC and other multiclass transactions issued prior to July 2013 (including all SMBS issuances prior to November 2016) that are backed by floating rate or reverse floating rate securities with interest rates indexed to the London Interbank Offered Rate (LIBOR). The Omnibus Supplement amends the trust agreements for certain certificate issuances (as described in Section 1 of the Omnibus Supplement below) to clarify how interest rates on LIBOR securities will adjust in the event of a permanent cessation of the LIBOR Index (or a determination that LIBOR is no longer a representative benchmark rate). The language used in the Omnibus Supplement is substantially similar to the model language recommended by the Alternative Reference Rates Committee's (ARRC) securitization working group. This language utilizes the Secured Overnight Funding Rate (SOFR), an index managed by the Federal Reserve Bank of New York (the regulator that convened the ARRC). This language will also make affected trusts consistent with the ARRC fallback language that Fannie Mae began using for its multiclass securities in June 2019.
Omnibus Trust Supplement (PDF)
The master trust agreements in effect for certain dates are listed below.
- June 1, 2019 - present (PDF)
- May 1, 2010 - May 31, 2019 (PDF)
- August 1, 2007 - April 30, 2010 (PDF)
- September 1, 2006 - July 31, 2007 (PDF)
Last Revised: 12/04/20