Fannie Mae Announces Single-Family Social Disclosures for Supers and Megas
Fannie Mae will expand its Single-Family social disclosures to include Supers® and Megas®. This will help investors identify Supers and Megas with a greater concentration of underlying securities that possess certain social characteristics at the time of their formation. These additional social disclosures will be included in the Mortgage-Backed Security (MBS) Intraday Security Issuance File beginning with December Supers and Mega issuances. The MBS Monthly Security Factor File will include these new attributes for active Supers and Megas issued since January 1, 2010, beginning with the December 6, 2023, publication.
The social disclosures consist of two pool-level attributes: the Social Criteria Share (SCS) and the Social Density Score (SDS). The Social Index methodology provides details into the underlying criteria.
For Supers and Megas, the SCS and the SDS are calculated using the current weighted-average of the underlying MBS at-issuance scores. The SDS and SCS calculations may utilize the actual scores of the underlying MBS even if those values were not published. This may occur if the underlying pool had less than ten eligible loans, but the Supers or Megas contains more than ten eligible loans, based on the aggregated eligible at-issuance loan count of the underlying securities. In addition, underlying collateral that was issued before 2010 or are modified or reperforming securities, will be scored as zero when calculating the SCS and the SDS for Supers and Megas.
These disclosure enhancements and calculations are being made in alignment with Freddie Mac.
For questions, please contact the Fannie Mae Investor Help Line at 1-800-232-6643, Option 3 or by e-mail.