MBS Disclosure Enhancement: Borrower Assistance Plans and Delinquency

Fannie Mae, in conjunction with Freddie Mac (the Enterprises), will begin publishing disclosure information related to borrower-assistance plans and delinquency in our securities. These enhancements include a new at-issuance disclosure file beginning on May 7, 2020 and updates to our existing monthly security and security supplemental disclosure files beginning on June 4, 2020. The new at-issuance file will be published each business day and include our mortgage-backed securities (MBS and UMBS) that closed the previous business day. The monthly files will be updated to include the new disclosure for all of our outstanding MBS securities, including our mortgage-backed securities (MBS and UMBS) and our single-class resecuritizations (Megas^® and SUPERS^™). These enhancements include:

Daily Issuance File

Beginning May 7, Fannie Mae will publish a new at-issuance disclosure file with delinquency and borrower-assistance plan information for newly issued MBS and UMBS. The initial daily file will include this information for all pools issued from May 1, 2020 through May 6, 2020. Thereafter, the daily at-issuance disclosure file will include the prior business day’s newly issued securities.

The daily file will be made available on PoolTalk^® under the Data Files and Reports section, and on the secured data (SFTP) site at 11:30 AM ET (unless otherwise communicated). This new at-issuance disclosure file is a temporary process that will cease upon the expiration of the practice of purchasing (or securitizing) loans that are in forbearance, announced in Lender Letter LL-2020-06.

The new file will provide pool-level stratifications for both Days Delinquent (record type 7) and the Borrower Assistance Plan (record type 45) at-issuance. The stratifications will include the number of loans, percent of loans, unpaid principal balance (UPB), and percent of UPB for the mortgages underlying each security. The enumerations for the new-issuance disclosures are:

¹ Note that Fannie Mae's new temporary purchase program allows the delivery of loans in forbearance that may be no greater than 30-days delinquent as defined in Lender Letter LL-2020-06.

Monthly Disclosure Files

Beginning with the June monthly securities disclosures (4th business day), Fannie Mae will implement enhancements to our monthly supplemental files to add the new stratification for the Borrower Assistance Plan (record type 45) and expand Days Delinquent stratification for all securities. Fannie Mae will also expand the Involuntary Loan Removal (Prior Month UPB) and Involuntary Loan Removal (Loan Count) for all securities in the monthly security factor file. These attributes were previously only available for November 2018 issuances forward.

Note that for the Monthly Disclosure File, the data in the "Borrower Assistance Plan" stratification will be published on a one-month delay, due to the timing of our servicing reporting cycle. For example, the values populated in this stratification in the monthly MBS disclosures published in July correspond to the delinquency status represented in the Days Delinquent stratification in the monthly MBS disclosures published in June.

Disclosure Files and Timing

Related Links

MBS Daily Issuance Security Supplemental File 2 Sample File
PoolTalk^®
Single-Family MBS Disclosures Guide
Frequently Asked Questions

For questions, please contact the Fannie Mae Investor Help Line at 1-800-232-6643, Option 3 or by e-mail.