SMBS Trust Agreements

Each Stripped Mortgage-Backed Security (SMBS) is created as a trust and is governed by a trust agreement.

The trust agreement -- along with its exhibits -- defines the terms of the deal, describes how the deal will be executed, and lists the deal's parameters or limitations.

SMBS Trust Agreements apply to the issue date ranges listed below.

Each is presented as a Portable Document Format (PDF) file.

Fannie Mae executed a new SMBS Master Trust Agreement, effective May 1, 2023, that is used for SMBS issuances with issue dates on or after May 1, 2023.

Omnibus Trust Supplement for Certain LIBOR Class Issuances

Omnibus Trust Supplement (PDF)

Fannie Mae

Ginnie Mae


Last Revised: 4/28/23