Skip to main content

FHFA Announces Date for GSE Common Security Debut

Phil Hall
Mar 28, 2018
The commercial mortgage-backed securities (CMBS) delinquency rate published by Trepp LLC broke through the three percent threshold in February, dropping from 3.11 percent February to 2.87 percent for a new post-recession low

The Federal Housing Finance Agency (FHFA) has announced the government-sponsored enterprises (GSEs) will begin issuing a new common security called the Uniform Mortgage-Backed Security (UMBS) on June 3, 2019. The new security, which will be issued through the GSEs’ joint venture Common Securitization Solutions (CSS) using the Common Securitization Platform (CSP), will replace the current offerings of TBA-eligible mortgage-backed securities. 
The Federal Housing Finance Agency (FHFA) has announced the government-sponsored enterprises (GSEs) will begin issuing a new common security called the Uniform Mortgage-Backed Security (UMBS) on June 3, 2019
"The transition to the new, common security requires planning, investment, and preparation by a wide variety of market participants," said FHFA Director Mel Watt. "We have now set the specific date that the Enterprises will start issuing the UMBS and I urge the industry to get ready now to ensure smooth, successful implementation."
 
According to the FHFA, Freddie Mac has been using CSS operations for Data Acceptance, Issuance Support, and Bond Administration activities related to current single-class, fixed-rate, mortgage-backed securities since November 2016. CSS has been using the CSP to process about 1,000 new securities each month and performing monthly bond administration functions related to 260,000 single class securities backed by approximately 9.8 million loans. When the UMBS is officially launched, CSS and the CSP will then be performing bond administration functions for about 900,000 securities backed by nearly 26 million loans.

 
Published
Mar 28, 2018
Mortgage Forbearance Changes Create Challenges for Servicers

65% Of All Plans Would Expire By The End of 2021

Regulation and Compliance
Aug 02, 2021
CFPB Reports Trends In Financial Assistance

The latest developments from this study reveal that most consumers have exited the payment assistance they received at the start of the pandemic.

Analysis and Data
Jul 14, 2021
CFPB Orders GreenSky To Refund $9M In Unauthorized Loans

The consent order requires GreenSky to refund or cancel up to $9 million in loans for the customers harmed by this illegal conduct.

Regulation and Compliance
Jul 13, 2021
CFPB Warns Landlords And Consumer Reporting Agencies To Report Accurate Rental Information

Inaccurate rental or eviction information can unfairly block families and individuals from safe, affordable housing.

Regulation and Compliance
Jul 01, 2021
FHFA Mandates Quarterly Fair Lending Reports

FHFA issued orders for all enterprises to submit quarterly Fair Lending Reports with data and information to improve the FHFA’s capabilities. 

Regulation and Compliance
Jul 01, 2021
FHFA Follows CFPB To Protect Borrowers Once COVID-19 Foreclosure And Eviction Moratoriums End

The Federal Housing Finance Agency made it clear that Fannie Mae and Freddie Mac servicers are not permitted to make first notice or filing for foreclosure that would be prohibited by the CFPB protections for borrowers affected by COVID-19.

Regulation and Compliance
Jun 30, 2021