WASHINGTON, March 11, 2019 /PRNewswire/ -- In support of the Single Security Initiative, Fannie Mae (OTCQB: FNMA) will begin accepting forward Uniform Mortgage-Backed Security (UMBS™) trades with a trade date on or after March 12, 2019 and settlement dates on or after June 3, 2019.
The announcement follows confirmation on March 7, 2019 from the Securities Industry and Financial Markets Association (SIFMA) that their To-Be-Announced (TBA) Guidelines Advisory Council approved revisions to good delivery guidelines for the UMBS (decision summary). The SIFMA guidelines allow for forward June UMBS trades to be filled with existing Fannie Mae TBA-eligible MBS, or UMBS issued in June.
For additional details, please see chapter 8 of SIFMA's Uniform Practices Manual.
Fannie Mae is focused on providing transparency to ensure market participants have the time to plan for the implementation of the Single Security Initiative and UMBS.
Fannie Mae helps make the 30-year fixed-rate mortgage and affordable rental housing possible for millions of Americans. We partner with lenders to create housing opportunities for families across the country. We are driving positive changes in housing finance to make the home buying process easier, while reducing costs and risk. To learn more, visit fanniemae.com and follow us on twitter.com/fanniemae.
SOURCE Fannie Mae