SIFMA approves changes to allow forward delivery of loans for UMBS

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UMBS marks one of the biggest operational changes to this sector in decades. The launch of UMBS is a culmination of seven years of Federal Housing Finance Authority (FHFA) efforts to create a single-security solution for MBS trading that will help deepen liquidity and promote additional fungibility for the

SIFMA Approves Changes to Allow Forward Delivery of Loans for UMBS. National Mortgage News, Mar. 12, 2019–Brad Finkelstein (subscription) The Securities Industry and financial markets association approved changes to its good delivery guidelines that ease the path to the government-sponsored enterprises issuing uniform mortgage-backed securities starting on June 3.

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Backed Security, or UMBS. The UMBS payment cycle will follow Fannie Mae’s current payment schedule, with payments going to the bondholder on the 25th day of each month. This is 10 days later than Freddie Mac’s payment schedule, so holders of eligible legacy freddie mac securities will be paid a fee to make up the for the

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.

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.

The SIFMA action follows the Federal Housing Finance Agency’s issuance of its final rule for the UMBS. Freddie Mac Gold PC and Giant securities will no longer be good for delivery into the TBA market. It will stop issuing new Gold PCs with a 45-day payment delay after May 31.

Release 2 will allow both Enterprises to use those modules, plus the Disclosure module, to perform activities related to their current fixed-rate, single-class securities, and multi-class securities; to issue UMBS and related resecuritizations, including commingled resecuritizations; and to perform activities related to the underlying loans.

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