Fannie Mae Announces Enhanced Disclosures and Updated Application
Effective June 3, Fannie Mae will begin publishing the aligned and enhanced disclosure files for its Single-Family securities in support of the Single Security Initiative. The enhanced disclosures will replace the majority of Fannie Mae's existing disclosure files and will include new data attributes and enumerations, while certain existing disclosure attributes and files will be retired. In conjunction with the new disclosures, we are enhancing PoolTalk®, our web-based disclosure application.
To prepare the market for the implementation of the new disclosures, Fannie Mae has created a Single-Family Disclosure Information Center, which provides important documents to assist with the transition. Such documents include:
- The Single-Family Single-Class Disclosure Glossary and Calculation Guide provides technical specifications, definitions, and calculations for data elements that will be disclosed in the at-issuance and monthly disclosure files for Fannie Mae's Single-Family Single-Class Mortgage-Backed Securities.
- The Single-Family Disclosure Technical Specification – Multiclass provides technical specifications and definitions for data elements that will be disclosed in the at-issuance and monthly disclosure files for Fannie Mae's Single-Family Multiclass Mortgage-Backed Securities.
- The Single-Family Disclosure Mapping Documentation for both single-class and multiclass securities provides mapping from Fannie Mae's current disclosure attributes to its future disclosure attributes. In addition, these documents outline the publication timing of the new files and detail new, enhanced, and retired attributes and enumerations.
- Sample files to facilitate testing of the new disclosure files by market participants.
- Frequently Asked Questions to better assist in understanding the upcoming changes.
We strongly encourage market participants to review the transition documents to fully understand the changes that will occur. A few notable changes are highlighted below:
- Disclosure file consolidation and retirement for single-class and multiclass securities: We are consolidating many of our existing at-issuance and monthly disclosure files into fewer files, resulting in the retirement of several current files.
- New disclosure files for single-class securities: We are providing two new files, one to provide a full view of all securities issued in the prior month and another to provide corrected security-level at-issuance data that occurs two months after a security's issue month.
- New timing of disclosures for single-class and multiclass securities: We are moving the publication timing of some of our disclosure data to be available earlier.
- New and retired attributes and enumerations for single-class and multiclass securities: With the new disclosure files, we are disclosing additional data attributes and enumerations, while retiring others that are currently disclosed.
As part of the transition, we are also updating PoolTalk, our web-based disclosure application. The updated PoolTalk application will be available on June 3, 2019. Since PoolTalk will be hosted by Common Securitization Solutions, LLC, the application will be accessible via a different URL, which we will provide prior to the June 3 implementation date. A Quick Reference Guide on the updated PoolTalk is available here.
Transition to the updated PoolTalk will occur the weekend of June 1. The current PoolTalk will be unavailable beginning at noon on June 1, so market participants will need to access the at-issuance disclosures, the New Issues Pool Statistics, and the Loan Level Disclosures prior to that time. On June 3, at approximately 7:30 am, the updated PoolTalk application will be made available. Users will be required to re-register on the updated site and re-create any currently saved portfolios. Unfortunately, we are unable to transition these two functions to the updated PoolTalk application. In addition, users who currently use automation tools to access and download disclosure files will be required to change their coding or scripts. We have also introduced functionality that will allow market participants to directly access our new disclosure files via a secured site, without having to log-in to the updated PoolTalk application. For more information regarding this new process, please contact us.
Any inquiries related to the new disclosures or any of the documentation can be directed via email to Fixed-Income Marketing or call 800-2FANNIE (800-232-6643).