Structured Transactions Products - Supers and Megas

Overview

Supers

Fannie Mae's Supers® are single class, pass-through, TBA-eligible securities in which the underlying collateral are groups of existing UMBS and/or Supers. The securities that back Supers may be issued and guaranteed by either Fannie Mae or Freddie Mac. The cash flows from the underlying UMBS and/or Supers provide the cash flows for the Supers pool. As of June 3, 2019, all Megas with TBA-prefixes, regardless of issue date, are Supers.

Fannie Supers enable investors to accumulate pieces of similar, existing mortgage-backed securities to form a larger security with its own unique characteristics. Investors can consolidate small or paid-down pools in a Supers to help reduce administrative costs or form a Supers with certain characteristics, such as enhanced geographical diversity.

Megas

Fannie Megas® (Megas) are single-class pass-through, Non-TBA-eligible securities in which the underlying collateral are groups of existing Fannie Mae Non-TBA MBS and/or Fannie Mae Megas. The securities that back a Mega are issued and guaranteed by Fannie Mae. The cash flows from the underlying MBS and/or Megas provide the cash flows for the Mega pool. Unlike Supers, Megas can only be backed by Non-TBA Fannie Mae-only issued collateral. As of June 3, 2019, all Megas with TBA-prefixes, regardless of issue date, are Supers.

Similar to Supers, Megas enable investors to accumulate pieces of similar, existing mortgage-backed securities to form a larger security with its own unique characteristics. Investors can consolidate small or paid-down pools in a Mega to help reduce administrative costs or form a Mega with certain characteristics, such as enhanced geographical diversity.

Additional Information

Structured Transactions Portal

Structured Transactions Portal
To learn more about Fannie Mae's Structured Transactions Portal, please click here.

Structured Transactions Issuance Analytics in Data Dynamics®

Data Dynamics
A self-service dynamic dashboard in Data Dynamics® that provides an overview of Fannie Mae Supers issuance. To learn more, please click here.

Basics of Structured Transactions

Basics of Structured Transactions
To learn more about Fannie Mae's Structured Product offerings, please click here.

Other Resources

PoolTalk®
For Single-Family securities, access disclosure data, including at-issuance and monthly data, Legal documents, consumable data files and search capabilities for UMBS, MBS, Supers/Megas, SMBS, and REMICs. Click here to access.
DUS Disclose
For Multifamily securities, access disclosure data, including at-issuance and monthly data, Legal documents, consumable data files and search capabilities for MBS, Megas, and REMICs. Click here to access.

Document Collection(s)