SMBS Trust Agreements

Each Stripped Mortgage-Backed Security (SMBS) is created as a trust and is governed by a trust agreement.

The trust agreement -- along with its exhibits -- defines the terms of the deal, describes how the deal will be executed, and lists the deal's parameters or limitations.

SMBS Trust Agreements apply to the issue date ranges listed below.

Each is presented as a Portable Document Format (PDF) file.

Fannie Mae executed a new SMBS Master Trust Agreement, effective May 1, 2023, that is used for SMBS issuances with issue dates on or after May 1, 2023.

Omnibus Trust Supplement for Certain LIBOR Class Issuances

Omnibus Trust Supplement (PDF)

Fannie Mae

• SMBS Master Trust Agreement
  (for pools with issue dates on or after May 1, 2023)
• SMBS Master Trust Agreement
  (for pools with issue dates between June 1, 2019 and April 30, 2023)
• SMBS Master Trust Agreement
  (for pools with issue dates between November 1, 2016 and May 31, 2019)
• Mega-SMBS Master Trust Agreement
  (for pools with issue dates between January 1, 2009 and October 31, 2016)
• Mega-SMBS Master Trust Agreement
  (for pools with issue dates between December 1, 2007 and December 31, 2008)
• Amended and Restated Trust Agreement
  (for pools with issue dates between April 1, 2002 and November 30, 2007)

Ginnie Mae

• SMBS Trust Agreement with Ginnie Mae Series Supplement
  (for pools with issue dates on or after February 1, 1987)

Last Revised: 4/28/23