As part of its portfolio management strategy, Freddie Mac started pooling Reperforming Loans (RPLs) into fully guaranteed Mortgage Backed Securities (MBS) in 2011. RPLs are single-family mortgage loans that were purchased out of the original MBS pool due to delinquency, modification, or foreclosure referral but are now performing.

Freddie Mac RPL MBS/PC Issuance

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Freddie Mac Retained Portfolio Loan Life Cycle

Freddie Mac Retained Portfolio Loan Life Cycle

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RPL 55-Day MBS Comparison

In September 2020, Freddie Mac issued its first 55-day MBS backed by RPLs, replacing the 45-day Gold PCs that were also backed by RPLs. The RPL MBS and RPL PCs differ in the following ways:

Comparison RPL 45-Day PCs RPL 55-Day MBS
Dates Issued 2011 - 2018 2020 - Present
Pool Types R: Reinstated
M: Modified Fixed Rate
H: Modified Step Rate
R: Reinstated
M: Modified Fixed Rate
Prefixes R0, MA, MB, HA, HB 4I, 4J, 4K, 4E, 4F, 4G, 4H
Payment Delay 45-day 55-day
Delinquency Criteria C4 to C6+ Generally, C4 to C6+
TBA Eligibility No No

Product Overview

  • Guaranteed Freddie Mac 55-day MBS backed exclusively by RPLs (R- and M- Pools)
  • Pool level disclosures have been expanded upon from typical Freddie Mac 55-Day MBS to include updated credit scores and loan-to-value ratios, modification details, and up to 3 years of aggregate payment history as of issuance.
  • Non TBA-eligible
  • Allow Freddie Mac to transfer significant market risk to third party investors, primarily through securitization of the MBS into Freddie Mac REMICs

Freddie Mac's RPL MBS include:

  • Reinstated MBS (“R-Pools”):

    Freddie Mac 55-day MBS backed by non-modified fixed rate loans that were previously delinquent and have been reinstated. The loans generally have 4+ months of clean payment history prior to issuance, but pools may contain reinstated loans that are only one-month current. Reinstated loans will be pooled into different prefixes based on their term:

Prefix Pool Number Range Description
4I RL2000-RL2999 30 Year Reinstated
RO3000-RO3999 30 Year Reinstated (1+ Months Clean Payment History)
4J RL3000-RL3999 20 Year Reinstated
RO4000-RO4499 20 Year Reinstated (1+ Months Clean Payment History)
4K RL4000-RL4999 15 Year Reinstated
RO4500-RO4999 15 Year Reinstated (1+ Months Clean Payment History)
  • Modified Fixed Rate MBS (“M-Pools”):

    Freddie Mac 55-day MBS backed by modified fixed rate loans that were previously delinquent. The loans generally have 6+ months of clean payment history prior to issuance, but pools may contain loans that are only one-month current. Modified loans will be pooled into different prefixes depending on their term:

Prefix Pool Number Range Description
4E RK8000-RK8999 40 Year Modified
RO0000-RO0999 40 Year Modified (1+ Months Clean Payment History)
4F RK9000-RK9999 30 Year Modified
RO1000-RO1999 30 Year Modified (1+ Months Clean Payment History)
4G RL0000-RL0999 20 Year Modified
RO2000-RO2499 20 Year Modified (1+ Months Clean Payment History)
4H RL1000-RL1999 15 Year Modified
RO2500-RO2999 15 Year Modified (1+ Months Clean Payment History)

Additional information can be found on Freddie Mac's Mortgage Securities page.