Mortgage Products
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Security Lookup
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Level 1 Securities
Freddie Mac Level 1 securities are pass-through securities, each representing an undivided interest in a pool of residential mortgages. Freddie Mac guarantees the timely payment of interest and principal on all products.
Uniform Mortgage-Backed SecuritiesSM (UMBS) are pass-through securities, each representing an undivided interest in a pool of residential mortgages.
Freddie Mac offers 30-year fixed-rate UMBS in addition to 20-year, 15-year and 10-year securities. UMBS are backed by fully amortizing mortgages and feature a payment delay of only 55 days from the time interest begins to accrue and the time the investor receives a payment.
Freddie Mac guarantees the timely payment of interest and scheduled principal on all UMBS issued by Freddie Mac. Fannie Mae offers an identical guarantee of timely payment of interest and scheduled principal on all Fannie Mae-issued UMBS.
| Product | UMBS and Supers Prefixes | Reverse REMIC Prefixes |
|---|---|---|
| 30-year | CL | ZL |
| 20-year | CT | ZT |
| 15-year | CI | ZI |
| 10-year | CN | ZN |
Freddie Mac mortgage-backed securities (MBS) are pass-through securities, each representing an undivided interest in a pool of residential mortgages.
Freddie Mac offers traditional 30-year fixed-rate Freddie Mac MBS in addition to 20-year and 15-year securities.
Freddie Mac MBS are backed by fully amortizing mortgages and feature a payment delay of only 55 days from the time interest begins to accrue and the time the investor receives a payment. Freddie Mac guarantees the timely payment of interest and scheduled principal on all Freddie Mac MBS.
Gold Participation Certificate (PC) securities are pass-through securities, each representing an undivided interest in a pool of residential mortgages. Freddie Mac stopped offering 30-year fixed-rate Gold PCs, in addition to 20-year and 15-year Gold PCs, after June 3, 2019.
Freddie Mac Gold PCs are backed by fully amortizing mortgages and feature a payment delay of only 45 days from the time interest begins to accrue and the time the investor receives a payment.
Freddie Mac guarantees the timely payment of interest and principal on all Gold PCs.
Historical PC Resources
- Disclosure Guide (Pre 8/28/2017)
- Loan Disclosure Variable Descriptions (Pre 8/28/2017)
- Modified PC Disclosure Calculations (Pre 8/28/2017)
- PC Disclosure Calculations (Pre 8/28/2017)
- PC Prefix Guide (Pre 4/4/2018)
Adjustable-rate mortgage (ARM) Participation Certificate (PC) securities are pass-through securities, each representing an undivided interest in a pool of residential mortgages.
Most mortgages backing Freddie Mac ARM PCs are characterized by conventional first liens, with original maturities of 30 years or less. PC coupons for ARM PCs are updated monthly based on a weighted average of the interest rates on the underlying mortgages. Hybrid ARMs have an initial fixed-rate period, typically between two and 10 years, followed by an adjustable-rate period.
Freddie Mac ARM PCs are backed by fully amortizing mortgages and feature a payment delay of 75 days from the time interest begins to accrue on the ARM PC until the time the investor receives a payment. See the PC Offering Circular for risk characteristics that affect ARM yields.
Freddie Mac guarantees the timely payment of interest and the ultimate payment of principal on all ARM PCs.
View the pooling requirements for Freddie Mac ARM PCs.
Certain Freddie Mac ARM PCs can be pooled together in a single ARM Giant PC, for efficient portfolio management.
Historical PC Resources
- Disclosure Guide (Pre 8/28/2017)
- Loan Disclosure Variable Descriptions (Pre 8/28/2017)
- Modified PC Disclosure Calculations (Pre 8/28/2017)
- PC Disclosure Calculations (Pre 8/28/2017)
- PC Prefix Guide (Pre 4/4/2018)
Comparing MBS and UMBS to U.S. Treasury Securities
MBS and UMBS differ from U.S. Treasury securities and other fixed-income investments in two ways:
- MBS and UMBS can be prepaid at any time, because the underlying mortgages can be paid off by homeowners prior to a loan’s maturity. Mortgage-backed securities generally provide a higher nominal yield than certain other fixed-income products due to this implicit call option.
- MBS and UMBS are not backed by the full faith and credit of the United States, as are U.S. Treasury securities.
Level 2 Securities
Freddie Mac Level 2 securities include single-class resecuritizations and consolidated single-class pass-through securities. See frequently asked questions about Giants and Supers.
Supers are single-class resecuritizations of Uniform Mortgage-Backed Securities (UMBS), which are 55-day TBA-eligible securities.
Each Supers security is issued and guaranteed by either Fannie Mae or Freddie Mac.
Supers can be backed by:
- UMBS or other Supers (either issuances of one Enterprise or a commingling of issuances of both Enterprises) and/or
- Existing TBA-eligible MBS and/or Megas issued by Fannie Mae and/or
- Legacy TBA-eligible PCs and/or Giant PCs issued by Freddie Mac that have been exchanged and pay on a 55-day delay schedule.
Supers are pass-through securities, each representing an undivided interest in a pool of residential mortgages. Freddie Mac and Fannie Mae offer traditional 30-year fixed-rate Supers in addition to 20-year, 15-year and 10-year securities.
Freddie Mac Giant MBS are single-class resecuritizations of Freddie Mac MBS, which are 55-day non-TBA-eligible securities.
Each Freddie Mac Giant MBS security is issued and guaranteed by Freddie Mac. Freddie Mac Giant MBS can be backed by any Freddie Mac 55-day fixed-rate MBS or Giant MBS.
Freddie Mac Giant MBS are pass-through securities, each representing an undivided interest in a pool of residential mortgages. Freddie Mac offers traditional 30-year fixed-rate Freddie Mac Giant MBS in addition to 20-year and 15-year securities.
Freddie Mac Giant PCs are single-class pass-through securities that enable investors to manage their portfolios more efficiently by consolidating smaller PCs into larger Giant PCs.
Freddie Mac offers two types of Giant PCs: fixed-rate Gold Giant PCs and adjustable-rate mortgage (ARM) Giant PCs.
Level 3 Securities
Freddie Mac Level 3 securities include customized pass-through securities and securitizations of either the interest or principal portion of payments from mortgage-backed securities.
Real Estate Mortgage Investment Conduits (REMICs) feature customized structuring of mortgage pass-through securities to redistribute cash flows.
Freddie Mac offers a variety of REMIC products and works closely with dealers and investors to tailor the security cash flows to meet a variety of investment needs.
Strips have a modifiable and combinable feature that provides investors with synthetic coupon options and the option to exchange the interest-only (IO) and principal-only (PO) classes for the underlying collateral.
Freddie Mac offers Strips that can be formed from Supers and Giant MBS.
Trade, Modify or Exchange Securities
Additional Materials
Securities Data
Access mortgage securities disclosure data, reports, documents and resources.
Multifamily Securities
Freddie Mac issues a wide selection of best-in-class Multifamily securities and innovative credit risk transfer (CRT) products, featuring transparency and consistency on collateral and deal information.