Uniform Mortgage Backed Securities (UMBS)
Product Overview
UMBS are passthrough 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 pay on a 55-day delay schedule. Freddie Mac guarantees the timely payment of interest and scheduled principal on all UMBS issued by Freddie Mac. Fannie Mae plans to offer an identical guarantee of timely payment of interest and scheduled principal on all Fannie Mae-issued UMBS. UMBS feature a payment delay of only 55 days from the time interest begins to accrue and the time the investor receives a payment.
TBA prefixes for UMBS and resecuritizations of UMBS issued by either Enterprise will align to the current prefix convention for Fannie Mae TBA-eligible securities.
| Product | UMBS and Supers Prefixes | Reverse REMIC Prefixes |
|---|---|---|
| 30-year | CL | ZL |
| 20-year | CT | ZT |
| 15-year | CI | ZI |
| 10-year | CN | ZN |
Optional Exchange
This product overview is not an offer to sell or solicitation of an offer to buy any Freddie Mac securities. Offers for any given security are made only through applicable offering circulars and related supplements, which incorporate Freddie Mac’s Information Statement and related supplements.