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 Retained Portfolio Loan Life Cycle

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.