Guarantor and MultiLender Contract Data Fields

Transcription

1 This reference contains a list of the Guarantor and MultiLender contract data fields in Loan Selling Advisor (hereafter referred to as the tool). All of these fields are located in the Request Price page, which contains four sections of data. Use this information to help you become familiar with the data fields, data field definitions, valid values, and locations of the data field. Section Name: Request Price Pricing Identifier Price Request Type Execution Path A Pricing Identifier is a number (or such other designation that Freddie Mac may select) that identifies an agreement providing the terms under which Freddie Mac will purchase eligible Mortgages over a fixed period of time. In certain instances, the Pricing Identifier may be designated in Loan Selling Advisor as None. Specifies Seller's purpose when requesting a price. The Seller can request a price for a rate sheet only or for taking out a contract. Defines the type of transaction the Seller is entering into with Freddie Mac. Possible execution paths include Guarantor and Live Buyup Buydown (BUBD). Contract Rate Sheet Guarantor Live BUBD Trade Creation Method Indicates the contract take-out method selected by the user. Manual Section Name: Product Options Import Contract Name A unique alphanumeric name the user may enter to identify the contract. Delivery Type Indicates whether the contract is mandatory or optional. Mandatory Pool Type Available Security Coupon and Pool Numbers Indicates whether the contract is Single Issue or MultiLender. For the given settlement month, indicates the security coupon, pool number, CUSIP Number, and SIFMA Settlement Number the mortgages in the contract will be taken out under. If delivering the MultiLender contract, enter the MultiLender pool number. Optional Single Issue MultiLender Product Type Defines basic information about the mortgage product, including its term, and whether its rate is fixed or adjustable. See Appendix: Product Type to Security Product Name Mapping. September 208

2 Index Source Type Security Product LTV Ratio Percent Range Prepayment Penalty Indicator Interest and Payment Adjustment Index Lead Days Count Specified Pool Specified Pool Type Security Coupon Specifies the type and source of index to be used to determine the interest rate at each adjustment. The mortgage product being pooled to form a security, the participation certificate (PC ) or for MultiLender contracts, PC or Giant PC. A range of loan-to-values (LTVs) distinguishing Home Affordable Refinance Program (HARP) LTV categories. Indicates whether the loan includes a penalty charged to the Borrower in the event of pre-payment. The number of days prior to an interest rate effective date used to determine the date for the index value when calculating both a new interest rate and a principal and interest payment. A user-selected field which indicates that a specified contract is being requested. The characteristics that the external user is willing to factor into the price of the contract. Each of the characteristics is applied 00% at the time of loan delivery. Use the following key: LLB Low-Loan Balance MLB Mid-Loan Balance MLB2 Mid-Loan Balance 2 HLB High-Loan Balance SHLB Super High Loan Balance NY State Code = New York Investor Property Usage Type = Investment FICO Credit Score 0YR Maturity Period < 20 months Also known as the PC Coupon, it is the interest rate expressed as an annual percentage that is passed through monthly to a security investor. LIBOR One Year WSJ Daily Six Month LIBOR WSJ Daily Weekly Five Year Treasury Securities Constant Maturity FRBH5 Weekly One Year Treasury Securities Constant Maturity FRBH5 Weekly Three Year Treasury Securities Constant Maturity FRBH5 See Appendix: Product Type to Security Product Name Mapping. Standard High LTV >05 to <25 High LTV >25 True False 45 Yes No LLB MLB MLB2 HLB SHLB NY Investor FICO 0YR Negotiated September 208 FreddieMac.com/Learn Page 2

3 Early Funding Indicator Indicates whether or not a pool is eligible for Early Funding. Yes Early Funding Target Date The date a Seller expects the funds to be wired to a Counterparty. No Date Settlement Date Settlement Cycle Days UPB Level Security Amount Note Rate Range Note Rate Amount Credit Enhancement The date when Freddie Mac purchases the mortgages in exchange for participation certificates (PCs) or Giant PCs. The Settlement Date is also known as the Funding Date. The time period, during which the pool information is broadcast and the settlement information becomes available. Indicates whether the contract being taken out is at a contract level or note rate level. The aggregate unpaid principal balance of mortgages that the user will sell to Freddie Mac under the contract. Range of note rate(s) allocable to a contract. Note : Note Rate Range and Note Rate Amount can have a grid of values for a contract. Note 2: Min Value will be assumed to be >=and Max Value will be assumed to be < Example: Min Value = 0.25 Max Value = 0.50 Expected Range Value (Note Rate) should be as follows: 0.25>=Note Rate <0.50 This must be populated based on Note Rate Range and Note Rate increments that the Seller is eligible for and additionally for Fixed Rate products restricted by Security Coupon provided in the imported contract. The dollar amount at a note rate level when taking out a Guarantor Contract. Note: Note Rate Range and Note Rate Amount can have a grid of values for a contract. For every Note Rate Range provided, there must be a Note Rate Amount. Indicates whether or not a seller can select a risk transfer type when they take out a contract. Date Note Rate Level Security Coupon Level Yes No September 208 FreddieMac.com/Learn Page 3

4 CE Type Indicates the risk transfer type selected by the user. Recourse is a type of risk sharing agreement where the holder of the recourse, holds the credit risk on loans, rather than Freddie Mac. Indemnification is a type of risk sharing agreement where the Seller of loans promises to compensate for future loss caused by detrition in the credit quality of loans. Indemnification Recourse CE Level The percentage of credit risk on loans related to Recourse or Indemnification CE Sunset Period Specifies the Sunset Period of the risk transfer agreement. N/A Section Name: Servicing Options Servicing Option Indicates whether the servicing will be retained by the Seller or transferred concurrently with the sale of mortgages. 0% 20% 25% 30% 40% 50% 60% 70% 75% 80% 90% 00% 240 Retained CTOS Designated Servicer # List of servicer identifiers available to the Seller. s Minimum Required Servicing Spread Minimum Contract Servicing Coupon Minimum Contract Servicing Net Margin The minimum amount of servicing that needs to remain (currently.25). Minimum contract servicing spread applicable to an ARM from the date that Freddie Mac purchases the ARM and during the period of time that the adjusted note rate is limited by the Initial cap or Periodic cap. This is also known as: minimum coupon servicing spread. Also known as the minimum margin servicing spread, it is the minimum contract servicing spread applicable to an ARM from the first time that the adjusted Note rate is equal to the sum of the index value plus the margin. September 208 FreddieMac.com/Learn Page 4

5 Minimum Contract Servicing Lifetime Ceiling Remittance Option Super ARC Due Day Interest / Principal Remittance Type Prepayment Remittance Due Days Also known as the minimum lifetime ceiling servicing spread, it is the minimum contract servicing spread applicable to an ARM, from the first time that the adjusted note rate is limited by the lifetime ceiling, through the remaining term of the ARM. Also known as remittance cycle. Determines the due date for remitting monthly principal and interest due to Freddie Mac. A specific day each month (between the st and 5th) that a Servicer must remit principal and interest of loans within a security that has Super ARC. Describes the method used for remitting interest and principal. Indicates the number of days that the user will have to remit the unpaid principal balance to Freddie Mac if a loan is paid off early. ARC Gold First Tuesday Super ARC Scheduled/Actual Scheduled/Scheduled Actual/Actual Section Name: BUBD Options Buyup / Buydown Program Buyup / Buydown Option Buyup Maximum Buydown Maximum Indicates whether the BUBD program is at the contract, loan or note level. Contract level is the only valid option for ARM contracts. Note level means that buyup or buydown amount can vary from Note Rate to Note Rate. Loan level means that there will be one buyup or buydown amount for each loan. For Guarantor Purchase Contracts, this allows the user to choose from one of the buyup buydown options at a Note level. Note level means that buyup or buydown amount can vary from Note Rate to Note Rate. Max amount in basis points up to which the user may buy up a contract. Max amount in basis points up to which the user may buy down a contract. Contract Level Loan Level Note Level Buy up and Buy down Buy down Buy up Neither Buy up nor Buy down Security Coupon and Pool Numbers are also available at September 208 FreddieMac.com/Learn Page 5

6 Appendix: Product Type to Security Product Name Mapping The Product Type data field is located in the Product Options panel of the Request Price screen. The table that follows maps the Product Type with the eligible Security Product names. Product Type 30-Year Fixed 20-Year Fixed 5-Year Fixed 30-Year FHA/VA Fixed 5-Year FHA/VA Fixed Security Product Name 30-Year Gold PC 30-Year Gold Mini-PC 30-Year Assumable 30-Year Assumable Mini-PC 30-Year 00% Super Conforming 30-Year 00% Relocation 30-Year 00% Extended Buydown 30-Year 00% Cooperative Share 20-Year Gold PC 20-Year Gold PC 20-Year Gold Mini-PC 20-Year 00% Super Conforming 5-Year Gold PC 5-Year Gold Mini-PC 5-Year 00% Super Conforming 5-Year 00% Relocation 5-Year 00% Extended Buydown 5-Year 00% Cooperative Share 30-Year FHA/VA Gold PC Pool 30-Year FHA/VA Mini-PC 5-Year FHA/VA Gold PC Pool 5-Year FHA/VA Mini-PC 0/ ARM LIBOR NonCnvrt 0/ -Year LIBOR ARM 6/2/6 NonCnvrt 0/ -Year LIBOR ARM 5/2/5-6 NonCnvrt 0/ -Year LIBOR ARM 2/2/2-6 7/ ARM LIBOR NonCnvrt 7/ -Year LIBOR ARM 6/2/6 NonCnvrt 7/ -Year LIBOR ARM 5/2/5-6 NonCnvrt 7/ -Year LIBOR ARM 2/2/2-6 5/ ARM LIBOR NonCnvrt 5/ -Year LIBOR ARM 2/2/2-6 3/ ARM LIBOR NonCnvrt 3/ -Year LIBOR ARM 2/2/2-6 September 208 FreddieMac.com/Learn Page 6

7 Product Type Security Product Name 0/ ARM CMT NonCnvrt 0/ -Year CMT ARM 5/2/>5-6 NonCnvrt 0/ -Year CMT ARM 3/2/>3-6 NonCnvrt 0/ -Year CMT ARM 2/2/2,3/2/3,4/2/4,5/2/5,6/2/6 NonCnvrt 0/ -Year CMT ARM 2/2/>2-6 7/ ARM CMT NonCnvrt 7/ -Year CMT ARM 5/2/>5-6 NonCnvrt 7/ -Year CMT ARM 3/2/>3-6 NonCnvrt 7/ -Year CMT ARM 2/2/2,3/2/3,4/2/4,5/2/5,6/2/6 NonCnvrt 7/ -Year CMT ARM 2/2/>2-6 5/ ARM CMT NonCnvrt 5/ -Year CMT ARM 2/2/2-6 NonCnvrt 5/ -Year CMT ARM //-6 3/ ARM CMT NonCnvrt 3/ -Year CMT ARM 2/2/2-6 NonCnvrt 3/ -Year CMT ARM //-6 / ARM LIBOR NonCnvrt / -Year LIBOR ARM 2/2/2-6 / ARM CMT NonCnvrt / -Year CMT ARM 2/2/2-6 NonCnvrt / -Year CMT ARM //-6 5/5 ARM CMT NonCnvrt 5/5 5-Year CMT ARM 2/2/2-6 3/3 ARM CMT NonCnvrt 3/3 3-Year CMT ARM 2/2/2-6 For more information on Guarantor and MultiLender contract data fields, access field level help by scrolling over the data field name in Loan Selling Advisor. This document is not a replacement or substitute for the information found in Freddie Mac Single-Family Seller/Servicer Guide or terms of your Master Agreement or other Pricing Identifier Terms. 208 Freddie Mac September 208 FreddieMac.com/Learn Page 7