Mortgage Portfolio Analysis Service and Sale Options. Securitization and Cash Solutions
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1 Mortgage Portfolio Analysis Service and Sale Options Securitization and Cash Solutions
2 Table of Contents Mortgage Portfolio Sale Options... 1 Portfolio Analysis Service... 2 Securitization Opportunities... 3 Cash Sale... 5 Portfolio Transaction Process... 6 Sample Reports and Analyses... 9 Data Elements... 11
3 Make your mortgage holdings work more effectively and enhance your portfolio in a changing market by using Freddie Mac s portfolio analysis service and sale options. Begin the process by reviewing the resources in this manual, which include information on our portfolio analysis service, details on securities and cash executions, and a step-by-step guide of the portfolio transaction process.
4 Mortgage Portfolio Sale Options We offer you a dependable, competitive source of liquidity for your mortgage sales in all market conditions and geographic areas. Through our mortgage portfolio services, you have the opportunity to sell your seasoned mortgages for cash or swap for securities. Our team of experts is ready to work with you to discover the easiest and most profitable solution for your holdings. Whether your portfolio sale is imminent, or you simply want an assessment of your assets, it s time to talk to your Freddie Mac representative. Options that fit your needs Whether you re a lender with a national or regional presence, a community bank or credit union holding $10 million or $10 billion in mortgages, we ll help you position your mortgage holdings to reduce your risk exposure and enhance your profitability. Even if you ve never done business with us or sold into the secondary market, we ll work with you to find the best solution for your portfolio. Under our negotiated bulk sales transactions, we purchase a wide range of mortgage types and we ll provide you with a competitive bid for everything from fixed-rate mortgages and ARMs, to balloon/reset mortgages, and 1- and 2-unit mortgages. We ll analyze your mortgage holdings and show you a variety of options to: n Manage your risk-based capital requirements and increase liquidity by creating and holding Freddie Mac securities, which typically require less capital than holding whole loans. Or, consider a swap and sell or profitable cash execution to manage your liquidity. n Fine-tune your balance sheet as you seek to adjust your loan-to-deposit or loan-to-share ratios, and restructure and manage your holdings, based on changing market conditions. Comprehensive strategic planning Whatever your needs immediate returns or long-term planning our portfolio experts are ready to help you meet any market condition. We ll help you with: n Portfolio analysis service. We ll analyze the loans you re holding to help you improve your return on assets. n Due diligence. We ll help you determine the appropriate level of due diligence that will be necessary to complete an efficient transaction. n Bid presentation. We ll provide you with a bid document with details including terms, conditions, and pooling execution, which we ll thoroughly review with you. Execution options that fit your individual needs When you sell mortgages to Freddie Mac, you have a number of powerful execution options available some that allow you to swap your loans for mortgage-backed securities and some that give you cash in exchange for your mortgages. Each option has its own set of benefits, and the most effective mortgage portfolio strategy may include a balanced combination of securitization and cash sales. 1
5 Portfolio Analysis Service We will help you analyze your mortgage holdings and provide the information you need to package loans in a way that will give you the best execution and pricing for the resulting securities or cash sale. Using an electronic file of your mortgage data, we will analyze your data and create pools that allocate the loans into Freddie Mac-eligible pools. Stratification solutions You ll reap the benefits when you take advantage of our stratification service. Our experts will help you: n Develop securities pooling strategies that take advantage of current market demand or that prepare you for a long-term position. n Organize different types of loans and provide all of the information you need to package loans in a way that will give you the best execution. n Get premium pricing for specified segments of your portfolio and get the most value for your loans. n Streamline your process for selling loans with specific characteristics such as low loan balance or geographic attributes, enabling you to realize the best prices for your pools quickly and effectively. To take advantage of this service, simply provide us with your loan data. We will recommend a pooling strategy that provides competitive pricing on your pools to enable you to obtain the best execution in the market. Analyze your mortgage holdings 2
6 Securitization Opportunities Freddie Mac portfolio solutions help you use the securitization process to enhance your portfolio s position in any market. Through securitization the process of converting a package of mortgages into an investment vehicle you can adjust your balance sheet based on market trends, and may improve your net margins and the profitability of your mortgage holdings. Holding securi ties created from your mortgages, rather than holding whole loans in your portfolio, reduces your credit risk. When you exchange your mortgages for Freddie Mac securi ties, Freddie Mac takes on the risk while you continue to earn the yield on your asset. If the need arises, you can sell your securities faster than your whole loans. Turning your mortgages into securities allows you to turn assets into cash and fast. In addition, when you securitize your mortgage production, you have a greater ability to earn higher market values for your assets. Freddie Mac mortgage-backed securities With our swap executions, you exchange mortgages for Freddie Mac mortgage-backed securities. You can hold these securities in your portfolio, reducing your institution s risk-based capital requirements, and sell them when the market is right. Or, you can sell them to a dealer right away and strengthen your liquidity. With a securities execution you can also: n Reduce risk-based capital. You can use the extra capital to support investments in additional earning assets, for acquisitions, expansion of your branch network, share repurchases and almost any asset or activity that can generate more revenue, income, and growth. n Reduce credit risk. Many lenders have built up considerable risk concentrations due to a lack of geographic or origination-year diversification. You can transfer that credit risk to Freddie Mac, continue to service your borrowers loans, and take back a highly liquid Freddie Mac mortgage-backed security. n Enhance your balance sheet. Restructuring your portfolio can help you address the challenges of rising interest rates. While ARMs have less price volatility than fixed-rate mortgages, they still have plenty of interest rate risk from prepayments, especially as the ARM approaches its interest rate adjustment date. n Sell many of the mortgages that you originate. We offer securitization options for many of the mortgages in your portfolio, including fixed-rate mortgages, ARMs and balloon/reset mortgages, 1- and 2-unit mortgages, and more. n Increase current income. Sell par plus or premium loans for a gain-on-sale. n Generate servicing income and improve return on equity. With a securitization transaction, you have the option of retaining the servicing collecting monthly principal and interest payments or performing either a subsequent or concurrent transfer of servicing. 3
7 Execute a swap Through a swap execution, you exchange your mortgages for a Freddie Mac mortgage-backed security. Whether you decide to hold the security in your portfolio or sell it to a dealer for cash, swap ping loans for our mortgage-backed securities offers you a number of benefits over holding whole loans. n Swap and Hold. With a swap and hold, you exchange the loans in your portfolio with Freddie Mac and receive a security backed by your own mortgages. By holding these securities instead of whole loans in your investment portfolio, you ll have lower capital requirements. You ll also benefit from the monthly servicing income as well as yield on the security paid to you as the holder of the security. n Swap and Sell. If you choose to swap and sell, you exchange your loans for securities and, in turn, you can sell those securities to a dealer for cash to make more loans. Securities are more liquid than whole loans and can provide additional benefits over selling mortgages for cash. Step 1 Seller lends to borrowers Step 2 Loans sold to Freddie Mac using a swap execution Step 3 Freddie Mac security delivered back to Seller Step 4a Security is sold to a dealer for cash Step 4b Security is delivered to Seller s investment portfolio Step 5a Cash delivered directly to Seller Step 5b Seller receives monthly income from Freddie Mac mortgage-backed securities, resulting in lower capital requirements, increased liquidity, and other benefits 4
8 Cash Sales Cash executions offer you the opportunity to sell loans and receive cash instead of mortgage-backed securities. We package, guarantee, and auction these loans to investors around the world, and pass their pricing on to you. By selling your mortgage portfolio to Freddie Mac for cash, you ll recover the capital for the mortgages you originate and lend the same funds again and again so you ll always be there to meet the lending needs of more families in the communities you serve. A cash execution for your mortgage holdings meets many needs: n Cash execution options for nearly all of the mortgages that you originate, including fixedrate mortgages, ARMs, balloon/reset mortgages, 1- and 2-unit mortgages, and more. n Competitive pricing based on current market prices. n First-rate portfolio analysis services including strategic sale options that can help to manage the challenges of any market condition. Cash executions can be simpler than swap executions for your mortgage portfolio because you don t have the added complexity of structuring mortgages for a securities transaction or arranging securities trades. Step 1 Seller lends to borrowers Step 3 Cash delivered directly to Seller Step 2 Loans sold to Freddie Mac using a cash execution 5
9 Portfolio Transaction Process Here s a step-by-step guide that will walk you through the process of using our portfolio services. Step 1 Initial discussion Let us know of your interest in a securitization or cash transaction for loans held in your portfolio before any loan data is sent to Freddie Mac. Early notification and discussion will allow us to provide the resources necessary to assist you through the process. Along with a team of Freddie Mac experts, your Freddie Mac representative will assist you in determining the best course of action to meet your needs. We can assist you with preliminary loan data analysis and consultative services, and provide recommendations on the type and size of transactions to accomplish your goals. Step 2 Tape/disk conversion process Provide loan-level information in the form of a data file. This data file can be provided in many formats and file layouts, including Microsoft Excel spreadsheets (other delimited formats are also acceptable). Any missing, inconsistent, or questionable data should be explained under separate cover. Step 3 Data evaluation Our team will review the data file to ensure that all the necessary information has been provided. Any information that does not meet our requirements or is missing will be reviewed with you. The information provided must accurately reflect the loan characteristics. If this requirement is met, then: n We start loan stratification (Step Five) to determine eligibility. n If data consistency and reliability are a concern, we ask that due diligence (Step Four) be performed in order to collect, clarify or complete the necessary loan record data fields before the stratification process can be completed. It is during Step Four that additional data required for Freddie Mac s loan/pool delivery should be collected, and the loans being sold must be evaluated to ensure they meet Freddie Mac s underwriting guidelines. In either case, the completeness and consistency of data will determine the amount, level, and timing of the due diligence process. 6
10 Step 4 Due diligence Due diligence is the process of reviewing each loan file and supporting documentation to: n Ensure that the required data is either collected and clarified or audited to ensure that the loans and loan information are complete and accurate. n Establish that each loan meets our underwriting and documentation requirements. n Identify credit, documentation, and/or underwriting waivers. Loan acceptability will be determined and documented in a Master Commitment for your portfolio sale based on the review of the loan data file and your representations and warranties that the loans being sold are of investment quality and meet our underwriting requirements. Acceptable variances to our Single-Family Seller/Servicer Guide (Guide) will be documented within the Master Commitment Contract as waivers to normal underwriting and documentation policies. We can help you determine the type and level of due diligence necessary to complete the transaction efficiently. We will also facilitate the due diligence work as required. You need to provide us with the completed results of due diligence, in the form of reports and data. Whether due diligence is performed by you, by Freddie Mac or outsourced to a third party, we ll need a complete copy of each type of note instrument to be delivered. This is particularly important if the notes are non-standard instruments, have been altered or modified and/or involve adjustable-rate products. Note modifications, riders and addendums are considered part of the note and must be included as part of this note library compiled for legal and eligibility review. Step 5 Loan stratification and credit analysis Once we have received the required data, we will perform a loan stratification analysis to determine loan conformity. This process analyzes certain characteristics of each loan not related to underwriting or documentation to determine eligibility. From this analysis and in conjunction with the results of the due diligence process, we will complete a credit review of the files and determine whether any adjustments to the portfolio need to be made to conform to our credit policy. Step 6 Bid presentation The final eligible loan population for your mortgage portfolio sale, with details regarding terms, conditions, guarantees and, if applicable, pooling execution analysis, is presented to you in a bid document. This provides an opportunity for all of the key parties to understand the terms of the transaction, ask questions, and reaffirm timing and execution objectives. Our intent is to work closely with you through this process to ensure that the transaction process, when concluded, meets your expectations. Issues to be discussed during this phase of the transaction are the servicing rate or fee, pool sizes, seasoning or age of the underlying loans, geographic dispersion or risk concentrations and loan balance. The use of our buyup/buydown matrices will also be discussed. Important note: Sample loan and portfolio analysis reports are provided on pages 9 and 10. 7
11 Step 7 Master Commitment issuance A Master Commitment Contract will be prepared and forwarded to you and will include all information related to the loans that are eligible for securitization or cash sale. We will identify loans to be delivered to us requiring special handling on waivers. Important note: The Master Commitment must be signed and returned to Freddie Mac before loans can be delivered for sale or settlement. Step 8 Preparation for delivery A printed list or electronic file of the loans in each pool will be provided to support the loan delivery process via our delivery system. If you elect to move forward, we will provide summary reports for your review and confirmation that the pools represent the characteristics you want to deliver. The process of delivering loans for securitization is very similar to the process for cash sale. From this point (with assistance from Freddie Mac s Transaction Management Group), you will be responsible for entering all necessary loan data into our system to prepare for delivery of the loans (and pool data if securitizing) to Freddie Mac for settlement. Important note: If a due diligence team has been assigned to assist with delivery, they will manage this process for you. Step 9 Pool and document delivery/transmission and settlement Upon completion of the above steps, you are set to transmit the loan-level data to us for settlement. A Freddie Mac transactions manager will receive the data transmission and work with you to ensure timely settlement. For securitization, the pool transmission date should normally occur 10 business days prior to the requested pool settlement date. Adhering to this time frame should ensure a successful settlement. You are responsible for complying with our custodial document delivery Guide requirements to deliver all appropriate documentation to the document custodian prior to pool transmission for settlement. We can act as the document custodian through our Designated Custodian, The Bank of New York Mellon Trust Company, N.A. 8
12 Sample Reports and Analysis The following are examples of the type of loan and portfolio analysis reports that Freddie Mac creates as part of the bid presentation package. Sample Portfolio Product Analysis 9
13 Sample Pooling and Valuation of Loans Report Sample Average Loan Characteristics Report 10
14 Data Elements Contact your Freddie Mac representative today and discover how you can benefit from a portfolio strategy and sale option. To help you get started, here are the data elements needed to complete an analysis of your portfolio. We accept many formats that may already be coded in your in-house or service bureau systems, including a Microsoft Excel spreadsheet, containing the fields listed in the table below. Please contact your Freddie Mac representative for more information. Field Name Sample Description Loan Number Uniquely identify each loan Property Type Code SF = Single Family PU = PUD TH = Town House 2f = Two Family CO = Condo COOP = Coop 3f = Three Family CHT = Condotel (Condo Hotel) MANU = Manufactured Housing 4f = Four Family CM = Commercial MF = Multifamily Owner Occupied Code OOC = Owner Occupied 2HM = Second Home INV = Investor Purpose Code PUR = Purchase COR = Cash Out Refinance REHI = Home Improvement Refinance REFI = No Cash Out Refinance CNST = Construction Permanent COR = Debt Consolidation Cash Out Refi Construction to Perm Flag Y or N Number of Units Number of units Seller Product Type Identify the following: Fixed-rate loan (15-, 20-, 30-year) Bi-weekly (15- or 30-year fixed) ARM (Please specify origination product) Balloon (e.g., 5-, 7-year, 40-year amortization due in 30 years) Please specify fixed and adjustment period. Interest only products, simple interest product, negam feature (e.g., 1/1, 3/1, 3/6, 7/1, or 10/6 year ARM) Specify if FHV/VA loan Please specify product type at time of origination. Lien Position Specify if loan is a first mortgage or second mortgage. Loan Type Specify if Conventional, FHA /VA loan MI Flag Y or N MI Code 000 = No MI 009 = California Housing Loan Ins. Fund 013 = RMIC 024 = Triad 001 = GE 010 = MI Fund of Mass HFA 016 = HGIC 089 = Farmers Home (FMHA) 005 = CMG 011 = PMI 017 = Radian 099 = Other MI Company 006 = MGIC 012 = UGIC 021 = Florida HFA 100 = Unknown MI Coverage Percentage Percentage of mortgage insurance coverage on the loan Loan Origination Date MM/DD/YYYY First Payment Date MM/DD/YYYY Maturity Date MM/DD/YYYY Modified Date MM/DD/YYYY date loan modified; use update mod terms for these loans Modification Reason Reason loan modified modified rate, workout, curtailment and recast payment Modification Balance Unpaid pricing balance as of modification used to calculate the new payment information Interest Paid to Date MM/DD/YYYY Original Term Original term of the loan in months (number of months between the first payment due date and the maturity date) Amortization Term Amortization term of the loan in months Original Loan-to-Value Ratio Original balance divided by the lesser of purchase price or appraised value Total or Combined Loan-to-Value Ratio Original balance + secondary/other financing $ amount divided by the lesser of purchase price or appraised value Current Interest Rate Current interest rate Original Loan Balance Original loan amount Current Loan Balance Current unpaid principal balance Current Monthly Principal and Interest Principal and interest only, please do not include taxes or insurance. Number Times 30 or More Days Delinquent Number of times at least 30 days delinquent in the past 12 months Number Times 60 or More Days Delinquent Number of times at least 60 days delinquent in the past 12 months Number Times 90 or More Days Delinquent Number of times at least 90 days delinquent in the past 12 months Borrower Count Number of borrowers on loan 1, 2, 3, 4, 5 and up (e.g., 1 = primary borrower only; 2 = primary borrower with co-borrower) Borrower First Name First name of borrower Borrower Last Name Last name of borrower Borrower SSN Borrower Social Security number Co-Borrower First Name First name of co-borrower Co-Borrower Last Name Last name of co-borrower Co-Borrower SSN Co-borrower Social Security number Address Street address of property City City of property 11
15 Field Name State Zip Code Total Monthly Income Total Debt Ratio Appraised Value Sales Price/Purchase Price Appraisal Type Sample Description State of property (USPS abbreviation) Zip code of property (5 digits) The gross monthly income of the borrower or combined if there is a co-borrower used to qualify the loan Total monthly debt/total monthly income Original property appraised value Original purchase price Appraisal used (e.g., URAR, Drive By, AVM) Prepayment Penalty Flag Was loan originated as a Prepayment Penalty Mortgage Y or N? (Even if it has expired still = Y) Prepayment Penalty Period Prepayment lockout period in months (e.g., 24, 36, 60) Prepayment Penalty Hard/Soft Flag Hard or soft flag for prepayment penalty loans Documentation Indicator Full documentation, Stated Income/Verified Assets (SIVA), Stated Income/Stated Assets (SISA), No Ratio (NIVA), Business Bank Statements, Personal Bank Statements Origination Channel Origination source (e.g., retail or wholesale/correspondent) Servicer Name of current Servicer Originator Name of institution that originated the loan Self Employment Flag Y or N for a self-employed borrower Interest Only Flag Y or N Interest Only Term The interest only term in number of months Lender Paid MI Flag Y or N Lender Paid MI Fee Lender paid MI monthly fee (e.g.,.730) Servicing Fee Servicing fee (e.g.,.250,.375) For ARMs: Servicing fee of the fixed period Servicing Fee Tail For ARMs: Servicing fee once adjusted to the ARM phase FICO Score for Loans Seasoned <120 days Credit score used to qualify the loan Relocation Flag Y or N (Loan is part of a relocation program) Fields for ARM loans only: Index Code ARM index code (e.g., 1-year weekly treasury, 3-year weekly treasury, 1-year MTA, 6-month LIBOR). Provide definitions with data file. Margin Gross mortgage margin Original Interest Rate Original note rate (Mandatory if already adjusted) First Rate Change Date First interest rate change date MM/YY Next Interest Rate Change Date First payment change date Interest Rate Adjustment Frequency Interest rate adjustment frequency in months (e.g., 12, 36, 60) Initial Periodic Rate Cap Provide the initial periodic rate cap (e.g., 5.00 cap at the initial interest change date). If different between up or down please provide separately. Periodic Rate Cap Periodic rate cap at the subsequent scheduled interest change date (e.g., 2.000, 1.000). The maximum allowable increment by which ARM rate can increase. If different between up or down please provide separately. Lifetime Maximum Interest Rate Lifetime ceiling rate for the mortgage (Mandatory Mortgage-Backed Security/Cash Path only) Lifetime Rate Floor Minimum coupon for the mortgage Lookback Period Number of days preceding change date used to determine index value used in calculating the interest rate (e.g., 45 days) (Mandatory Mortgage-Backed Security/Cash Path only) ARM Convertibility Code Y or N (Mandatory Mortgage-Backed Security/Cash Path only) Additional Fields for MTA/Option ARMs only: Option ARM Category 1 - Pay Capped ARMs 3 - Interest Only Hybrid Option ARMs 99 - Other please describe 2 - Hybrid Option ARMs 4 - Hybrid Option ARM using % of fully Amortizing Payment Intro Rate Flag Y or N Periodic Payment Cap Percentage Provide the payment cap if applicable (e.g., 7.5%) First Payment Change Date First payment change date Next Payment Change Date Next payment change date Initial Teaser Term The fixed period in months for the teaser rate period Initial Fixed Payment Term The fixed period in months between the first payment due date and the first payment adjustment date Current Accrual Rate Rate used to determine the fully amortizing P&I payment Teaser Rate or Minimum Payment Rate Rate used to calculate minimum payment. If the minimum payment is derived as a % of fully amortizing payment, calculate the implied rate. Full Amortizing P&I Payment Fully amortized principal and interest payment using current accrual rate Minimum Payment Amount The amount paid when exercising the minimum payment option % of Fully Amortizing Payment For loans where minimum payment is derived as a % of fully amortizing payment Negam Limit A number amount that the loan is allowed to negatively amortize (110 or 115). If the loan is $100,000 and the negam limit is 115, the most the loan balance can be is $115,000. Negam Balance A dollar amount that the loan has negatively amortized since origination Recast Term The frequency, in months, with which the payment on the loan can be reset to an unlimited amount (i.e., when the negam limit is reached) Current Amortized LTV Current amortized LTV of the loan Scheduled Amortized Current LTV Scheduled amortized current LTV at time of delivery Scheduled Balance Scheduled unpaid principal balance at time of delivery Next Interest Rate Interest rate at next change 12
16 8200 Jones Branch Drive, McLean, Virginia n FreddieMac.com Publication Number 432 n October 2010
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