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Freddie Mac Hits Milestone in Single Security Initiative Implementation Goal

first_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribe Sign up for DS News Daily About Author: Brian Honea December 8, 2016 831 Views Previous: Freddie Mac Requests to Remove Stocks from European Union Next: New York Legislation May Expedite Foreclosure Proceedings Related Articles Share Save Data Provider Black Knight to Acquire Top of Mind 2 days ago FHFA Freddie Mac 2016-12-08 Kendall Baer Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland. Freddie Mac has reached a “critical” milestone toward its goal of implementing the Single Security Initiative with the first use of Common Securitization Platform (CSP) software, known as Release 1, according to an announcement from the Agency on Thursday.Release 1 includes the implementation of the CSP’s core infrastructure and operations and was successfully launched on November 21, according to both Freddie Mac and the Agency’s conservator, the Federal Housing Finance Agency (FHFA).“The successful implementation of Release 1 is a significant milestone toward the ultimate goal of a common securitization platform and a Single Security,” FHFA Director Melvin L. Watt said.The Single Security is a joint initiative of the GSEs under the direction of the FHFA to develop a single mortgage-backed security issued by the GSEs to finance fixed-rate mortgage loans backed by single-family properties. The CSP is a technology and operational platform developed by Common Securitization Solutions (CSS), a joint venture of the GSEs, that will perform many of the core back office operations for the Single Security, according to FHFA.The successful launch of Release 1 indicates the functionality of systems, operations, and controls of the CSP and CSS, according to FHFA. It also enables Freddie Mac and Fannie Mae to use CSS and CSP to issue the new Uniform Mortgage-Backed Securities (UMBS).“We’re excited to use CSS operations and the CSP to support our securities issuance,” said David Lowman, executive vice president of Freddie Mac’s Single-Family Business. “This is a milestone marking several years of intensive work across Freddie Mac, Fannie Mae, CSS and FHFA to take this project from concept to reality. I’m very appreciative of the collaboration and drive exhibited by everyone working on this project. This is one of the ways we’re working together to build a better Freddie Mac and a better housing finance system for families, customers and taxpayers.”David M. Applegate, CEO of Common Securitization Solutions, LLC, stated, “We are very pleased to be partnering with Freddie Mac, Fannie Mae and FHFA as the CSP progresses. Today’s announcement by Freddie Mac that it has successfully completed its first bond issuance and bond administration on the platform is an important step forward in bringing additional liquidity and fungibility to the TBA market.”Now that Release 1 has been successfully launched, the next step is Release 2, which according to Freddie Mac, “will enable a combined Freddie Mac and Fannie Mae $3.5 trillion market of to-be-announced MBS.” FHFA expects to announce a timeframe for Release 2 in the first quarter of 2017, according to the Agency.“FHFA has developed a timeline of key achievements to date and will update the timeline as milestones are reached. We remain committed to building the CSP in a transparent manner,” Watt said.Click here for more on the Single Security or CSP. Home / Daily Dose / Freddie Mac Hits Milestone in Single Security Initiative Implementation Goalcenter_img Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Tagged with: FHFA Freddie Mac Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago  Print This Post in Daily Dose, Featured, News Freddie Mac Hits Milestone in Single Security Initiative Implementation Goallast_img read more