FHFA Releases Update on Single Security

American Banker reported on the Federal Housing Finance Authority's (FHFA) release on Monday, December 4th an update on the progress on the development of the new single Uniform Mortgage Backed Security (UMBS) from Fannie Mae and Freddie Mac. The article noted that while some delays have prevented the GSEs from hitting their milestones by the end of 2017, the FHFA maintains it will not delay the anticipated rollout and implementation of the UMBS in Q2 2019. FHFA's report also includes an overview of outreach efforts made with industry participants and stakeholders, including SFIG, to get ready for implementation of the UMBS. FHFA Director Mel Watt stated in a press release that "as implementation approaches, the Enterprises will accelerate and intensify their engagement with market participants about the Single Security Initiative. I urge industry to take advantage of the resources available and to be ready for the transition."

SFIG will continue to work with the FHFA and the GSEs to update its members on the latest developments with the UMBS, and to prepare the industry for changes that will take place.

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