Freddie Mac Expands Loan Level Data Disclosures

In an effort to increase appetite for reinsurance, Freddie Mac announced on Monday, March 7th that the government-sponsored enterprise (“GSE”) has expanded the amount of loan level data it discloses about mortgages it insures. According to a recent article in National Mortgage News, the additional disclosures include quarterly updates on credit scores and loan-to-value ratios; loan-level details on mortgage insurance; identifying whether this insurance is paid by the lender or the borrower; and additional details about loan modifications, such as modification program, type and step-rate information.

Freddie Mac also announced its second offering this year of Structured Agency Credit Risk notes, meant to transfer some of the risk of default on loans it has securitized. According to Kevin Palmer, Senior Vice President of Credit Risk Transfer, “By providing more ongoing information, investors can better analyze our seasoned Credit Risk Transfer securities. Improved analytics reduces the uncertainty for internal valuation and secondary trading activities.”

To view the GSEs’ websites for credit risk transfers, please click here and here.

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