source:
  type: guide
  id: fnma-sel-c3-4-01
  authority: Fannie Mae Selling Guide C3-4-01 — Term-Related Fixed-Rate Mortgage Pooling
    Parameters
  description: Fannie Mae Selling Guide C3-4-01 — Term-Related Fixed-Rate Mortgage
    Pooling Parameters.
  coverage_tier: operative
obligations:
- id: fnma-sel-c3-4-01-full
  canonical_id: fnma-sel-c3-4-01-full
  section: Fannie Mae Selling Guide C3-4-01 — Term-Related Fixed-Rate Mortgage Pooling
    Parameters
  type: do
  tags:
  - regulator-direct
  - fnma
  - selling-guide
  - corpus-expansion
  - tier-operative
  primary_source:
    tier: 1
    authority: Fannie Mae Selling Guide C3-4-01 — Term-Related Fixed-Rate Mortgage
      Pooling Parameters
    source_class: fnma-guide
    source_url: https://singlefamily.fanniemae.com/media/document/pdf/selling-guide
    snapshot_id: 5f7b8b79da595d76
    fetched_at: '2026-05-25T14:09:57Z'
    content_hash: sha256:98cf85a02861bbe84914a0e339b327c8fc131869a8a573882007bbeea60c5701
    paragraph_quote: 'C3-4-01, Term-Related Fixed-Rate Mortgage Pooling Parameters
      (05/01/2019) Introduction Fannie Mae issues and specially designates securities
      backed by either government-insured or government- guaranteed loans or conventional
      loans. This topic contains information on pooling ﬁxed-rate mortgages (FRM)
      of various terms, including: 30-year (Long-Term) FRM MBS / UMBS 20–year FRM
      MBS / UMBS 15-year (Intermediate-Term) FRM MBS / UMBS 10–year FRM MBS / UMBS
      30-year (Long-Term) FRM MBS / UMBS Each loan in a long-term ﬁxed-rate MBS pool
      must provide for constant monthly installments payable on a Published May 6,
      2026 995 speciﬁed day of the month of an amount suﬃcient to pay interest and
      amortize the principal amount of the loan within the remaining term. The loans
      must: have original terms of no less than 181 months and no more than 360 months
      for both single-issuer pools and Fannie Majors, and provide for the reduction
      of the principal amount of the loan to zero no more than 30 years after the
      issue date of the related securities. Loans that provide for interest to be
      paid in advance may be included in an MBS pool without converting the interest
      payment to interest in arrears on a loan-by-loan basis. 20–year FRM MBS / UMBS
      Fannie Mae issues and specially designates securities that are backed by conventional
      loans that have loan terms that do not extend for more than 20 years after the
      origination of the loan. Such securities will have a maturity date no greater
      than 20 years from their issue date, which represents the date by which all
      loans backing the pool will have been liquidated from the pool and the securities
      will have been retired. The loans must: have original terms of no less than
      181 months and no more than 240 months for both single-issuer pools and Fannie
      Majors, and provide for the reduction of the principal amount of the loan to
      zero no more than 20 years after the issue date of the related securities. 15-year
      (Intermediate-Term) FRM MBS / UMBS Fannie Mae issues and specially designates
      securities that are backed by conventional loans that have loan terms that do
      not extend for more than 15 years after the origination of the loan. Such securities
      will have a maturity date no greater than 15 years from their issue date, which
      represents the date by which all loans backing the pool will have been liquidated
      from the pool and the securities will have been retired. The loans must: have
      original terms of no less than 85 months and no more than 180 months for both
      single-issuer pools and Fannie Majors, and provide for the reduction of the
      principal amount of the loan to zero no more than 15 years after the issue date
      of the related securities. 10–year FRM MBS / UMBS Published May 6, 2026 996
      Fannie Mae issues and specially designates securities that are backed by conventional
      loans that have loan terms that do not extend for more than 10 years after the
      origination of the loan. Such securities will have a maturity date no greater
      than 10 years from their issue date, which represents the date by which all
      loans backing the pool will have been liquidated from the pool and the securities
      will have been retired. The loans must: have original terms of no less than
      85 months and no more than 120 months for both single-issuer pools and Fannie
      Majors, and provide for the reduction of the principal amount of the loan to
      zero no more than 10 years after the issue date of the related securities. Recent
      Related Announcements The table below provides references to recently issued
      Announcements that are related to this topic. Announcements Issue Date Announcement
      SEL-2019-04 May 01, 2019 Chapter C3-5, Pooling Loans into ARM MBS Introduction
      There are two primary types of ARM MBS pools with weighted-average coupons,
      also called ARM Flex pools. Accrual rates for ARM Flex pools may be based on
      a weighted-average or a ﬁxed MBS margin. This chapter provides information on
      pooling loans into ARM MBS, including:'
  judgment: false
