Payment Calculations for Mortgage-Backed Securities
Product Overview
Payment Calculations for Single Family Mortgage-Backed Securities
The formulas listed below illustrate calculations of the interest payments and principal payments for Freddie Mac's Single Family mortgage-backed securities products.
Examples of how a July payment is calculated are depicted below for 45-day, 55-day and 75-day securities.
For 55-day securities, the "Payment Date" is the 25th day of each month, or if the 25th day is not a business day, the next business day applies.
For 45-day and 75-day securities, the "Payment Date" is the 15th day of each month, or if the 15th day is not a business day, the next business day applies.
July Payment Example 55-DAY SECURITIES
Interest Payment = (PAR) (June Factor) (Rate/12)
Principal Payment = (June Factor ? July Factor) (PAR)
45-DAY SECURITIES
Interest Payment = (PAR) (June Factor) (Rate/12)
Principal Payment = (June Factor ? July Factor) (PAR)
75-DAY SECURITIES
Interest Payment = (PAR) (May Factor) (Rate/12)
Principal Payment = (May Factor ? June Factor) (PAR)
DEFINITIONS: PAR - Original Security Balance at Issuance; Rate - Security Coupon Interest Rate; Factor - Eight digit decimal which represents the percentage of the original balance of the pool or tranche that is outstanding as of a given date
This product overview is not an offer to sell or solicitation of an offer to buy any Freddie Mac securities. Offers for any given security are made only through applicable offering circulars and related supplements, which incorporate Freddie Mac's Information Statement and related supplements.
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July Payment Example
Record Date
Payment Date
Accrual Period
Calculations are based on a 30 day month and 360 day year. Consult your applicable Offering Circular Supplement to determine the accrual period that corresponds with your security.
UMBS, Supers, MBS REMICs and Strips
55-DAY
June
1 15 3300
July
1 2155 31
45-DAY
Participation Certificates (PC)
75-DAY May
June
1 15 3300
July
1 15 31
1 15 3301
June
1 15 30
July
1 15 31
REMIC Tranche (Fixed or Floater with Delay)
45-DAY June
June
55-DAY
1 15 3300
July
1 15 31
1 15 30
July
1 25 31
May
1 15 31
June
1 114 30
July
1 1155 31
75-DAY OR
May
1 15 3301
June
1 15 30
July
1 1155 31
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Continues August 2019
45-DAY
June
1 15 30
July
1 14 1154
31
REMIC Tranche (Floater with Zero Delay)
55-DAY
May
June
1 25 30
July
1 24 25
31
1 15 30
Factor disclosed in first month is applicable to accrual period shown.
75-DAY
June
1 1145 15 30
July
1 14 1154
31
Ginnie Mae Backed REMICs
FIXED & FLOATER WITH DELAY
FLOATER WITH ZERO DELAY
June 30
July
1
June
Previous Payment Date
30
Floater with Zero Delay
July
Fixed & Floater with Delay
Payment Date
Payment Date
Ginnie Mae-backed REMICs have a number of different payment dates. Consult your applicable Offering Circular Supplement to determine the date that corresponds with your REMIC.
For additional information about Freddie Mac payment calculations and mortgage-backed securities, visit Freddie Mac's Web site at mbs or contact Investor Inquiry at investor_inquiry@.
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