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Policy and Guidance

Supervisory and regulatory activities to ensure the safety and soundness of the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac), and the Federal Home Loan Bank System to promote a stable and accessible U.S. housing finance system. 

  • Advisory Bulletins

    Publications containing important information, directives, or recommendations related to various aspects of housing finance. 

  • Credit Scores

    FHFA’s review of c​hanging Fannie Mae and Freddie Mac's credit score requirements.

  • Fair Lending, Fair Housing, and Consumer Protection Oversight

    Risk management principles under which the U.S. housing finance system operates and is a requirement of law.

  • Fannie Mae & Freddie Mac Private Mortgage Insurer Eligibility Requirements (PMIERS)

    Requirements for the purchase of single-family mortgage loans where the outstanding principal balance of the mortgage exceeds 80% of the value of the underlying property.

  • Language Access

    Requirements for the Enterprises to support access to credit for mortgage-ready borrowers with limited English proficiency (LEP).

  • Pilot Transparency

    Activities to ensure the expansion of affordable, sustainable, and healthy housing options for consumers follow a safe and sound structure.

  • Representation and Warranty Framework

    Information about Fannie Mae and Freddie Mac’s Representation and Warranty Framework.

  • Alternative Mortgage Servicing Compensation Initiative

    Consideration of alternatives for future mortgage servicing structures and servicing compensation for single-family loans.

  • Deemed-Issuance Ratio

    Deemed-issuance ratio for each calendar year based on the ratio of TBA-eligible securities.

  • Fannie Mae & Freddie Mac Affordable Housing Allocations

    Requirements for the purchase of single-family mortgage loans where the outstanding principal balance of the mortgage exceeds 80% of the value of the underlying property.

  • FHFA Statements on Credit Risk Transfer

    Programs to reduce taxpayer exposure to risks arising from credit guarantees extended by the Enterprises through their normal courses of business.

  • Mortgage Servicing

    Development and implementation of programs and initiatives to address challenges in the servicing market.

  • Principal Reduction Modification

    Information about targeted Principal Reduction Modification program FHFA has directed the Enterprises to implement.

  • Requirements for Enterprise Seller/Services

    Requirements for entities that sell and service mortgages on behalf of the Enterprises.

  • Credit Risk Transfer

    Information about Fannie Mae's and Freddie Mac's credit risk transfer programs.

  • Executive Compensation

    Executive compensation for Federal Home Loan Bank directors and Fannie Mae's and Freddie Mac's senior executives.

  • Fannie Mae and Freddie Mac Multifamily Businesses

    Requirements for the Enterprises to continue using credit risk transfers for their multifamily business, resulting in the private market sharing in potential credit losses.

  • Guarantee Fees History

    The guarantee fee (g-fee), covers projected credit losses from borrower defaults over the life of the loans, administrative costs, and a return on capital.

  • Non-Performing (NPL) and Re-Performing Loan (RPL) Sales

    Sales reducing the number of delinquent loans held in the Enterprises' inventories to transfer credit and interest rate risk to the private sector.

  • Principal Reduction Modification Heatmap

    Principal Reduction Modification Program Top 10 States by Total Potentially Eligible Loans.

  • Single Security Initiative and Common Securitization Platform

    Development of a securitization infrastructure for the Enterprises for mortgage loans backed by single-family properties.