The Mortgage-Backed Securities Division is the sole provider of automated post-trade comparison, netting, risk management and pool notification services to the mortgage-backed securities market. The division provides its specialized services to major market participants active in various Government National Mortgage Association (GNMA), Federal Home Loan Mortgage Corporation (FHLMC) and Fannie Mae (FNMA) MBS programs.

Our Mission

The Mortgage-Backed Securities Division's mission is to reduce the costs and risks associated with trading in the mortgage-backed securities market. To accomplish this mission, the Mortgage-Backed Securities Division provides high-quality and value-added services that are driven by the needs of its members and industry participants:

• Providing real-time automated trade comparison/confirmation, net settlement and pool notification services
• Assessing and managing financial risk
• Evaluating and improving MBS market systems and technologies
• Enhancing communication among MBS market participants

Membership

The Mortgage-Backed Securities Division offers participants membership in two categories: Real-Time Clearing Services and Electronic Pool Notification (EPN). Each member's unique circumstance dictates their need to utilize either one or both of these services. Listed in the menu on the left are the services provided by the Mortgage-Backed Securities Division. Please click on any one of them for more detailed information.

Creating a Central Counterparty for Mortgage-backed Securities Trading

The operation of a central counterparty (CCP) is expected to revolutionize how trades are cleared and settled in the mortgage-backed securities market, where trading in the U.S. now surpasses $100 trillion annually. The CCP will make trade processing easier, cheaper and less risky.