Electronic Pool Notification (EPN)

Streamline mortgage pool notifications for TBA trades through an automated network designed to improve accuracy, reduce manual effort, and support timely settlement.
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Electronic Pool Notification (EPN)

A Standardized Network for MBS Pool Allocation 

Electronic Pool Notification (EPN) is the industry-standard network for communicating mortgage pool details in the agency mortgage-backed securities (MBS) market. The EPN service enables sellers to electronically notify buyers of the pools that will settle To-Be-Announced (TBA) trades — replacing fragmented, manual processes with a centralized, automated workflow.

By standardizing how pool allocation data is shared across participants, EPN reduces operational friction, improves data consistency, and helps ensure that trades move efficiently from allocation through settlement. 

Key Features & Benefits

Consistent Communication Framework

EPN gives participants a common framework for pool notification, helping reduce data discrepancies, improve interoperability, and support more predictable outcomes across the MBS lifecycle.

Lower Operational Risk and Effort

By automating allocation communication, EPN helps minimize errors, reduce delays and limit the need for manual intervention.

Flexible Connectivity to Fit Your Workflow

EPN supports multiple integration options — including messaging, APIs, and a web-based interface — so firms can connect in a way that aligns with their existing infrastructure and operating model.

Broad Market Participation

EPN serves a broad range of agency MBS participants, including dealers, banks, issuers, and institutional investors. The service is also available to firms that are not MBSD clearing members.

Monitoring and Reconciliation Support

With status tracking and end-of-day reporting, EPN helps firms monitor activity, reconcile positions, and maintain control throughout the allocation process.

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