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The Federal Housing Finance Agency (FHFA) announced Wednesday that Fannie Mae and Freddie Mac would begin issuing its single security - the Uniform Mortgage-Backed Security (UMBS) - June 3, 2019.

The new security will take the place of TBA-eligible mortgage-backed securities and will be issued through the Common Securitizations Solutions (CSS) using the Common Securitization Platform (CSP).

In November 2016, Freddie Mac began using CSP software for certain activities related to current single-class, fixed-rate, mortgage-backed securities. This was done in conjunction with the CSS, a limited-liability company created by Freddie and Fannie Mae.

Along with maintaining a sustainable secondary mortgage market for credit unions and fair pricing based on loan quality rather than volume, NAFCU's core principles for housing finance reform include the continued implementation of the CSP and single security.