Glossary of PC Terms
This page is intended to provide quick definitions of our disclosure elements. For full descriptions of our securities and disclosure elements, please see the applicable Offering Circular (BaseBooks) document at About PCs.
Description
Adjustment Period:
The frequency with which the mortgages adjust in each PC.
As of Date:
The first day of the month and year of issuance of the PC.
Convertible:
An ARM that is subject to convert into a fixed mortgage coupon during a conversion period at the option of the borrower.
Coupon:
The annual rate at which interest is passed through monthly to a holder of a PC, based on a 360-day year of twelve 30-day months.
Current Factor:
A truncated eight-digit decimal calculated by Freddie Mac. The pool factor represents the aggregate unpaid principal balance of the mortgages in the related PC on the books and records of Freddie Mac for a particular month stated as a fraction of the original unpaid principal balance of the PC.
Current Factor Date:
The date on which the corresponding factor is first effective. This will be the first of the month for all pools.
Current Neg Am Factor:
A truncated eight-digit decimal, which represents Freddie Mac's determination of the amount of deferred interest on the mortgages in the pool for a particular month. This applies only to Payment Capped ARM PCs.
CUSIP Number:
A unique nine-character alphanumeric designation assigned to each PC.
First Conversion Date:
If the pool is convertible, this is the earliest date on which a mortgagor of a mortgage in the pool may convert the adjustable mortgage coupon into a fixed rate. This field is not always available on convertible pools.
Index:
The name of the index upon which an ARM PC adjusts.
Last Conversion Date:
If the pool is convertible, this is the latest date on which a mortgagor of a mortgage in the pool may convert the adjustable mortgage coupon into a fixed rate. This field is not always available on convertible pools.
Legend 1/Legend 2:
A text field used as a means of disclosing additional information on the pool.
Lookback:
The number of days from the mortgage coupon adjustment to the publication of the index used in the mortgage coupon adjustment.
Maturity Date:
The first day of the month in which the last monthly payment on the PC is scheduled to be made.
Next Adjustment Date:
The next month, day and year that the next component (group of mortgages in the pool having the same adjustment period) will adjust.
Payment Adjustment Cap:
The maximum amount a borrower’s payment can adjust during a payment adjustment period.
Payment Date:
The day of the month on which Freddie Mac passes through payments of principal and interest to holders. The 15th of each month is a payment date unless the 15th is not a business day, in which case the next succeeding business day is the payment date.
Payoff Date:
The last payment date on which Freddie Mac passes through payments of principal and interest to holders. The last payment date will always fall on the 15th of the month unless the 15th is not a business day, in which case the next succeeding business day is the payment date.
PC Margin:
The weighted average of the mortgage margins of the mortgages in each PC, net of gross fees (updated monthly).
Periodic Rate Cap:
The maximum amount a coupon rate can adjust during an adjustment period.
Pool Number:
A unique six-digit numeric or alphanumeric designation used to identify each pool.
Seller Name/Seller Address:
Identifies the entity that sold the mortgages in the pool to Freddie Mac. This may or may not be the servicer of the mortgages (not available on all pools).
UPB (Unpaid Principal Balance):
The Aggregate UPB of the related Mortgages in the PC as reported by the seller at delivery.
WAC (Weighted Average Coupon):
The Original WAC reflects the weighted average mortgage coupon for the PC as of pool formation. The updated WAC reflects the most recent weighted average mortgage coupon for all mortgages remaining in the PC.
WAMTA (Weighted Average Months to Adjust):
The weighted average number of months from the first of the current month to the next scheduled adjustment dates of the mortgages in the pool, plus one month to reflect the weighted average time to the related PC coupon adjustment dates.
WAOCS (Weighted-Average Original Credit Score):
The weighted average of the mortgage credit scores available as of pool formation (updated monthly). Original Credit Score unknown/not available – The number of loans, percent of loans and percent of unpaid principal balance of the related mortgages that have missing or unknown credit scores (updated monthly)
WAOLTV (Weighted Average Original Loan to Value):
The weighted average of the ratios between the mortgage’s original unpaid principal balance (UPB) and either (1) in the case of a purchase, the lesser of the appraised value of the mortgaged premises on the note date or the purchase price of the mortgaged premises or (2) in the case of a refinancing, the appraised value of the mortgage premises on the note date.
Wghtd Avg Mort Life Ceiling:
The weighted average of the mortgage coupon lifetime ceilings of the mortgages in each PC, net of gross fees (updated monthly).
Wghtd Avg Mort Life Floor:
The weighted average of the mortgage coupon lifetime floors of the mortgages in each pool, net of gross fees (updated monthly).
Wghtd Avg Mort Margin:
The weighted average of the mortgage margins of the mortgages in each PC as of pool formation.
WARM (Weighted Average Remaining Maturity):
The Original WARM reflects the weighted average remaining maturity for the PC and reflects the weighted average number of remaining monthly payments payable on the PC after giving effect to full and partial unscheduled principal payments as of pool formation. For pools backed by Balloon/Reset Mortgages, the WARM field reflects the WATB (WEIGHTED AVERAGE TERM TO BALLOON), which is the weighted average remaining number of months to the stated maturity or balloon maturity date of the mortgages in the pool as of pool formation. The updated WARM reflects the most recent weighted average remaining maturity for the PC and reflects the weighted average number of remaining monthly payments payable on the pool after giving effect to full and partial unscheduled principal payments. For pools backed by Balloon/Reset Mortgages, the WARM field reflects the WATB (WEIGHTED AVERAGE TERM TO BALLOON), which is the weighted average remaining number of months to the stated maturity or balloon maturity date of the mortgages in the PC.
Historical Factors & Coupons
1984 Tax Flag:
If “Y”, pool contains loans originated prior to July 18, 1984 – non-US resident implications. % of UPB also available.
1985 Tax Flag:
If "Y", pool contains loans originated prior to September 27, 1985, premium tax implications. % of UPB also available.
Coupon:
The annual rate at which interest is passed through monthly to a Holder of a PC, based on a 360-day year of twelve 30-day months.
Factor:
A truncated eight-digit decimal calculated by Freddie Mac. The pool factor represents the aggregate unpaid principal balance of the mortgages in the related pool on the books and records of Freddie Mac for a particular month stated as a fraction of the original unpaid principal balance of the PC.
Factor Date:
The date on which the corresponding factor is first effective. This will be the first of the month for all pools.
Neg Am Factor:
A truncated eight-digit decimal, which represents Freddie Mac's determination of the amount of deferred interest on the mortgages in the pool for a particular month. This applies only to Payment Capped ARM PCs.
Prepayment Penalty Factor:
A truncated eight-digit decimal calculated by Freddie Mac, which represents the prepayment fee collected by Freddie Mac. A prepayment fee factor published in a particular month indicates that a PC has received and passed through prepayment fees during the previous month.
Breakout Information
Loan Purpose
The number of loans, percent of loans, and percent of the original unpaid principal balance of the related mortgage that are either refinance mortgages or purchase mortgages. The number of loans, percent of loans, and percent of the unpaid principal balance of the related mortgages that have missing or unknown loan purposes will be reflected under the heading ‘Unknown/Not Available’. (Updated monthly)
Property Type
The number of loans, percent of loans, and percent of the original unpaid principal balance of the related mortgage that are secured by one unit properties and by two to four unit properties. The number of loans, percent of loans and percent of the unpaid principal balance of the related mortgages that have missing or unknown property types will be reflected under the heading ‘Unknown/Not Available’. (Updated monthly)
Occupancy Status
The number of loans, percent of loans, and percent of the unpaid principal balance of the related mortgage that are secured by owner-occupied, second home, and investment property occupancy status. The number of loans, percent of loans, and percent of the unpaid principal balance of the related mortgages that have missing or unknown occupancy status will be reflected under the heading ‘Unknown/Not Available'. (Updated monthly)
LTV, Credit Score Data
Original LTV unknown/not available: The number of loans, percent of loans, and percent of the unpaid principal balance of the related mortgages that have missing or unknown loan-to-value ratios (updated monthly).Original Credit Score unknown/not available – The number of loans, percent of loans and percent of unpaid principal balance of the related mortgages that have missing or unknown credit scores. (Updated monthly)
Servicer
The number of loans, percent of loans, and percent of the unpaid principal balance of the related mortgages for each entity that services at least 1% of the mortgages in the PC. Entities servicing less than 1% of the mortgage in the PC are reflected under the heading ‘Servicers< 1%’. (Updated monthly)
Loan Origination Year
The number of loans, percent of loans, and percent of the unpaid principal balance of the related mortgage that are originated in a given year. (Updated monthly)
Geographic
The number of loans, percent of loans, and percent of the unpaid principal balance of the related mortgage that are originated from a given state. (Updated monthly)
Quartiles
AOLS (Average Original Loan Size):
The original AOLS reflects the simple average of the original unpaid principal balance of the mortgages in the PC as of pool formation.The updated AOLS reflects the most recent simple average of the origination amounts for all mortgages remaining in the PC.
Quartiles:
Quartiles represent the range of each data element. Quartiles are based on each 25th percentile of the PC’s most recent unpaid principal balance.
-Quartile 1 represents the range from the lowest value of a data element to the data element corresponding to the 25th percentile of the PC’s most recent unpaid principal balance.
-Quartile 2 represents the range from the data element corresponding to the 25th percentile of the PC’s most recent unpaid principal balance to the data element corresponding to the 50th percentile of the PC’s most recent unpaid principal balance.
-Quartile 3 represents the range from the data element corresponding to the 50th percentile of the PC’s most recent unpaid principal balance to the data element corresponding to the 75th percentile of the PC’s most recent unpaid principal balance.
-Quartile 4 represents the range from the data element corresponding to the 75th percentile of the PC’s most recent unpaid principal balance to the highest data element.
WAC (Weighted Average Coupon):
The original WAC reflects the weighted average mortgage coupon for the PC as of pool formation.
The updated WAC reflects the most recent weighted average mortgage coupon for all mortgages remaining in the PC.
WALA (Weighted Average Loan Age):
The original WALA reflects the weighted average of the number of months since the date of note origination of the mortgages in the PC as of pool formation. The updated WALA reflects the most recent weighted average of the number of months since the date of note origination for all mortgages remaining in the PC.
WAOCS (Weighted Average Original credit Score):
The weighted average of the mortgage credit scores available as of pool formation (updated monthly). Original Credit Score unknown/not available – The number of loans, percent of loans and percent of unpaid principal balance of the related mortgages that have missing or unknown credit scores (updated monthly)
WAOLT (Weighted Average Original Loan Term):
The original WAOLT reflects the weighted average of the number of monthly principal and interest payments that the homeowner will make over the life of the mortgage for all the mortgages in the PC at the time of pool formation. The updated WAOLT reflects the most recent weighted average of the number of monthly principal and interest payments that the homeowner will make over the life of the mortgage for all mortgages remaining in the pool.
WAOLTV (Weighted Average Original Loan to Value):
The weighted average of the ratios between the mortgage’s original unpaid principal balance (UPB) and either (1) in the case of a purchase, the lesser of the appraised value of the mortgaged premises on the note date or the purchase price of the mortgaged premises or (2) in the case of a refinancing, the appraised value of the mortgage premises on the note date.
WARM (Weighted Average Remaining Maturity):
The original WARM reflects the weighted average remaining maturity for the PC and reflects the weighted average number of remaining monthly payments payable on the pool after giving effect to full and partial unscheduled principal payments as of pool formation. For PCs backed by Balloon/Reset Mortgages, the WARM field reflects the WATB (WEIGHTED AVERAGE TERM TO BALLOON), which is the weighted average remaining number of months to the stated maturity or balloon maturity date of the mortgages in the PC as of pool formation. The updated WARM reflects the most recent weighted average remaining maturity for the PC and reflects the weighted average number of remaining monthly payments payable on the pool after giving effect to full and partial unscheduled principal payments. For PCs backed by Balloon/Reset Mortgages, the WARM field reflects the WATB (WEIGHTED AVERAGE TERM TO BALLOON), which is the weighted average remaining number of months to the stated maturity or balloon maturity date of the mortgages in the pool.
WAC ARM Component
Component Adjustment Date:
The next scheduled adjustment date of a group of mortgages in the pool having the same adjustment period, adjusted by adding one month to reflect the time of the corresponding PC coupon or pass-through coupon adjustment.
Component Coupon:
The weighted average of the mortgage coupons of a group of mortgages in the pool having the same adjustment date, net of gross fees.
Component Life Ceiling:
The weighted average of the mortgage lifetime ceilings of a group of mortgages in the pool having the same adjustment date, net of gross fees (updated monthly).
Component Life Floor:
The weighted average of the mortgage lifetime floors of a group of mortgages in the pool having the same adjustment date, net of gross fees (updated monthly).
Component Margin:
The weighted average of the mortgage margins of a group of mortgages in the pool having the same adjustment date, net of gross fees.
Component UPB:
The unpaid principal balance of a group of mortgages in the pool having the same adjustment date.
Factor Date:
The date on which the corresponding Factor is first effective. This will be the first of the month for all pools.
Original Range Information
Life Ceiling Range High:
The highest mortgage lifetime ceiling on the mortgages in the pool as of pool formation as calculated by Freddie Mac.
Life Ceiling Range Low:
The lowest mortgage lifetime ceiling on the mortgages in the PC as of pool formation as calculated by Freddie Mac.
Life Floor Range High:
The highest mortgage coupon lifetime floor on the mortgages in each pool as of pool formation.
Life Floor Range Low:
The lowest mortgage coupon lifetime floor on the mortgages in each PC as of pool formation.
Mortgage Margin Range High:
The highest margin on the mortgages in the PC as of pool formation.
Mortgage Margin Range Low:
The lowest margin on the mortgages in the pool as of pool formation.
WAC Range High:
The highest coupon on the mortgages in the PC as of pool formation.
WAC Range Low:
The lowest coupon on the mortgages in the pool as of pool formation.
WARM Range High:
The longest remaining term to maturity of any mortgage in the pool as of pool formation as calculated by Freddie Mac.
WARM Range Low:
The shortest remaining term to maturity of any mortgage in the PC as of pool formation as calculated by Freddie Mac.