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62 | TH E M R EP O RT S E R V I C I N G A NA LY T I C S S E C O N DA R Y M A R K E T O R I G I NAT I O N Through Equifax, Fannie Mae will share monthly loan-level credit scores with investors in its credit risk transfer program. F annie Mae announced in early May continued enhancements to its loan- level disclosure data for the Connecticut Avenue Securities (CAS) credit-risk transfer program. Both Fannie Mae and Freddie Mac began credit-risk sharing initiatives in 2013 as a way to transfer the risk on certain pools of single-family mortgages to private investors, thus reducing the risk to taxpayers while the GSEs remain in conservatorship of the FHFA. Through 12 CAS issuances from October 2013 when the program began up until April 2016, Fannie Mae has sold more than $15.1 billion in securities to private investors, which covers more than a half trillion dollars (approximately $585 billion) worth of single-family mortgage loans. The new enhanced disclosures to the CAS series begin with the May 25, 2016 disclosure. Fannie Mae announced it expanded its relationship with credit reporting agency Equifax to provide updated, anonymous, loan-level credit scores monthly to investors for all 12 CAS transactions to date. Previously, that information was available only for Fannie Mae's more recent actual loss CAS transactions, according to Fannie Mae. "This additional information will give CAS investors the ability to better monitor their investments in the program, and greater clarity and details on the reference pools that back these securities," said Laurel Davis, VP of Credit Risk Transfer, Fannie Mae. "We're pleased to provide investors with this enhanced transparency in a responsible way that also protects borrower's personal information." According to a recent report from the Urban Institute, Fannie Mae's 12 CAS issuances to date cover 20.9 percent of the enterprise's outstanding single- family guarantees. The latest CAS transaction, CAS 2016-C03, issued in April, is worth about $1.16 billion and has a reference pool size of approximately $36 billion in unpaid principal balance (UPB). Fannie Mae planned its next CAS transaction for July 2016. The enterprise expects to be a regular issuer throughout the second half of 2016, subject to market conditions. Fannie Mae Enhances Credit Risk Sharing Disclosures SECONDARY MARKET THE LATEST