TBA Market for Mortgage-Backed Securities Governance

Detected March 28th, 2026

Summary

SIFMA provides resources and model documentation for the To-Be-Announced (TBA) market, which facilitates forward trading of mortgage-backed securities. The page includes links to guidelines, operating procedures, and meeting summaries related to TBA market governance, with updated information for 2025.

View original document View source feed page

What changed

This document from SIFMA outlines governance resources for the To-Be-Announced (TBA) market, which is crucial for the forward trading of mortgage-backed securities (MBS) issued by Fannie Mae, Freddie Mac, and Ginnie Mae. It serves as a central repository for market practices, model documentation, and links to related advisories, operating procedures, and meeting minutes from the TBA Guidelines Advisory Council.

While this document itself does not impose new regulatory requirements, it provides essential information and links for market participants to understand and adhere to established market practices and governance structures. Compliance officers should review the linked materials to ensure their firm's operations align with current TBA market standards and any updates, particularly those related to MBS notification and settlement dates for 2025.

What to do next

Review SIFMA TBA market governance resources, including guidelines and operating procedures.
Ensure firm operations align with current TBA market practices and standards.

Source document (simplified)

Market Practices and Model Documentation # TBA Market Governance

The To-Be-Announced (TBA) market facilitates the forward trading of mortgage-backed securities (MBS) issued by the GSEs (Fannie Mae and Freddie Mac) and Ginnie Mae. December 7, 2025 Issue:
- Securitization and Housing Finance
Committee:
- Securitization Committee

View SIFMA TBA Fact Sheet

The To-Be-Announced (TBA) market facilitates the forward trading of mortgage-backed securities (MBS) issued by the GSEs (Fannie Mae and Freddie Mac) and Ginnie Mae.

Important Links

Council Meetings

| Meeting Date | Agenda | Minutes | Decision Summary |
| July 29, 2025 | PDF | PDF | PDF |
| March 28, 2025 | PDF | PDF | |
| January 27, 2023 | PDF | PDF | PDF |
| January 20, 2023 | PDF | PDF | |
| January 21, 2021 | | | PDF |
| March 27, 2019 | PDF | PDF | |
| March 20, 2019 | PDF | PDF | |
| March 18, 2019 | PDF | PDF | |
| March 14, 2019 | PDF | PDF | |
| March 5, 2019 | PDF | PDF | PDF |
| December 18, 2018 | PDF | PDF | |
| March 28, 2018 | PDF | PDF | PDF |
| February 14, 2017 | PDF | PDF | PDF |
| September 16, 2015 | PDF | PDF | PDF |
| August 4, 2015 | PDF | PDF | PDF |
Standard Documentation

SIFMA has developed standardized documentation for a range of bond market transactions. This section includes forms of standard agreements, guidelines and procedures that have been developed by SIFMA specifically for use in connection with mortgage and asset-backed securities transactions. Follow the links below to view the documents:

Uniform Practices Manual

SIFMA’s Uniform Practices Manual provides industry guidance on trading, clearance, and settlement practices for mortgage-backed and related securities. Widely used across the market, the manual reflects common industry practices and consolidates key operational guidance in a single reference.

Developed with the support of industry experts, the Uniform Practices for the Clearance and Settlement of Mortgage-Backed Securities and Other Related Securities were first published in 1981. Ongoing maintenance and updates are overseen by the TBA Guidelines Advisory Council.

Download by Chapter: