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Mortgage-Backed Securities Division (MBSD)

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mbsdlandingpageThe Mortgage-Backed Securities Division (MBSD) section of the DTCC Learning Center provides information about all of the products and services of the Fixed income Clearning Corporations's Mortgage-Backed Securities Division.

The Mortgage-Backed Securities Division (MBSD) is the sole provider of automated post-trade comparison, netting, electronic pool notification, pool comparison, pool netting and pool settlement services to the mortgage-backed securities market thus providing greater efficiency, transparency and risk mitigation to this specialized market. MBSD's mission is to reduce the costs and risks associated with trading in the agency mortgage-backed securities market. To accomplish this mission, MBSD provides high-quality and value-added services that are driven by the needs of its members and industry participants, such as: 

  • Providing real-time automated trade and pool comparison/confirmation, TBA and pool net settlement and electronic pool notification (EPN) services; 
  • Assessing and managing risk, including credit, market and operational risk; 
  • Evaluating and improving MBS market systems and technologies; and 
  • Enhancing communication among MBS market participants.

Get Started with the latest MBSD Learning Solutions

Real Time Trade Matching (RTTM®) Web Modernization — New!rttm_web_resources

Be sure to click MBSD RTTM Web Modernization Learning in the What Members Need To Know section (below) to access the “Using the New MBSD RTTM Web Interface” series of eLearning courses.The first three training solutions focus on:

  • Accessing FICC MBSD RTTM Web via MyDTCC Portal & Direct URL,
  • Entering a Trade in MBSD RTTM Web (for Brokers), and
  • Entering a Trade in MBSD RTTM Web (for Dealers).

Each includes a downloadable .pdf containing screenshots of the walkthroughs available via a Resources link at the top of the course.

More eLearning solutions are planned in support of the launch of the new RTTM Web design on such topics as submitting, searching for, and canceling a DNA request, using the advanced search, and canceling matched and unmatched trades. Check back often to access the training and prepare for when the new system design goes live in the RTTM Production environment later this year.

What MBSD Members Need To Know

This provides MBSD clients with quick access to information considered timely, important and/or recently posted to the Learning Center. 

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The FICC Loss Allocation Overview eLearning is divided into three parts. The eLearning assumes you will watch all three parts in order as the information in each builds on the part which precedes it. The Resources link provides access to transcripts for each part, and a Knowledge Check is included in Part 3 to solidify your comprehension of the concepts. You will also have the opportunity to share feedback for this eLearning at the end of Part 3.

The topics covered in the FICC Loss Allocation Overview, Parts 1 - 3, include:

  • FICC loss allocation practices as they apply to both Defaulting Member and Declared Non-Default Loss events,
  • loss allocation rule enhancements implemented in 2018,
  • the look back period,
  • pro rata share of losses calculation for FICC members,
  • the Loss Allocation Cap,
  • the member withdrawal process,
  • the Event Period, and
  • hypothetical scenarios demonstrating how these concepts are applied during an Event Period in the case of single- or- multiple-member default.

Links to videos appear below. You will need to be logged in to view them.

Part 1 (of 3)

Part 2 (of 3)

Part 3 (of 3)


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To help you better understand the MBSD reports produced in MBSD RTTM® Report Center, several report guides were created to explain the purpose of each report, the formats in which it is available, the report headers and its data elements. For each of the menus in MBSD Report Center (i.e. MBS Clearing, MBS RTTM, and MBS PoolNet), there is an associated guide. Also available is the MBSD Operational Novation Reports Guide which explains the reports most relevant to MBSD Novation.

This is a Glossary of acronyms, concepts and terms important to understanding the processing of Mortgage-Backed Securities by the Mortgage-Backed Securities Division (MBSD) of the Fixed Income Clearing Corporation (FICC). This Glossary is provided as a convenience to members and is for informational purposes only. This Glossary should not be regarded as a definitive or exhaustive description of FICC/MBSD’s services, processes or risk-management practices; nor should it be regarded as a substitute for the Mortgage-Backed Securities Division (MBSD) Rulebook, which governs in all respects, the relationship between FICC/MBSD and its members. In all cases, members should refer to the MBSD Rulebook for a complete statement of FICC/MBSD procedures, obligations, and requirements. In the case of any discrepancy between this Glossary and the MBSD Rulebook, the MBSD Rulebook shall govern. The terms in this Glossary along with any services, processes and risk-management practices described herein may be amended at any time without prior notice. Terms coming soon and will appear below to logged in registered users of this learning center.