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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. The terms and their definitions are available to logged in registered users of this learning center.

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