Fannie Mae has successfully completed its sixth Credit Insurance Risk Transfer (CIRT) for 2024, transferring $160.9 million of mortgage credit risk to private insurers and reinsurers. The transaction, CIRT 2024-H3, involves around 19,000 single-family mortgage loans totaling an outstanding unpaid principal balance of approximately $6.4 billion, with loan-to-value ratios ranging from 80.01% to 97%. As of August 1, 2024, Fannie Mae will retain the first 185 basis points of loss on this pool, while the participating insurers and reinsurers will cover losses up to 250 basis points beyond the retention limit. Since launching the CIRT program, Fannie Mae has secured roughly $27.7 billion in insurance coverage for nearly $928 billion in single-family loans.
