TBA Market Governance
- Committee:
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
- TBA Guidelines Advisory Council Member Firms
- TBA Guidelines Advisory Council Operating Procedures
- MBS Notification and Settlement Dates (updated for 2025)
- Securitization Committee
- Single Security Fact Sheet
Council Meetings
| Meeting Date | Agenda | Minutes | Decision Summary |
| July 29, 2025 | |||
| March 28, 2025 | |||
| January 27, 2023 | |||
| January 20, 2023 | |||
| January 21, 2021 | |||
| March 27, 2019 | |||
| March 20, 2019 | |||
| March 18, 2019 | |||
| March 14, 2019 | |||
| March 5, 2019 | |||
| December 18, 2018 | |||
| March 28, 2018 | |||
| February 14, 2017 | |||
| September 16, 2015 | |||
| August 4, 2015 |
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:
- MSFTA
- Trade Assignments
- Guidelines on Delivery of Offering Materials Relating to GSE Securities
- Buy-in Procedures
- Third Party Transactions
Uniform Practices Manual: For the Clearance and Settlement of Mortgage-Backed Securities and Other Related Securities SIFMA’s comprehensive Uniform Practices Manual is considered by many to be the industry standard. These are trading, clearance and settlement guidelines representing common industry practice, providing the information you need in one place.
With the help of a team of industry experts, we developed the Uniform Practices for the Clearance and Settlement of Mortgage-Backed Securities and Other Related Securities and first published them in 1981. These guidelines were written to provide a common understanding of the terms and conditions for confirming, comparing and settling mortgage and other related securities. The current Manual represents a comprehensive revision and consolidation of all the guidelines since their original issuance. They are continually updated and expanded to reflect the growth and development of the mortgage and asset-backed securities industry.
Table of Contents (TOC)
Chapter 1: Introduction
Chapter 2: Definitions of Common Terms
Chapter 3: Federal Agency and Government Sponsored Entities
Chapter 4: Clearance and Settlement Infrastructure
Chapter 5: General Description of Mortgage Securities and Other Related Products
Chapter 6: Confirmations
Chapter 7: Pool Notification Process
Chapter 8: Standard Requirement for Delivery on Settlements of Fannie Mae, Freddie Mac, and Ginnie Mae Securities (Good Delivery Guidelines – updated July 2025)
Chapter 9: Structured Products Settlement Procedures (updated Jan 2021)
Chapter 10: Remittance Reporting, Payments, Due Bills and Compensation
Chapter 11: Delivery, Receipt and Reclamation
Chapter 12: Notification and Settlement Dates
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.
Council Meetings
Council Meetings
| Meeting Date | Agenda | Minutes | Decision Summary |
| July 29, 2025 | |||
| March 28, 2025 | |||
| January 27, 2023 | |||
| January 20, 2023 | |||
| January 21, 2021 | |||
| March 27, 2019 | |||
| March 20, 2019 | |||
| March 18, 2019 | |||
| March 14, 2019 | |||
| March 5, 2019 | |||
| December 18, 2018 | |||
| March 28, 2018 | |||
| February 14, 2017 | |||
| September 16, 2015 | |||
| August 4, 2015 |
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
Uniform Practices Manual: For the Clearance and Settlement of Mortgage-Backed Securities and Other Related Securities SIFMA’s comprehensive Uniform Practices Manual is considered by many to be the industry standard. These are trading, clearance and settlement guidelines representing common industry practice, providing the information you need in one place.
With the help of a team of industry experts, we developed the Uniform Practices for the Clearance and Settlement of Mortgage-Backed Securities and Other Related Securities and first published them in 1981. These guidelines were written to provide a common understanding of the terms and conditions for confirming, comparing and settling mortgage and other related securities. The current Manual represents a comprehensive revision and consolidation of all the guidelines since their original issuance. They are continually updated and expanded to reflect the growth and development of the mortgage and asset-backed securities industry.
Table of Contents (TOC)
Chapter 1: Introduction
Chapter 2: Definitions of Common Terms
Chapter 3: Federal Agency and Government Sponsored Entities
Chapter 4: Clearance and Settlement Infrastructure
Chapter 5: General Description of Mortgage Securities and Other Related Products
Chapter 6: Confirmations
Chapter 7: Pool Notification Process
Chapter 8: Standard Requirement for Delivery on Settlements of Fannie Mae, Freddie Mac, and Ginnie Mae Securities (Good Delivery Guidelines – updated July 2025)
Chapter 9: Structured Products Settlement Procedures (updated Jan 2021)
Chapter 10: Remittance Reporting, Payments, Due Bills and Compensation
Chapter 11: Delivery, Receipt and Reclamation
Chapter 12: Notification and Settlement Dates