*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.
Published on:
December 7, 2025
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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 DateAgendaMinutesDecision Summary
July 29, 2025PDFPDFPDF
March 28, 2025PDFPDF
January 27, 2023PDFPDFPDF
January 20, 2023PDFPDF
January 21, 2021PDF
March 27, 2019PDFPDF
March 20, 2019PDFPDF
March 18, 2019PDFPDF
March 14, 2019PDFPDF
March 5, 2019PDFPDFPDF
December 18, 2018PDFPDF
March 28, 2018PDFPDFPDF
February 14, 2017PDFPDFPDF
September 16, 2015PDFPDFPDF
August 4, 2015PDFPDFPDF

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.

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