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F-3-16, Acronyms and Glossary of Defined Terms: P (10/11/2023)


principal and interest


Public Access to Court Electronic Records


A process under which a lender that is unable to meet the terms of a mandatory delivery commitment either pays Fannie Mae a fee or, under certain circumstances for whole loans transactions, receives cash back from Fannie Mae, calculated against the unused portion of the commitment.


price-adjusted loan

participation certificate

The instrument that evidences an undivided interest in mortgages and obligations secured thereby.

participation interest

An individual interest in a mortgage loan, as specified in the applicable participation certificate.

participation pool

The group of mortgage loans that back a participation certificate. Fannie Mae purchases only a percentage interest in each of the mortgage loans. That interest is the same percentage that is specified on the participation certificate.

participation pool mortgage loan

A mortgage loan that is part of a participation pool that Fannie Mae purchased for its portfolio.

pass-through rate

The rate at which interest is paid to Fannie Mae for a mortgage loan. For mortgage loans held in Fannie Mae’s portfolio, it is the lower of the required yield or the mortgage interest rate after deduction of a minimum servicing fee.

payment deferral

A retention workout option that defers past-due P&I payments and certain other amounts advanced as a non-interest bearing balance, due and payable at maturity of the mortgage loan or earlier upon the sale or transfer of the property, refinance of the mortgage loan, or payoff of the interest-bearing UPB.

payment rate

The percentage rate used to calculate the monthly payment when the payment will not fully amortize the mortgage. It differs from the interest accrual rate.


Permanent Change of Station


Project Eligibility Review Service


Pooled from Portfolio


principal, interest, taxes, and insurance


principal, interest, taxes, insurance, and other assessments


Private Mortgage Insurance


A collection of mortgage loans (or participation interests) delivered pursuant to one or more MBS commitments that secure an individual issuance of MBS.

pool accrual rate

The rate of interest that accrues to the security holder of a stated-structure ARM MBS pool. It is subject to change in accordance with adjustments to the index.

pool issue date

The first day of the month in which MBS are issued.

pool purchase contract

See MBS commitment definition.

pool transaction

Any MBS transaction between Fannie Mae and a seller in which Fannie Mae purchases a group of mortgage loans or participation interests from the seller for the sole purpose of backing all or part of an issuance of MBS.

Pooled from Portfolio (PFP)

A PFP mortgage loan is a mortgage loan that has been securitized into an MBS pool directly from Fannie Mae’s portfolio. Such mortgage loan was either sold to Fannie Mae as a whole loan mortgage loan or is an MBS mortgage loan that was reclassified into Fannie Mae’s portfolio prior to being re-pooled.

portfolio mortgage loan

A mortgage loan purchased by Fannie Mae to hold in its mortgage portfolio.

principal distribution amount

For a particular remittance date, Fannie Mae’s share of the aggregate principal portions of the monthly installments for mortgage loans in an MBS pool that became due from the second day of the preceding month to and including the first day of the remittance month (whether or not they were actually collected) and those unscheduled principal recoveries that were collected during the month preceding the month in which the remittance is made. This is the principal amount that will be drafted from the servicer’s custodial account.

principal forbearance

A portion of the UPB that does not accrue interest, also referred to as a non-interest bearing balance, that is payable upon the earliest of the maturity of a mortgage loan modification, sale or transfer of the property, refinance of the mortgage loan, or payoff of the interest-bearing UPB

project development

A condo, PUD, or co-op housing project.

Property 360

Refers to Fannie Mae technology used to manage expense reimbursements, REOgram confirmations, and pre-foreclosure preservation.

property securing a mortgage loan

Consists of the land, all improvements erected on the land, including any replacements or additions erected after the origination of the mortgage loan, and all easements, appurtenances, and fixtures that are part of the property or the improvements.


pass-through rate


planned unit development

purchase date

The date on which Fannie Mae disburses the purchase proceeds for a whole loan delivery; the date on which Fannie Mae purchases a pool or mortgage loan in an early funding transaction.

purchase price

The percentage of par that Fannie Mae applies to the UPB of a mortgage submitted as a whole loan delivery to determine the amount of the purchase proceeds; the amount that Fannie Mae will pay the lender on the purchase date for a pool or mortgage loan being purchased in an early funding transaction.