CRT Indices

VISTA CRT Indices™

VISTA CRT Indices are financial benchmarks based on daily pricing of Connecticut Avenue Securities (CAS) and Structured Agency Credit Risk (STACR®) debt notes issued by Fannie Mae and Freddie Mac, respectively. Collectively, these securities are known as Credit Risk Transfer (CRT) securities. CRT securities reference the payment, delinquency, and default performance of a designated group of mortgage loans guaranteed by Fannie Mae and Freddie Mac (GSEs). A significant portion of any losses experienced by GSEs is transferred to the security holders per the terms of the bonds.

VISTA CRT Indices introduce reliable and transparent measures for pricing residential mortgage credit risk instruments as well as offering standard mortgage credit performance benchmarks for investors and lenders. Overall, they reflect the health of the US housing market and residential mortgage credit conditions.

Calculating VISTA CRT Indices™

VISTA CRT Indices are intended to be accurate and reliable representations of activity in U.S. residential mortgage credit market. Indices are calculated using readily available daily CRT security prices determined as of 4:00 p.m. Eastern time from estimates based on reported transactions and interactions with market participants including large underwriters and secondary-market broker dealers of CRT securities.

Source inputs are generally in the form of the estimated prices, and spread levels, at which liquidity can be obtained on behalf of the owner of such securities for a round lot transaction. Inputs also include the discount margin and estimated average life of each CRT security.

Computation of Single Security Values

VISTA, serving as Calculation Agent, computes a security price, discount margin, and average life for each CRT security by (1) extrapolating prices from observable market data; (2) reported transactions; and (3) evaluating inputs received directly from market sources – this computation results in a composite price, discount margin, and average life for each CRT security.

Discount margin and average life assume a 10 CPR and zero default rate.

Computation of VISTA CRT Index Values

VISTA computes index-related values by averaging composite CRT security prices, discount margins, average life, coupons, and factors for each index, weighted by the market value of the unpaid principal balance (UPB) of each CRT security in the index. The market value is rebalanced on the 25th day of each month, or the next business day if the 25th falls on a weekend or holiday.

Data Contingency

On most days, Vista CRT Indices™ and related CRT security prices will be published based on the methods described above. If VISTA deems that available pricing data is incomplete and insufficient to publish an index or specific security price, then the publication may be delayed. Under extraordinary circumstances, when all current data sources are insufficient, VISTA may publish indices and CRT security data using the prior day’s prices in the absence of adequate data. In such conditions, the change in source will be noted when the daily reports are published.

VISTA’s Oversight Committee reviews these methodologies on a regular basis.

Governance & Oversight

VISTA maintains an internal Index Management Committee (“Committee”) that is accountable for the overall operation of the Vista CRT Benchmarks. This Committee is comprised of staff from product management, research, operations, and development functions within the Company. The Committee meets on a regular basis to discuss benchmark operational performance measures and to review key business issues and risks.

Additionally, VISTA has established an Oversight Committee responsible for effective scrutiny of the Administrator and its Code of Conduct.

IOSCO Principles for Financial Benchmarks

VISTA administers its Vista CRT Indices™ consistent with the International Organization of Securities Commissions Principles for Financial Benchmarks (IOSCO Principles). Details of VISTA’s benchmark administration practices can be found in the documents at the bottom of this section and, where applicable, in documentation provided elsewhere on this Resources page.

For any questions on Vista CRT Indices in relation with the IOSCO Principles, please email Vista’s compliance group at

Complaint Submissions

Complaints should be submitted with the appropriate contact information and as much detail as possible about the concern to allow the Administrator to properly assess the complaint. Stakeholder may submit complaints to the following email address: When submitting a complaint via email please write in the subject line the nature of your complaint.

Stakeholder may also submit complaints in directly in writing by mail to:

Compliance Department
C/O Vista Data Services
16 York Road, Larchmont NY 10538

Non-Publication Days

VISTA CRT Indices™ are not published on certain days, but will be published on days with an early close. The following table sets out relevant holidays.

Holiday - 2022

New Years Day – Friday, January 1
Early Close (2:00 p.m. Eastern Time): Friday, December 31, 2021
Martin Luther King Jr. Day – Monday, January 17
Presidents Day – Monday, February 21
Good Friday – Friday, April 15
Early Close (2:00 p.m. Eastern Time): Thursday, April 14, 2022
Memorial Day – Monday, May 30
Early Close (2:00 p.m. Eastern Time): Friday, May 27, 2022
Independence Day – Monday, July 4
Early Close (2:00 p.m. Eastern Time): Friday, July 1, 2022
Labor Day – Monday, September 5
Columbus Day – Monday, October 10
Veterans Day – Friday, November 11
Thanksgiving Day – Thursday, November 24
Early Close (2:00 p.m. Eastern Time): Friday, November 25, 2021
Christmas Day – Monday, December 26
Early Close (2:00 p.m. Eastern Time): Friday, December 23, 2021

Holiday - 2023

New Years Day – Monday, January 2
Early Close (2:00 p.m. Eastern Time): Friday, December 30, 2022
Martin Luther King Jr. Day – Monday, January 16
Presidents Day – Monday, February 20
Good Friday – None
Early Close (2:00 p.m. Eastern Time): Friday, April 7, 2023
Memorial Day – Monday, May 29
Early Close (2:00 p.m. Eastern Time): Friday, May 26, 2023
Junteenth Day – Monday, June 19
Independence Day – Tuesday, July 4
Early Close (2:00 p.m. Eastern Time): Friday, July 3, 2023
Labor Day – Monday, September 4
Columbus Day – Monday, October 9
Veterans Day – None
Thanksgiving Day – Thursday, November 23
Early Close (2:00 p.m. Eastern Time): Friday, November 24, 2023
Christmas – Monday, December 26
Early Close (2:00 p.m. Eastern Time): Friday, December 22, 2023