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 VistaCRT@vistacap.com.

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: complaints@vistacap.com. 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
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Thank you for submitting your request for MDX historical data and login credentials.

Once your application is approved, you will receive an Excel spreadsheet with complete MDX Series historical data from the Vista team.

You also will receive credentials in a separate email from Black Knight for programmatic access.

The complete MDX Series historical data set will be available via SFTP upon activation.

Thank you, the Current Monthly Data and the Historical Data has been downloaded

    TERMS OF USE APPLICABLE TO INDIVIDUALS AND ENTITIES ACCESSING VISTA MDX DATA

    YOU REPRESENT THAT:

    (1) YOU ARE ACCESSING VISTA MDX DATA ON BEHALF OF PERSON(S) (WHICH MAY INCLUDE INDIVIDUALS, ENTITIES AND YOURSELF, ALL OF WHOM ARE JOINTLY AND SEVERALLY REFERRED TO AS THE “USER”) WHO INTEND TO USE THE INFORMATION SOLELY IN THE MANNER AND FOR THE PURPOSES PERMITTED IN THIS AGREEMENT; AND

    (2) (II) YOU HAVE THE AUTHORITY TO ENTER INTO THIS AGREEMENT ON BEHALF OF THE USER AND TO BIND THE USER TO THE TERMS OF THIS AGREEMENT.

    1. The User acknowledges that Fannie Mae and Freddie Mac (the “Disclosing Parties”) are making certain data (the “Disclosing Parties’ Data”) available to Vista Index Services (“Vista”) for the purpose of facilitating the computation of indices (the “Index Data”) that may be used for a range of investment purposes. The User acknowledges that it has no ownership or other proprietary interest in the Disclosing Parties’ Data or the Index Data (collectively the “Vista MDX Data”).
    2. The User is permitted to retrieve, copy and use (collectively, “Use”) the Vista MDX Data solely for its internal purposes related to (i) User’s potential investment in or marketing of financial products, and (ii) research and analytics based in whole or in part on Vista MDX Data (collectively, the “Internal Purpose”). As part of the Internal Purpose, the User is permitted to Use the Vista MDX Data to: (i) derive data from Vista MDX Data; (ii) create products that incorporate Vista MDX Data or data derived therefrom (such derived data and products, “Derived Products”); and (iii) disseminate Vista MDX Data and Derived Products within the User’s organization for their Internal Purpose.
    3. The User is prohibited from using Vista MDX Data for any purpose not expressly permitted in this Agreement. Without limiting the preceding sentence, the User is prohibited from: (i) modifying or altering MDX Data in any manner, except to the extent necessary for the Internal Purpose; (ii) using Vista MDX Data or any Derived Product to map data contained in these to any other data distributed by the Disclosing Parties.
    4. Except as expressly permitted under this Agreement, the User is prohibited from licensing, distributing, disclosing or otherwise making available the Vista MDX Data (in whole or in part) or any Derived Products to any third party.
    5. This Agreement will be governed by the laws of the State of New York, without regard to conflicts of law rules that might cause the substantive laws of another jurisdiction to govern.
    6. The Disclosing Parties have endeavored to make the Disclosing Parties’ Data reasonably accurate but does not guarantee the Disclosing Parties’ Data are complete, error free or suitable for any particular purpose, including the Internal Purpose. Use of the Disclosing Parties’ Data is entirely at User’s own risk and Disclosing Parties will have no liability to the User or any third party for or arising out of or related to this Agreement, Disclosing Parties’ Data, Vista MDX Data, or any Derived Products. DISCLOSING PARTIES’ DATA ARE PROVIDED ON AN “AS IS”, AS AVAILABLE BASIS, AND THE DISCLOSING PARTIES EXPRESSLY DISCLAIM ALL WARRANTIES WITH RESPECT THERETO, INCLUDING WARRANTIES OF NON-INFRINGEMENT, MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE. NO ORAL OR WRITTEN INFORMATION OR ADVICE PROVIDED BY THE DISCLOSING PARTIES OR ANY OF THEIR OFFICERS, DIRECTORS, EMPLOYEES, AGENTS OR SUBCONTRACTORS WILL CREATE A WARRANTY.


      TERMS OF USE APPLICABLE TO INDIVIDUALS AND ENTITIES ACCESSING VISTA MDX DATA

      YOU REPRESENT THAT:

      (1) YOU ARE ACCESSING VISTA MDX DATA ON BEHALF OF PERSON(S) (WHICH MAY INCLUDE INDIVIDUALS, ENTITIES AND YOURSELF, ALL OF WHOM ARE JOINTLY AND SEVERALLY REFERRED TO AS THE “USER”) WHO INTEND TO USE THE INFORMATION SOLELY IN THE MANNER AND FOR THE PURPOSES PERMITTED IN THIS AGREEMENT; AND

      (2) (II) YOU HAVE THE AUTHORITY TO ENTER INTO THIS AGREEMENT ON BEHALF OF THE USER AND TO BIND THE USER TO THE TERMS OF THIS AGREEMENT.

      1. The User acknowledges that Fannie Mae and Freddie Mac (the “Disclosing Parties”) are making certain data (the “Disclosing Parties’ Data”) available to Vista Index Services (“Vista”) for the purpose of facilitating the computation of indices (the “Index Data”) that may be used for a range of investment purposes. The User acknowledges that it has no ownership or other proprietary interest in the Disclosing Parties’ Data or the Index Data (collectively the “Vista MDX Data”).
      2. The User is permitted to retrieve, copy and use (collectively, “Use”) the Vista MDX Data solely for its internal purposes related to (i) User’s potential investment in or marketing of financial products, and (ii) research and analytics based in whole or in part on Vista MDX Data (collectively, the “Internal Purpose”). As part of the Internal Purpose, the User is permitted to Use the Vista MDX Data to: (i) derive data from Vista MDX Data; (ii) create products that incorporate Vista MDX Data or data derived therefrom (such derived data and products, “Derived Products”); and (iii) disseminate Vista MDX Data and Derived Products within the User’s organization for their Internal Purpose.
      3. The User is prohibited from using Vista MDX Data for any purpose not expressly permitted in this Agreement. Without limiting the preceding sentence, the User is prohibited from: (i) modifying or altering MDX Data in any manner, except to the extent necessary for the Internal Purpose; (ii) using Vista MDX Data or any Derived Product to map data contained in these to any other data distributed by the Disclosing Parties.
      4. Except as expressly permitted under this Agreement, the User is prohibited from licensing, distributing, disclosing or otherwise making available the Vista MDX Data (in whole or in part) or any Derived Products to any third party.
      5. This Agreement will be governed by the laws of the State of New York, without regard to conflicts of law rules that might cause the substantive laws of another jurisdiction to govern.
      6. The Disclosing Parties have endeavored to make the Disclosing Parties’ Data reasonably accurate but does not guarantee the Disclosing Parties’ Data are complete, error free or suitable for any particular purpose, including the Internal Purpose. Use of the Disclosing Parties’ Data is entirely at User’s own risk and Disclosing Parties will have no liability to the User or any third party for or arising out of or related to this Agreement, Disclosing Parties’ Data, Vista MDX Data, or any Derived Products. DISCLOSING PARTIES’ DATA ARE PROVIDED ON AN “AS IS”, AS AVAILABLE BASIS, AND THE DISCLOSING PARTIES EXPRESSLY DISCLAIM ALL WARRANTIES WITH RESPECT THERETO, INCLUDING WARRANTIES OF NON-INFRINGEMENT, MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE. NO ORAL OR WRITTEN INFORMATION OR ADVICE PROVIDED BY THE DISCLOSING PARTIES OR ANY OF THEIR OFFICERS, DIRECTORS, EMPLOYEES, AGENTS OR SUBCONTRACTORS WILL CREATE A WARRANTY.