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•	The extent to which the initiatives are undertaken in a safe and sound manner;

•	The quality, thoroughness, creativity, effectiveness, and timeliness of their work products;

•	Cooperation and collaboration with FHFA, Common Securitization Solutions, each other, and the industry;

•	The extent to which the outcomes of their activities support a competitive and resilient secondary mortgage market to support homeowners and renters;

•	The quality of the input provided to FHFA for periodic progress reports to the public.

•	Continuing to improve the Representations and Warranties Framework for originations;

•	Providing additional clarity regarding servicing Representations and Warranties and remedies for poor performance, including compensatory fees;

•	Providing transparency regarding servicer eligibility standards;

•	Assessing and developing plans to encourage greater participation by small lenders, rural lenders, and state and local Housing Finance Agencies.

•	Analyzing and pursing opportunities to encourage take-up by currently HARP-eligible borrowers;

•	Assessing and developing additional plans for loss mitigation strategies, including those for the post-HAMP marketplace;

•	Developing and implementing a plan for targeted non-performing loan sales and Real Estate Owned property sales that facilitate neighborhood stabilization, especially in hardest hit markets.

•	Affordable housing loans, loans to small multifamily properties and loans to manufactured housing rental communities.

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•	Each Enterprise will transact credit risk transfers on single family mortgages with at least $90 billion of unpaid principal balances adjusted for the amount of credit risk transferred;

•	Each Enterprise must utilize at least one transaction type in addition to the Freddie Mac Structured Agency Credit Risk (STACR®) or the Fannie Mae Connecticut Avenue Securities (CAS) structures (e.g. insurance, upfront credit risk transfers, and senior/subordinated securitizations):

▪	FHFA will provide some extra Scorecard credit for the substantial completion of R&D efforts in this space;

▪	FHFA will provide more extra Scorecard credit for completing any additional types of transactions beyond the first two.

•	The Enterprises are to assess the economics and feasibility of adopting additional types of risk transfer structures and of increasing the amount of risk transferred in current risk transfer structures (risk is broadly defined to include, but is not limited to, credit, counterparty or aggregation risk).

•	The Enterprises shall submit to FHFA within 60 days retained portfolio plans that meet, even under adverse conditions, the annual Senior Preferred Stock Purchase Agreement (PSPA) requirements and the $250 billion PSPA cap by December 31, 2018:

▪	The plans should focus on reducing less liquid assets;

▪	Any sales should be economically sensible transactions that consider impacts to the market and neighborhood stability.

•	Focus on the functions necessary for current Enterprise single family securitization activities;

•	Include the development of the operational and system capabilities necessary to issue a single (common) security for the Enterprises; and

•	Allow the option for the integration of additional market participants in a future system.

•	Continue to explore other shorter-term changes that may improve market liquidity in the Agency MBS market.

•	Servicing Data and Technology Initiative.

▪	Engage with FHFA and the industry to identify current and anticipated mortgage servicing data and technology gaps in order to explore technology improvements and expand data standardization.

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•	The Uniform Closing Disclosure Dataset (UCD) initiative.

▪	Develop a standardized dataset to support the Consumer Financial Protection Bureau’s Integrated Mortgage Disclosure Regulation and Closing Disclosure;

▪	Create a strategy for the collection and use of the UCD dataset; and

▪	Publish an industry announcement of the UCD dataset, as well as a timeline for the collection of the data.

•	Uniform Loan Application Dataset.

▪	Reassess loan application data needs;

▪	Update the physical format of the Uniform Residential Loan Application, and

▪	Demonstrate progress towards creating a draft Uniform Loan Application Dataset specification.

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