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What is the difference between an issue date and a settlement date for a REMIC?

April 26, 2017difference ISSUE remic

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What is the difference between an issue date and a settlement date for a REMIC?

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Freddie Mac REMICs default to an issue date of the first day of the settlement month. Settlement date is the date agreed upon by the parties to a transaction (i.e., a newly issued REMIC) for the delivery of securities and payments of funds. Most Freddie Mac REMICs settle on the last business day of the month.