ACIS Forward Risk Mitigation (AFRMSM) is the latest evolution of the ACIS® suite of products. Like ACIS, AFRM transactions are insurance policies issued by or ceded to global (re)insurance companies to cover a portion of credit risk on reference pools comprised of single-family mortgage loans. Traditionally, mortgage loans included in ACIS reference pools have six-to-nine months of seasoning. However, AFRM attaches insurance coverage on these mortgage loans as soon as they are funded by Freddie Mac. AFRM reference pools are a representative sample of eligible mortgage loans funded by Freddie Mac over a designated period of time. AFRM leverages most of the structural characteristics of ACIS including: multi-tranche offering; principal and loss event waterfalls; partial collateralization; and call option.