ACIS Forward Risk Mitigation (AFRM) 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.