AFRMSM gives (re)insurance companies exposure to single-family mortgage credit risk on a forward basis. AFRM attaches insurance coverage on eligible mortgage loans as soon as their purchases are funded by Freddie Mac, rather than after months of seasoning. AFRM leverages most of the structural characteristics of ACIS, including multiple tranches, principal and loss event waterfalls, partial collateralization and call options. AFRM allows for participation from diversified (re)insurers as well as traditional mortgage insurance affiliates. It replaced a previous MI-exclusive CRT offering known as Deep MI CRT.