Fannie Mae’s latest two front-end Credit Insurance Risk Transfer transactions included a record number of reinsurers taking on about $20 billion in unpaid principal balance. There were 22 reinsurers in all participating in the GSEs’ fifth and sixth transaction. The risk transfer will take place before Fannie’s acquisition of the covered loans. And insurance coverage will be in effect immediately after the loans are acquired.They both became effective in March. The GSE explained that CIRT FE 2018-1 will shift a portion of the credit risk to a group of reinsurers on a pool of 21 to 30-year single-family fixed-rate loans.