Title

AWS re:Invent 2023 - Scaling the platform that issues 70% of US mortgage securities (WPS210)

Summary

CSS (Common Securitization Solutions) is a joint venture between Fannie Mae and Freddie Mac, supporting homeownership in America by managing 70% of all single-family mortgages.
CSS was born in the cloud in 2012/2013, which was not common at the time, and has learned many lessons over the years.
The platform issues over $400 billion in monthly securitization volumes and supports over $6 trillion in unpaid principal balance, representing 30 million loans.
CSS's cloud-native platform has enabled them to handle massive scale, speed, accuracy, and security in the securitization process.
During the pandemic, CSS successfully managed an 80% spike in volumes due to a surge in refinancing, while improving service levels and reducing AWS costs.
CSS has innovated by moving to AWS native services, optimizing costs, and improving platform resiliency and security.
The company has also focused on enabling knowledge workers and ecosystem thinking, experimenting with AWS technologies like Textract, Lambda, Amplify, and DynamoDB Global Tables.
Future innovations include leveraging AI and ML for anomaly detection, forecasting volumes, and improving productivity.

CSS's decision to be cloud-native from inception allowed for rapid scaling and flexibility, which proved crucial during unexpected market changes like the pandemic.
The company's focus on cost optimization led to a significant reduction in AWS costs from $45 million to $12 million annually, achieved through governance, native AWS services, and efficient resource management.
CSS's approach to innovation is business-driven, focusing on enabling knowledge workers to be more efficient and on creating solutions that consider the broader ecosystem.
The partnership with AWS has been strategic, allowing CSS to influence AWS's roadmap and adopt new features and services as they became available.
The company's commitment to resiliency and security is evident in their move to an active-active architecture and their focus on DevSecOps practices.
CSS's future plans to incorporate AI and ML technologies demonstrate a forward-thinking approach to maintaining their competitive edge and improving their services.