The Federal Housing Finance Agency has reported that it will release the first part of a common mortgage securitization platform, which will allow for the issuing of standardized, mortgage backed securities in 2016.

Through the securitization platform, Fannie Mae and Freddie Mac will have the ability to more easily issue securities backed by mortgages that they purchase. It will also help streamline the mortgage securitization process in a way that could allow for the inclusion of third parties as well, according to an FHFA report released Tuesday.

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In the report, FHFA said the software will be released in two parts. Release 1 will allow Freddie Mac to begin using parts of the program in administration of some of its existing securities, and in administration of some of its underlying loans.

Release 2 will allow Fannie Mae to perform those same activities on the new platform, as well as allow both organizations to begin issuing securities. The second release will also allow Fannie Mae to use the platform to issue securities backed by adjustable rate loans.

The housing agency said the specific dates for when it would release the software will be announced at a later time.