Organization

Requirements

The GuideGuideMultifamily Selling and Servicing Guide controlling all Lender and Servicer requirements unless a Lender Contract specifies otherwise. is divided into 3 categories:

• Requirements are mandatory conditions that must be satisfied for all LenderLenderPerson Fannie Mae approved to sell or service Mortgage Loans. -delegated Mortgage LoansMortgage LoansMortgage debt obligation evidenced, or when made will be evidenced, by the Loan Documents, or  a mortgage debt obligation with a Fannie Mae credit enhancement. and activities.  You must obtain Fannie Mae’s prior approval to DeliverDeliverSubmission of all correct, accurate, and certifiable documents, data, and information with all applicable documents properly completed, executed, and recorded as needed, and any deficiencies resolved to Fannie Mae’s satisfaction. a Mortgage LoanMortgage LoanMortgage debt obligation evidenced, or when made will be evidenced, by the Loan Documents, or  a mortgage debt obligation with a Fannie Mae credit enhancement. or perform an activity that does not comply with any requirement.
• Guidance are best practices to inform and support a Lender’sLender’sPerson Fannie Mae approved to sell or service Mortgage Loans. delegated analysis and decision-making.  Fannie Mae expects you to exercise your delegated authority in a prudent manner, and will review your analysis and delegated decisions. 
• Operating Procedures are required steps or processes that must be followed.

The Lender ContractLender ContractProgram Documents per the Multifamily Selling and Servicing Agreement. provides Fannie Mae with certain rights, remedies, and corrective actions if you fail to satisfy requirements, follow the operating procedures, or exercise delegated authority in a prudent manner.

If the GuideGuideMultifamily Selling and Servicing Guide controlling all Lender and Servicer requirements unless a Lender Contract specifies otherwise. does not specify a category, then the information is a requirement.