Section 101

Using the Guide

101.01

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.

101.02

References

Requirements

The following rules apply:

  • a reference to the GuideGuideMultifamily Selling and Servicing Guide controlling all Lender and Servicer requirements unless a Lender Contract specifies otherwise. includes any:
    • update, amendment, restatement, modification, or supplement; and
    • referenced exhibits, appendices, or other forms;
  • a reference to any PersonPersonLegal person, including an individual, estate, trust, corporation, partnership, limited liability company, financial institution, joint venture, association, or other organization or entity (whether governmental or private). also includes the Person'sPerson'sLegal person, including an individual, estate, trust, corporation, partnership, limited liability company, financial institution, joint venture, association, or other organization or entity (whether governmental or private). successors and assigns;
  • a reference to any Loan DocumentLoan DocumentAll Fannie Mae-approved documents evidencing, securing, or guaranteeing the Mortgage Loan. , statute, regulation, or standard, also includes all amendments, modifications, or restatements made from time to time; and
  • whenever you make a representation “to your knowledge” or “to the best of your knowledge,” you mean the actual state of knowledge of your officers and employees responsible for the underwriting, origination, servicing, or sale of the 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. regarding the matters expressly set forth in the representation, in each case without having conducted any independent inquiry into such matters, and without any obligation to do so (except as expressly set forth herein).  All information contained in documents which are part of or required to be part of your Servicing FileServicing FileYour file for each Mortgage Loan serviced. is deemed to be within your knowledge.

Registered and unregistered trademarks can be found on Fannie Mae’s trademarks website.  You must include the appropriate trademark symbols when using Fannie Mae’s protected words and phrases, and comply with the instructions on the website.