For all Streamlined Rate Lock 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. , the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must:
- comply with all applicable Required PracticesRequired PracticesRequired practices for committing and delivering Mortgage Loans. set forth in Part IV A, Chapter 3: Committing, Section 302: Requirements for Rate Lock and Commitment;
- comply with the Preliminary Streamlined Mortgage Loan Underwriting requirements described in Part IV B, Chapter 2: Streamlined Rate Lock, Section 202: Preliminary Underwriting Requirements; and
- complete full underwriting and update the underwriting documentation for the Streamlined Rate Lock 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. no later than the earlier of (i) the Mortgage Loan Origination DateMortgage Loan Origination DateDate the Lender funds a Mortgage Loan to the Borrower. , or (ii) 90 days after the date on which the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. enters into the Streamlined Rate LockRate LockAgreement between the Lender and the Investor containing the terms of the Lender-Arranged Sale or Multifamily Trading Desk trade of the Mortgage Loan and the MBS terms and conditions relating to the underlying MBS, if applicable, which may be documented via a recorded telephone conversation. .