Section 401 | |
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Requirements
By 10:30 a.m. Eastern Time on the DeliveryDeliverySubmission 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. deadline, you must
- 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. the complete Mortgage Loan Delivery PackageMortgage Loan Delivery PackageLoan Documents and underwriting material required in connection with the Delivery of a Mortgage Loan. to Multifamily Certification and CustodyMultifamily Certification and CustodyTeam responsible for taking custody of and certifying Mortgage Loans that can be contacted at [email protected], (800) 940-4646, or for submissions: Fannie Mae (Multifamily) Certification and Custody 21240 Ridgetop Circle Suite 125-130 Sterling, VA 20166. , and
- submit all required data.
Delivery Deadline | |
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MBS Mortgage Loan |
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Cash Mortgage Loan |
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Guidance
You should 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. 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. before the DeliveryDeliverySubmission 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. deadline to allow time for you to correct any errors Fannie Mae may find.
If you do not meet the DeliveryDeliverySubmission 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. deadline and your delay requires a change in the Rate LockRate LockAgreement between you 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. expiration date, you may be charged a Rate Lock Extension Fee per Part IV, Chapter 2: Rate Lock and Committing, Section 204.03B: Rate Lock Extensions.
Section 402 | |
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Section 403 | |
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Guidance
You may originate 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. with proceeds from a warehouse lender.
Operating Procedures
If the warehouse lender uses a bailee letter to deliver the NoteNoteInstrument evidencing a Mortgage Loan obligation, including Form 6010 series, any other Fannie Mae-approved note, and all applicable addenda, schedules, and exhibits. to Fannie Mae, the letter must be acceptable to Fannie Mae.
Section 404 | |
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Section 405 | |
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Section 406 | |
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Requirements
The Book-Entry DateBook-Entry DateDate a Security is delivered by Fannie Mae via the Federal Reserve book-entry system to the applicable Investor’s designated book-entry account at a depository institution. you choose determines the delivery option.
Delivery Options | |
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Standard Delivery |
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Same Month Pooling |
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ASAP | Per the ASAP ContractASAP ContractASAP Sale Contract, ASAP Plus Contract, and ASAP Plus POC Contract. . |
Operating Procedures
See Part IV, Chapter 5: Purchase, Section 503: Third Party MBS Investor Delivery Scenarios for MBSMBSMortgage-Backed Security delivery and settlement information.
The MBS Delivery Parameters table describes the delivery options.
MBS Delivery Parameters | |||||
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MBS Delivery Options | If Mortgage Loan Origination Date is... | and first loan payment date is... | then Book-Entry Date is... | and MBS Issue Date is... | Additional Requirements |
MBS Standard Delivery | No later than the month before the month the MBSMBSMortgage-Backed Security will be issued (generally may occur on any Business DayBusiness DayAny day other than a Saturday, Sunday, day when Fannie Mae is closed, day when the Federal Reserve Bank of New York is closed, or for any MBS and required remittance withdrawal, day when the Federal Reserve Bank is closed in the district where any of the MBS funds are held. ) | The 1st day of the 2nd month after Mortgage Loan Origination DateMortgage Loan Origination DateDate you fund a Mortgage Loan to the Borrower. | In the month before the 1st loan payment date | Always the 1st of the month in which the Book-Entry DateBook-Entry DateDate a Security is delivered by Fannie Mae via the Federal Reserve book-entry system to the applicable Investor’s designated book-entry account at a depository institution. occurs | N/A |
Example | 1/15 | 3/1 | 2/20 | 2/1 | N/A |
MBS Same Month Pooling Delivery: Scenario 1 | The 1st of the month | The 1st day of the month after Mortgage Loan Origination DateMortgage Loan Origination DateDate you fund a Mortgage Loan to the Borrower. | In the same month as Mortgage Loan Origination DateMortgage Loan Origination DateDate you fund a Mortgage Loan to the Borrower. | Always the 1st of the month in which the Book-Entry DateBook-Entry DateDate a Security is delivered by Fannie Mae via the Federal Reserve book-entry system to the applicable Investor’s designated book-entry account at a depository institution. occurs | N/A |
Example | 1/1 | 2/1 | 1/25 | 1/1 | N/A |
MBS Same Month Pooling Delivery: Scenario 2 | A day other than the 1st of the month | The 1st day of the 2nd month after Mortgage Loan Origination DateMortgage Loan Origination DateDate you fund a Mortgage Loan to the Borrower. | In the same month as Mortgage Loan Origination DateMortgage Loan Origination DateDate you fund a Mortgage Loan to the Borrower. | Always the 1st of the month in which the Book-Entry DateBook-Entry DateDate a Security is delivered by Fannie Mae via the Federal Reserve book-entry system to the applicable Investor’s designated book-entry account at a depository institution. occurs | Interest only payment is due to the MBS InvestorMBS InvestorFor MBS Mortgage Loans, either a Third Party MBS Investor for Lender-Arranged Sales, or the Multifamily Trading Desk. in the month before the 1st loan payment date |
Example | 1/5 | 3/1 | 1/25 | 1/1 | Interest payment paid to MBS InvestorMBS InvestorFor MBS Mortgage Loans, either a Third Party MBS Investor for Lender-Arranged Sales, or the Multifamily Trading Desk. 2/25 |
Section 407 | |
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Section 408 | |
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Requirements
Neither you nor the BorrowerBorrowerPerson who is the obligor per the Note. may profit from a failed DeliveryDeliverySubmission 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. .
Operating Procedure
Fannie Mae may take certain actions if 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. DeliveryDeliverySubmission 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.
- does not occur by the DeliveryDeliverySubmission 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. deadline, and
- this failure results in Fannie Mae being unable to
- settle the MBSMBSMortgage-Backed Security by the Rate LockRate LockAgreement between you 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. expiration date for an MBS Mortgage LoanMBS Mortgage LoanMortgage Loan purchased by Fannie Mae in exchange for an issued MBS backed by the Mortgage Loan. , or
- purchase 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. by the earlier of the Rate LockRate LockAgreement between you 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. expiration date or the CommitmentCommitmentContractual agreement between you and Fannie Mae where Fannie Mae agrees to buy a Mortgage Loan at a future date in exchange for an MBS, or at a specific price for a Cash Mortgage Loan, and you agree to Deliver that Mortgage Loan. expiration date for a Cash Mortgage LoanCash Mortgage LoanMortgage Loan purchased by Fannie Mae in exchange for cash. .
For MBS or Cash Trades... | If you fail to Deliver the Mortgage Loan... |
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With the Multifamily Trading Desk |
Fannie Mae will:
This remedy will occur
If the Rate Lock PeriodRate Lock PeriodTime from Rate Lock execution through the Settlement Date. is more than 180 days, the Fannie Mae Multifamily Trading DeskMultifamily Trading DeskTeam that quotes interest rate pricing for a Mortgage Loan and can be contacted at (888) 889-1118. will determine any additional remedies at the time of Rate LockRate LockAgreement between you 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. . |
For Lender-Arranged Sales |
You must:
If Fannie Mae does not purchase 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. , 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. documents will be returned to you or to an applicable warehouse lender. |