Section 403

Warehouse Lender

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 note approved by Fannie Mae, and all applicable addenda, schedules, and exhibits. to Fannie Mae, the letter must be acceptable to Fannie Mae.