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