Section 404
| 404.01 | |
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Requirements
You must accurately complete all wiring instructions in C&DC&DElectronic committing and delivery system used for issuing and confirming Commitments for acquiring Mortgage Loans, or any such successor system. .
Operating Procedures
Fannie Mae will wire the funds or MBSMBSMortgage-Backed Security per the C&DC&DElectronic committing and delivery system used for issuing and confirming Commitments for acquiring Mortgage Loans, or any such successor system. instructions. If there is a conflict between the C&DC&DElectronic committing and delivery system used for issuing and confirming Commitments for acquiring Mortgage Loans, or any such successor system. instructions and any bailee letter from your warehouse lender, then you must submit a change request in C&DC&DElectronic committing and delivery system used for issuing and confirming Commitments for acquiring Mortgage Loans, or any such successor system. .
| 404.02 | |
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Requirements
If you request, Fannie Mae will assign wire transfer payee codes for your Cash Mortgage LoanCash Mortgage LoanMortgage Loan purchased by Fannie Mae in exchange for cash. proceeds. You must
- request a separate payee code for each account to which Fannie Mae will send funds, and
- enter the applicable payee code in C&DC&DElectronic committing and delivery system used for issuing and confirming Commitments for acquiring Mortgage Loans, or any such successor system. .
Operating Procedures
Each payee code will be associated with a specific account and financial institution. You may not transfer codes between your accounts or with other LendersLendersPerson Fannie Mae approved to sell or service Mortgage Loans. .
See Seller’s Designation of Wire Transfers Instructions (Form 482) and Certificate of Authority, Incumbency, and Specimen Signatures (Form 360) for payee code information.