404.02
Wiring Payee Codes
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.