Section 406
MBS Delivery Options
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 | |
|---|---|
| Standard Delivery |
|
| Same Month Pooling |
|
| 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 | |||||
|---|---|---|---|---|---|
| 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, a 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 |