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, 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 |