Section 407
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Requirements
If you anticipate a delivery problem (such as a late DeliveryDeliverySubmission of all correct, accurate, and certifiable documents, data, and information with all applicable documents properly completed, executed, and recorded as needed, and any deficiencies resolved to Fannie Mae’s satisfaction. or a Delivered Mortgage Loan AmountDelivered Mortgage Loan AmountUPB of a Mortgage Loan when it is purchased by Fannie Mae. outside the delivery tolerance), you must contact:
- the Multifamily Trading DeskMultifamily Trading DeskTeam that quotes interest rate pricing for a Mortgage Loan and can be contacted at (888) 889-1118. or the Third Party MBS InvestorThird Party MBS InvestorMBS Investor for an MBS Mortgage Loan that is not the Multifamily Trading Desk. , as applicable;
- Multifamily AcquisitionsMultifamily AcquisitionsTeam that can be contacted at [email protected]. ;
- the Fannie Mae Deal TeamFannie Mae Deal TeamTeam responsible for reviewing Pre-Review Mortgage Loans, waivers, etc. ; and
- for an ASAPASAPVarious As Soon As Pooled purchase options expediting the sale of Mortgage Loans per the applicable ASAP Contracts. transaction, the Capital Markets Early Funding DeskCapital Markets Early Funding DeskTeam that can be contacted for ASAP funding at (866) 944-3863 or [email protected]. .
Operating Procedures
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You are subject to a Bankruptcy Event or are unable to perform your obligations relating to the
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Fannie Mae will
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| 407.02 | |
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Requirements
If you or Fannie Mae determine that the DeliveryDeliverySubmission of all correct, accurate, and certifiable documents, data, and information with all applicable documents properly completed, executed, and recorded as needed, and any deficiencies resolved to Fannie Mae’s satisfaction. deadline cannot be met, 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. must be changed.
Operating Procedures
To change 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. :
Step 1: Fannie Mae will advise you of the earliest available new 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. .
Step 2: You must contact the Third Party MBS InvestorThird Party MBS InvestorMBS Investor for an MBS Mortgage Loan that is not the Multifamily Trading Desk. and establish a
- new 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. , and
- new Rate LockRate LockAgreement between you and the Investor containing the terms of the Lender-Arranged Sale or Multifamily Trading Desk trade of the Mortgage Loan and the MBS terms and conditions relating to the underlying MBS, if applicable, which may be documented via a recorded telephone conversation. expiration date and CommitmentCommitmentContractual agreement between you and Fannie Mae where Fannie Mae agrees to buy a Mortgage Loan at a future date in exchange for an MBS, or at a specific price for a Cash Mortgage Loan, and you agree to Deliver that Mortgage Loan. expiration date (if needed).
Step 3: For CommitmentCommitmentContractual agreement between you and Fannie Mae where Fannie Mae agrees to buy a Mortgage Loan at a future date in exchange for an MBS, or at a specific price for a Cash Mortgage Loan, and you agree to Deliver that Mortgage Loan. changes, you must submit a change request per Part IV, Chapter 3: Streamlined Rate Lock, Section 305: Rate Lock and Commitment Extensions.
Step 4: You must pay any fees and adjustments to the Pass-Through RatePass-Through RateMortgage Loan Gross Note Rate minus the Guaranty Fee, minus the Servicing Fee. for the new 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. .