Section 503

Third Party MBS Investor Delivery Scenarios

Operating Procedures

Delivery to...	Under this scenario...
You or Your Designee	Fannie Mae will deliver the MBSMBSMortgage-Backed Security directly to your account or to your designee through the Federal Reserve book-entry system. You or your designee will deliver the MBSMBSMortgage-Backed Security to the Third Party MBS InvestorThird Party MBS InvestorMBS Investor for an MBS Mortgage Loan that is not the Multifamily Trading Desk. through the Federal Reserve book-entry system. The Federal Reserve simultaneously will credit the Third Party MBS Investor’sThird Party MBS Investor’sMBS Investor for an MBS Mortgage Loan that is not the Multifamily Trading Desk. account with the MBSMBSMortgage-Backed Security , debit the Third Party MBS Investor’sThird Party MBS Investor’sMBS Investor for an MBS Mortgage Loan that is not the Multifamily Trading Desk. account for the purchase amount, and credit your account for the purchase amount.
Third Party MBS Investor	Fannie Mae will deliver the MBSMBSMortgage-Backed Security directly to the Third Party MBS Investor’sThird Party MBS Investor’sMBS Investor for an MBS Mortgage Loan that is not the Multifamily Trading Desk. account per your delivery instructions. When the Third Party MBS InvestorThird Party MBS InvestorMBS Investor for an MBS Mortgage Loan that is not the Multifamily Trading Desk. receives the MBSMBSMortgage-Backed Security , it will wire payment to you per the agreed-upon terms.

Delivery to...

Under this scenario...

You or Your Designee

Fannie Mae will deliver the MBSMBSMortgage-Backed Security directly to your account or to your designee through the Federal Reserve book-entry system.
You or your designee will deliver the MBSMBSMortgage-Backed Security to the Third Party MBS InvestorThird Party MBS InvestorMBS Investor for an MBS Mortgage Loan that is not the Multifamily Trading Desk. through the Federal Reserve book-entry system. The Federal Reserve simultaneously will
- credit the Third Party MBS Investor’sThird Party MBS Investor’sMBS Investor for an MBS Mortgage Loan that is not the Multifamily Trading Desk. account with the MBSMBSMortgage-Backed Security ,
- debit the Third Party MBS Investor’sThird Party MBS Investor’sMBS Investor for an MBS Mortgage Loan that is not the Multifamily Trading Desk. account for the purchase amount, and
- credit your account for the purchase amount.

Third Party MBS Investor

Fannie Mae will deliver the MBSMBSMortgage-Backed Security directly to the Third Party MBS Investor’sThird Party MBS Investor’sMBS Investor for an MBS Mortgage Loan that is not the Multifamily Trading Desk. account per your delivery instructions.
When the Third Party MBS InvestorThird Party MBS InvestorMBS Investor for an MBS Mortgage Loan that is not the Multifamily Trading Desk. receives the MBSMBSMortgage-Backed Security , it will wire payment to you per the agreed-upon terms.