603.02

MBS Mortgage Loans

Requirements

You must ensure the DUS Gateway “Authorization to Close” status is “Authorized” before originating an MBS Mortgage LoanMBS Mortgage LoanMortgage Loan purchased by Fannie Mae in exchange for an issued MBS backed by the Mortgage Loan. for any part of a Credit Facility'sCredit Facility'sStructured Transaction governed by a Master Credit Facility Agreement requiring Mortgage Loans and Properties to be cross-defaulted, and cross-collateralized. initial advance.

Operating Procedures

For MBS Mortgage LoansMBS Mortgage LoansMortgage Loan purchased by Fannie Mae in exchange for an issued MBS backed by the Mortgage Loan. in a Credit FacilityCredit FacilityStructured Transaction governed by a Master Credit Facility Agreement requiring Mortgage Loans and Properties to be cross-defaulted, and cross-collateralized. , you must:

  • comply with the
  • follow the DUS GatewayDUS GatewayMultifamily pre-acquisition system, or any successor systems, recording deal registration, Pre-Review and/or waiver tracking, Mortgage Loan Commitments, and decision records. process to
    • obtain a 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. , and
    • receive an Authorization to Close.
DUS Gateway Process
Steps You must... Multifamily Structured Acquisitions will...
1
  • Select the "Credit Facility Module".
  • Navigate to the "Rate Lock/Commitment" page.
  
2

Within 1 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. after obtaining the 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. , enter and save all 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. data for each MBS Mortgage LoanMBS Mortgage LoanMortgage Loan purchased by Fannie Mae in exchange for an issued MBS backed by the Mortgage Loan. in the Credit Facility'sCredit Facility'sStructured Transaction governed by a Master Credit Facility Agreement requiring Mortgage Loans and Properties to be cross-defaulted, and cross-collateralized. initial advance by:

 

  • identifying the applicable "Loan Option"; and
  • selecting "Log Rate Lock/Commitment".
 Set the "Rate Lock/Commitment" status for each Mortgage LoanMortgage LoanMortgage debt obligation evidenced, or when made will be evidenced, by the Loan Documents, or  a mortgage debt obligation with a Fannie Mae credit enhancement. to "Draft".
3
  • Confirm all 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. data for each MBS Mortgage LoanMBS Mortgage LoanMortgage Loan purchased by Fannie Mae in exchange for an issued MBS backed by the Mortgage Loan. in the Credit Facility'sCredit Facility'sStructured Transaction governed by a Master Credit Facility Agreement requiring Mortgage Loans and Properties to be cross-defaulted, and cross-collateralized. initial advance was correctly entered.
  • Select "Finish Rate Lock/Commitment".
  • Change the "Rate Lock/Commitment" status for each Mortgage LoanMortgage LoanMortgage debt obligation evidenced, or when made will be evidenced, by the Loan Documents, or  a mortgage debt obligation with a Fannie Mae credit enhancement. to:
    • "Accepted", if all validations pass; or
    • "Submitted for Review", if a review is required.
  • For all Mortgage LoansMortgage LoansMortgage debt obligation evidenced, or when made will be evidenced, by the Loan Documents, or  a mortgage debt obligation with a Fannie Mae credit enhancement. "Submitted for Review":
    • change the "Rate Lock/Commitment" status to:
      • "Accepted", if no further action is required; or
      • "Draft", if corrections are required; and
    • notify you via email to revise and resubmit any "Rate Lock/Commitment" with a "Draft" status.
4
  • Identify each "Rate Lock/Commitment" status as
    • "Accepted", or
    • "Draft".
  • Revise and resubmit any Mortgage LoanMortgage LoanMortgage debt obligation evidenced, or when made will be evidenced, by the Loan Documents, or  a mortgage debt obligation with a Fannie Mae credit enhancement. "Rate Lock/Commitment" with a "Draft" status.
 Change the "Rate Lock/Commitment" status to "Accepted" after all validations pass.
5

On the "Final Underwriting" page, for each PropertyPropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). , either:

 

  • upload data for
    • underwriting,
    • underwritten value, and
    • income and expenses; or
  • manually enter the underwriting data.
  
6

On the "Credit Facility Checks" page for each MBS Mortgage LoanMBS Mortgage LoanMortgage Loan purchased by Fannie Mae in exchange for an issued MBS backed by the Mortgage Loan. :

 

  • enter the final "Mortgage Loan Amount";
  • by entering the final "Mortgage Loan Amount", you acknowledge it:
  • if the rate is variable, enter the:
    • "Final Fixed Rate Equivalent Interest Rate";
    • "Final Cap Cost Factor"; and
    • "Final Structured ARM Principal Payment"; and
  • run and save the Credit Facility Checks to:
    • validate the submission; and
    • populate the Credit Facility Underwriting and Disclosure calculations.
  
7

On the "Authorization to Close" page, for each MBS Mortgage LoanMBS Mortgage LoanMortgage Loan purchased by Fannie Mae in exchange for an issued MBS backed by the Mortgage Loan. :

 

  • select your Fannie Mae Seller Number from the dropdown menu;
  • select "Prepare Authorization to Close";
  • review the data;
  • check the "Lender Certification" box; and
  • select "Confirm Authorization to Close".
 Change the "Authorization to Close" status to "Authorized".

Guidance

Once the 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. status is "Accepted", you may print a Commitment Confirmation.

Throughout the process, to resolve any data discrepancies or issues, you may use the Case Management function to request assistance from the

MBS Mortgage LoansMBS Mortgage LoansMortgage Loan purchased by Fannie Mae in exchange for an issued MBS backed by the Mortgage Loan. in a Bulk DeliveryBulk DeliveryStructured Transaction governed by a Bulk Delivery Agreement that allows future: Mortgage Loan additions; and/or Property substitutions. are managed in MSFMSMSFMSMultifamily Structured Facilities Management System performing collateral delivery and securitization functions for Structured Transactions. ; no 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. is required.