Section 604

Delivery

604.01

Delivery Process

Requirements

You must complete all 5 steps and submit all required data and documents by 5:00 p.m. Eastern Time, no later than 10 Business DaysBusiness DaysAny 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. before (and not including) the

  • purchase date for Cash Mortgage LoansCash Mortgage LoansMortgage Loan purchased by Fannie Mae in exchange for cash. , or
  • 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. for MBS Mortgage LoansMBS Mortgage LoansMortgage Loan purchased by Fannie Mae in exchange for an issued MBS backed by the Mortgage Loan. .

To DeliverDeliverSubmission 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. the Structured Transaction, comply with the MSFMS Job Aid and follow these 5 steps in order:

Step 1:  Submit Deal Participant and Collateral Data.

Step 2:  Deliver Property and Underwriting Documents.

Step 3:  Submit SARM Loan Interest Rate Cap Data.

Step 4:  Submit Pool and Mortgage Loan Data. 

Step 5:  Deliver Executed Structured Transaction Loan Documents.

Operating Procedures

Step You must...
1

Submit all required deal participant and collateral data in MSFMSMSFMSMultifamily Structured Facilities Management System performing collateral delivery and securitization functions for Structured Transactions. .  On the:

 

  • Deal Participant page, submit data for each
    • BorrowerBorrowerPerson who is the obligor per the Note. ,
    • Key PrincipalKey PrincipalPerson who controls and/or manages the Borrower or the Property, is critical to the successful operation and management of the Borrower and the Property, and/or may be required to provide a Guaranty. ,
    • GuarantorGuarantorKey Principal or other Person executing a Payment Guaranty, Non-Recourse Guaranty, or any other Mortgage Loan guaranty. ,
    • SponsorSponsorPrincipal equity owner and/or primary decision maker of the Borrower (often the Key Principal or the Person Controlling the Key Principal). (which may be the same as the Key PrincipalKey PrincipalPerson who controls and/or manages the Borrower or the Property, is critical to the successful operation and management of the Borrower and the Property, and/or may be required to provide a Guaranty. ), and
    • PrincipalPrincipalPerson who owns or controls specified interests in the Borrower per Part I, Chapter 3: Borrower, Guarantor, Key Principals, and Principals, Section 303: Key Principals, Principals, and Guarantors. ; and
  • Collateral page, submit data 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). , including the rent roll.
2 Deliver Property and Underwriting Documents in Folder II via DUSDUSDelegated Underwriting and Servicing DocWayDocWayBusiness-to-business electronic documentation delivery application, or any successor system. per Part IV, Chapter 4: Delivery, Section 402: Submission when you submit deal participant and collateral data in MSFMSMSFMSMultifamily Structured Facilities Management System performing collateral delivery and securitization functions for Structured Transactions. (Step 1).
3 Submit any SARM Loan Interest Rate Cap Data in MSFMSMSFMSMultifamily Structured Facilities Management System performing collateral delivery and securitization functions for Structured Transactions. .
4

Submit Pool and Mortgage Loan Data:

 

  • For each MBS Mortgage LoanMBS Mortgage LoanMortgage Loan purchased by Fannie Mae in exchange for an issued MBS backed by the Mortgage Loan. you must:
    • Create an MBS PoolMBS PoolMBS Security backed by MBS Mortgage Loans. in MSFMSMSFMSMultifamily Structured Facilities Management System performing collateral delivery and securitization functions for Structured Transactions. .  MSFMSMSFMSMultifamily Structured Facilities Management System performing collateral delivery and securitization functions for Structured Transactions. will assign a Fannie Mae Pool NumberFannie Mae Pool NumberNumber assigned by Fannie Mae identifying an MBS Pool. and CUSIPCUSIPCommittee on Uniform Securities Identification Procedures 9-digit security identification number assigned by Fannie Mae to identify the MBS Pool in the book-entry system. number that uniquely identifies the MBS PoolMBS PoolMBS Security backed by MBS Mortgage Loans. for book-entry purposes.
    • Complete the necessary fields on the MSFMSMSFMSMultifamily Structured Facilities Management System performing collateral delivery and securitization functions for Structured Transactions. “pool” and “loan” pages.
    • Comply with Part IV, Chapter 4: Delivery, Section 405.01: Acceptability and Delivery Tolerance for the Mortgage Loan’sMortgage Loan’sMortgage debt obligation evidenced, or when made will be evidenced, by the Loan Documents, or  a mortgage debt obligation with a Fannie Mae credit enhancement. first scheduled monthly payment date.
    • Ensure your MSFMSMSFMSMultifamily Structured Facilities Management System performing collateral delivery and securitization functions for Structured Transactions. submission includes
      • complete and accurate wiring instructions for the SecuritySecurityMBS, PFP MBS, or REMIC. , and
      • the correct amount to be wired.
    • Address all MSFMSMSFMSMultifamily Structured Facilities Management System performing collateral delivery and securitization functions for Structured Transactions. system business rules by validating the data to identify any errors or discrepancies between the entered data and the allowable terms.
  • For a Cash Mortgage LoanCash Mortgage LoanMortgage Loan purchased by Fannie Mae in exchange for cash. , you must:
    • Comply with Part IV, Chapter 5: Purchase unless this Chapter specifies otherwise.
    • Submit the required data in C&DC&DElectronic committing and delivery system used for issuing and confirming Commitments for acquiring Mortgage Loans, or any such successor system. .
    • Comply with Part IV, Chapter 4: Delivery, except you must not complete the:
      • Collateral page - enter all property, underwriting, and rent roll data in MSFMSMSFMSMultifamily Structured Facilities Management System performing collateral delivery and securitization functions for Structured Transactions. ; or
      • “hedge” tab - enter cap data into MSFMSMSFMSMultifamily Structured Facilities Management System performing collateral delivery and securitization functions for Structured Transactions. .
  • Include the Fannie Mae payee code for your Cash Mortgage LoanCash Mortgage LoanMortgage Loan purchased by Fannie Mae in exchange for cash. proceeds.
5

Coordinate with your counsel and Fannie Mae’s outside counsel to timely DeliverDeliverSubmission 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.

 

  • individual transactions, and
  • fully executed Structured Transaction Loan DocumentsStructured Transaction Loan DocumentsDocuments executed for a Structured Transaction, including a Master Credit Facility or Bulk Delivery Agreement, an Interest Rate Hedge Agreement, and all other required Loan Documents. .

Guidance

On 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. , Fannie Mae will electronically issue and deliver the MBSMBSMortgage-Backed Security through the Federal Reserve book-entry system using

You cannot change the wiring instructions in MSFMSMSFMSMultifamily Structured Facilities Management System performing collateral delivery and securitization functions for Structured Transactions. after the MBSMBSMortgage-Backed Security has been submitted for securitization.

604.02

MSFMS Data Errors

Operating Procedures

To address MSFMSMSFMSMultifamily Structured Facilities Management System performing collateral delivery and securitization functions for Structured Transactions. errors:

Timing Action
Before Submission

If you believe

 

  • the data is correct, or
  • a message is related to information Fannie Mae approved,
    • select the “submit for review” system status, and
    • explain the issue.

 

Multifamily Structured AcquisitionsMultifamily Structured AcquisitionsTeam that can be contacted at [email protected]. will review the submission and will

 

  • override the error, or
  • return it to you to revise and resubmit with a “submitted” status.
After Submission

Email Multifamily Structured AcquisitionsMultifamily Structured AcquisitionsTeam that can be contacted at [email protected]. with the subject line “Deal Name – MSFMS Data Change Request,” if you

 

  • made an error, or
  • believe the data is incorrect after the MSFMSMSFMSMultifamily Structured Facilities Management System performing collateral delivery and securitization functions for Structured Transactions. status is “submitted”.