Section 604

Delivery

604.01

Delivery Process

Requirements

You must:

  • complete all steps in the Structured Transaction Delivery Process; 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 a Cash Mortgage LoanCash Mortgage LoanMortgage 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 an MBS Mortgage LoanMBS Mortgage LoanMortgage Loan purchased by Fannie Mae in exchange for an issued MBS backed by the Mortgage Loan..

Operating Procedures

Structured Transaction Delivery Process
For a... To Deliver the Mortgage Loan, you must…
Credit Facility MBS Mortgage Loan

 

Step 1:    Submit 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./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 obtain Authorization to Close per Part IV, Chapter 6: Structured Transactions, Section 603.02: MBS Mortgage Loans.


Step 2:    Submit the Fees for approval.


Step 3:    Enter the Deal Participant, Collateral, Loan, Pool and/or Hedge Data.


Step 4:    Submit the Pool for securitization.


Step 5:    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 Property and Underwriting Documents.
Credit Facility Cash Mortgage Loan
  • unless this Chapter specifies otherwise, comply with
  • 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.; and
  • use MSFMSMSFMSMultifamily Structured Facilities Management System used, for Mortgage Loans in a Bulk Delivery, to submit Mortgage Loan and Property data for: Delivery and securitization; and any Property substitution occurring after the Mortgage Loan Origination Date. to complete the: 
    • Collateral page, entering all data for the
      • PropertyPropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code).,
      • underwriting, and
      • rent roll; and
  • “Hedge” page, entering all Interest Rate CapInterest Rate CapInterest rate agreement between the Borrower and a provider for which the Borrower receives payments at the end of each period when the interest rate exceeds the Cap Strike Rate.  The Interest Rate Cap provides a ceiling (or cap) on the Borrower's Mortgage Loan interest payments. data.
Bulk Delivery MBS Mortgage Loan
  • comply with the MSFMS Job Aid; and
  • complete all of the following applicable steps in this order:

 

Step 1:    Submit the Deal Participant and Collateral Data. 


Step 2:    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 Property and Underwriting Documents.


Step 3:    Submit the SARM Loan Interest Rate Cap Data.


Step 4:    Submit the Pool and Mortgage Loan Data.


Step 5:    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 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..
Bulk Delivery Cash Mortgage Loan
  • unless this Chapter specifies otherwise, comply with
  • 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.; 
  • use MSFMSMSFMSMultifamily Structured Facilities Management System used, for Mortgage Loans in a Bulk Delivery, to submit Mortgage Loan and Property data for: Delivery and securitization; and any Property substitution occurring after the Mortgage Loan Origination Date. to complete the
    • Collateral page, entering all data for the
      • PropertyPropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code).,
      • underwriting, and
      • rent roll; and
  • “Hedge” page, entering all Interest Rate CapInterest Rate CapInterest rate agreement between the Borrower and a provider for which the Borrower receives payments at the end of each period when the interest rate exceeds the Cap Strike Rate.  The Interest Rate Cap provides a ceiling (or cap) on the Borrower's Mortgage Loan interest payments. data.

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

604.02

MSFMS Data Errors

Operating Procedures

To address MSFMSMSFMSMultifamily Structured Facilities Management System used, for Mortgage Loans in a Bulk Delivery, to submit Mortgage Loan and Property data for: Delivery and securitization; and any Property substitution occurring after the Mortgage Loan Origination Date. 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 used, for Mortgage Loans in a Bulk Delivery, to submit Mortgage Loan and Property data for: Delivery and securitization; and any Property substitution occurring after the Mortgage Loan Origination Date. status is “submitted”.