603.01
Generally
Requirements
You must certify that all data submitted is accurate and fairly represents the terms of
- the 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. for the requested CommitmentsCommitmentsContractual 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
- any associated MBSMBSMortgage-Backed Security.
Operating Procedures
You must:
- comply with Part IV, Chapter 2: Rate Lock and Committing, Section 201: Pre-Commitment; and
- obtain a 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. 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. in the Structured Transaction per
- Part IV, Chapter 2: Rate Lock and Committing, Section 202: Obtaining a Rate Lock, and
- the Structured Transaction ApprovalStructured Transaction ApprovalFannie Mae approval of a Structured Transaction outlining the terms, conditions, pricing, and fees..