Guide Update 26-22
:  Streamlined Treasury Lock
Effective:
Streamlined Treasury Lock (Redline).pdf
Future Clean Version Streamlined Treasury Lock Guide Update - Effective 2026-08-20.pdf
Form 4097 (Redline).xlsx
Future Clean Version Form 4097 - Effective 2026-08-20.xlsx
Multifamily Required Trade Information Form 4097 Job Aid (Redline).pdf
Future Clean Version Multifamily Required Trade Information Form 4097 Job Aid - Effective 2026-08-20.pdf

Primary Audience: Underwriting

HIGHLIGHTS

Effective for Mortgage Loans Registered in DUS Gateway as of August 20, 2026, added a Streamlined Treasury Lock option, allowing you to lock the Index and hold the Investor Spread and Total Credit Fees until you enter into a:

 

  • Streamlined Rate Lock; or
  • standard Rate Lock. 

 

Primary Changes

Updated:

  • Part IV, Chapter 3: Streamlined Rate Lock, adding Section 308: Streamlined Treasury Lock to:
    • include a Streamlined Treasury Lock option allowing the Lender to lock the Index and hold the Investor Spread and Total Credit Fees before entering into a
      • Streamlined Rate Lock, or
      • standard Rate Lock; 
    • specify which Mortgage Loans are ineligible to use the Streamlined Treasury option;
    • establish requirements for obtaining a Streamlined Treasury Lock;
    • specify when the Investor Spread and Total Credit Fees may be adjusted by Fannie Mae before Rate Lock; 
    • add Rate Lock Tolerance requirements for a Mortgage Loan using a Streamlined Treasury Lock;
    • require you to enter into a Streamlined Rate Lock or standard Rate Lock by the Quote Letter expiration date, and state failure to do so results in your being charged a breakage fee equal to the greater of (but not to exceed the Streamlined Treasury Lock Deposit):
      • 0.5% of the Streamlined Treasury Lock amount; or
      • all costs, expenses, and/or losses incurred by Fannie Mae in conjunction with entering into, maintaining, or unwinding hedge positions executed in reliance on the Streamlined Treasury Lock; and
    • the Glossary for the following terms:
      • Gross Note Rate;
      • Index;
      • Investor Spread;
      • Multifamily Pricing Desk;
      • Multifamily Trading Desk; 
      • Streamlined Treasury Lock; and
      • Total Credit Fees;
  • Part IV, Chapter 4: Delivery to:
    • clarify that you may only use the currently published versions of Fannie Mae's standard form Loan Documents;
    • if your warehouse bank requires a bailee letter to finance your origination of the Mortgage Loan, require that you use:
      • for an ASAP+ Delivery or a Cash Mortgage Loan, Bailee Letter (Warehouse Bank) (ASAP+ or Cash Mortgage Loan Purchase) (Form 4214); or
      • for an MBS Mortgage Loan, Bailee Letter (Warehouse Bank) (MBS Mortgage Loan Purchase) (Form 4215); and
    • specify that no additional Delivery tolerance is permitted after you enter into a Rate Lock for a Mortgage Loan that used the Streamlined Treasury Lock option; 
  • the Multifamily Required Trade Information for Cash or MBS Mortgage Loans (Form 4097); and
  • the Multifamily Required Trade Information (Form 4097 Job Aid & Updates).

 

Questions

For questions, please contact: