Chapter 5
| Section 501 | |
|
|
|
| 501.01 | |
|
|
|
The Document Delivery FacilityDocument Delivery FacilityTeam responsible for taking custody of and certifying Mortgage Loans that can be contacted at [email protected] or (800) 940-4646. is Fannie Mae’s document custodian responsible for holding the original NoteNoteCurrent instrument evidencing a Mortgage Loan obligation, including Form 6010 (series), any other note approved by Fannie Mae, and all applicable addenda, schedules, and exhibits. and the originals or copies of all other documents required to be included in the Mortgage Loan Delivery PackageMortgage Loan Delivery PackageLoan Documents and underwriting material required in connection with the Delivery of a Mortgage Loan. . Fannie Mae may appoint or assign a different document custodian from time to time to serve this function.
| 501.02 | |
|
|
|
The LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must deliver the complete Mortgage Loan Delivery PackageMortgage Loan Delivery PackageLoan Documents and underwriting material required in connection with the Delivery of a Mortgage Loan. to the Document Delivery FacilityDocument Delivery FacilityTeam responsible for taking custody of and certifying Mortgage Loans that can be contacted at [email protected] or (800) 940-4646. on or before the Delivery DeadlineDelivery DeadlinePer Part IV A: Mortgage Loan Commitment, Delivery and Purchase Procedures, Section 401 for the Delivery of a Mortgage Loan for purchase. , as more particularly described in Part IV A, Chapter 4: Delivery Procedures – Data, Section 401: General. It is recommended that the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. deliver the Mortgage Loan Delivery PackageMortgage Loan Delivery PackageLoan Documents and underwriting material required in connection with the Delivery of a Mortgage Loan. in advance of the Delivery DeadlineDelivery DeadlinePer Part IV A: Mortgage Loan Commitment, Delivery and Purchase Procedures, Section 401 for the Delivery of a Mortgage Loan for purchase. to allow time to correct any deficiencies Fannie Mae may find. Failure to meet the Delivery DeadlineDelivery DeadlinePer Part IV A: Mortgage Loan Commitment, Delivery and Purchase Procedures, Section 401 for the Delivery of a Mortgage Loan for purchase. may subject the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. to the provisions of Part IV A, Chapter 4: Delivery Procedures – Data, Section 401: General and Part IV A, Chapter 5: Delivery Procedures – Documents, Section 501.05: Failure to Deliver: Return of Package.
For a 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 be considered delivered on a given Business DayBusiness DayAny day other than a Saturday, Sunday, day on which Fannie Mae is closed, day on which the Federal Reserve Bank of New York is closed, or for any MBS and any required withdrawal for remittance thereunder, a day on which the Federal Reserve Bank is closed in the district where any…, the Document Delivery FacilityDocument Delivery FacilityTeam responsible for taking custody of and certifying Mortgage Loans that can be contacted at [email protected] or (800) 940-4646. must be in possession of the Mortgage Loan Delivery PackageMortgage Loan Delivery PackageLoan Documents and underwriting material required in connection with the Delivery of a Mortgage Loan. by 10:30 a.m. Eastern Time that day. Fannie Mae will certify a 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. for purchase on a given Business DayBusiness DayAny day other than a Saturday, Sunday, day on which Fannie Mae is closed, day on which the Federal Reserve Bank of New York is closed, or for any MBS and any required withdrawal for remittance thereunder, a day on which the Federal Reserve Bank is closed in the district where any… only if the Mortgage Loan Delivery PackageMortgage Loan Delivery PackageLoan Documents and underwriting material required in connection with the Delivery of a Mortgage Loan. and all required C&DC&DElectronic committing and delivery system used for issuing and confirming Commitments for acquiring Mortgage Loans, or any such successor system. data have been submitted by 10:30 a.m. Eastern Time on such day.
If the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. ’s failure to meet the Delivery DeadlineDelivery DeadlinePer Part IV A: Mortgage Loan Commitment, Delivery and Purchase Procedures, Section 401 for the Delivery of a Mortgage Loan for purchase. requires a change in the Settlement DateSettlement DateCalendar date 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. , the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. may be charged a Rate Lock Extension Fee.
| 501.02B | |
|
|
|
The LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must submit Folder I (as described in the Multifamily Mortgage Loan Delivery Package Table of ContentsMultifamily Mortgage Loan Delivery Package Table of ContentsForm 6502 or another Fannie Mae-approved Table of Contents for a Mortgage Loan Delivery Package. ) to the Document Delivery FacilityDocument Delivery FacilityTeam responsible for taking custody of and certifying Mortgage Loans that can be contacted at [email protected] or (800) 940-4646. at the following address:
Fannie Mae (Multifamily)
New Loan Submission
13150 Worldgate Drive
Herndon, VA 22070.
Folder II (as described in the Multifamily Mortgage Loan Delivery Package Table of ContentsMultifamily Mortgage Loan Delivery Package Table of ContentsForm 6502 or another Fannie Mae-approved Table of Contents for a Mortgage Loan Delivery Package. ) must be submitted electronically via DocWayDocWayBusiness-to-business electronic documentation delivery application, or any successor system. .
| 501.02C | |
|
|
|
The Mortgage Loan Delivery PackageMortgage Loan Delivery PackageLoan Documents and underwriting material required in connection with the Delivery of a Mortgage Loan. must include all documents required in Part IV A, Chapter 5: Delivery Procedures – Documents, Section 502: The Mortgage Loan Delivery Package Contents.
For MBS Mortgage LoansMBS Mortgage LoansMortgage Loan purchased by Fannie Mae in exchange for an issued MBS backed by the Mortgage Loan. , if there is more than 1 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. per MBS PoolMBS PoolMBS Security backed by MBS Mortgage Loans. , the Mortgage Loan Delivery PackageMortgage Loan Delivery PackageLoan Documents and underwriting material required in connection with the Delivery of a Mortgage Loan. must be in the same numerical order as the C&DC&DElectronic committing and delivery system used for issuing and confirming Commitments for acquiring Mortgage Loans, or any such successor system. data submission. If the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. is using more than 1 overnight courier envelope or container to deliver a 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. (or 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. ) to Fannie Mae, the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must label each envelope or container as follows:
- For MBS PoolsMBS PoolsMBS Security backed by MBS Mortgage Loans. consisting of more than 1 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. , 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. should be grouped as 1 package, inclusive of 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. within the MBS PoolMBS PoolMBS Security backed by MBS Mortgage Loans. , labeled according to how many envelopes or containers are submitted with the Loan DocumentsLoan DocumentsAll documents evidencing, securing, or guaranteeing the debt obligation executed for a Mortgage Loan and approved by Fannie Mae. , such as “1 of 4, MBS PoolMBS PoolMBS Security backed by MBS Mortgage Loans. #_____,” “2 of 4, MBS PoolMBS PoolMBS Security backed by MBS Mortgage Loans. #_____,” etc.
- For DeliveriesDeliveriesMeeting all of the data delivery requirements in , and submitting an acceptable Mortgage Loan Delivery Package per Part IV A: Mortgage Loan Commitment, Delivery and Purchase Procedures, Chapter 5. A Mortgage Loan is “Delivered,” when all documents, data, and information are correct, accurate, and… consisting of 1 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. , the Mortgage Loan Delivery PackageMortgage Loan Delivery PackageLoan Documents and underwriting material required in connection with the Delivery of a Mortgage Loan. should also be labeled according to how many envelopes or containers are submitted with the Loan DocumentsLoan DocumentsAll documents evidencing, securing, or guaranteeing the debt obligation executed for a Mortgage Loan and approved by Fannie Mae. , such as, “1 of 2,” “2 of 2.”
The LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. may originate the 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. with proceeds from a warehouse lender. If the warehouse lender submits the NoteNoteCurrent instrument evidencing a Mortgage Loan obligation, including Form 6010 (series), any other note approved by Fannie Mae, and all applicable addenda, schedules, and exhibits. to Fannie Mae pursuant to a bailee letter, the bailee letter must be acceptable to Fannie Mae.
Upon receipt of the Mortgage Loan Delivery PackageMortgage Loan Delivery PackageLoan Documents and underwriting material required in connection with the Delivery of a Mortgage Loan. (including the Folder II DocWayDocWayBusiness-to-business electronic documentation delivery application, or any successor system. submission) and the data required in Part IV A, Chapter 4: Delivery Procedures – Data, Fannie Mae will review the documents to verify that:
- the Loan DocumentsLoan DocumentsAll documents evidencing, securing, or guaranteeing the debt obligation executed for a Mortgage Loan and approved by Fannie Mae. submitted are consistent with the 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 the CommitmentCommitmentContractual agreement between Fannie Mae and the Lender where Fannie Mae agrees to buy a Mortgage Loan from the Lender at a future date in exchange for an MBS, or at a specific price for a Cash Mortgage Loan, and the Lender agrees to Deliver that Mortgage Loan to Fannie Mae. , and have been endorsed or assigned to Fannie Mae;
- a title insurance policy covering the 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. has been issued in accordance with the provisions of Part II, Chapter 3: Legal Compliance, Section 304: Title Insurance (the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. may submit the title policy with blanks for the recording information but a final completed title policy with recordation information must be delivered to the Document Delivery FacilityDocument Delivery FacilityTeam responsible for taking custody of and certifying Mortgage Loans that can be contacted at [email protected] or (800) 940-4646. no later than 6 months following the Mortgage Loan Origination DateMortgage Loan Origination DateDate the Lender funds a Mortgage Loan to the Borrower. ); and
- all other required documents have been submitted.
If the Mortgage Loan Delivery PackageMortgage Loan Delivery PackageLoan Documents and underwriting material required in connection with the Delivery of a Mortgage Loan. is incomplete or has errors, Fannie Mae may, in addition to any other remedy or corrective action it is entitled to take under the Lender ContractLender ContractProgram Documents per the Mortgage Selling and Servicing Agreement. , impose fees for noncompliance.
Fannie Mae may take any of the following actions if the 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. DeliveryDeliveryMeeting all of the data delivery requirements in , and submitting an acceptable Mortgage Loan Delivery Package per Part IV A: Mortgage Loan Commitment, Delivery and Purchase Procedures, Chapter 5. A Mortgage Loan is “Delivered,” when all documents, data, and information are correct, accurate, and… fails to occur on or before the Delivery DeadlineDelivery DeadlinePer Part IV A: Mortgage Loan Commitment, Delivery and Purchase Procedures, Section 401 for the Delivery of a Mortgage Loan for purchase. and such failure results in the inability of Fannie Mae to (i) for an MBS Mortgage LoanMBS Mortgage LoanMortgage Loan purchased by Fannie Mae in exchange for an issued MBS backed by the Mortgage Loan. , settle the MBSMBSMortgage-Backed Security by the Settlement DateSettlement DateCalendar date 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. , or (ii) for a Cash Mortgage LoanCash Mortgage LoanMortgage Loan purchased by Fannie Mae in exchange for cash. , purchase the 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. by the earlier of the Settlement DateSettlement DateCalendar date 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. and the Commitment Expiration DateCommitment Expiration DateDate when a Commitment expires. .
If the failed DeliveryDeliveryMeeting all of the data delivery requirements in , and submitting an acceptable Mortgage Loan Delivery Package per Part IV A: Mortgage Loan Commitment, Delivery and Purchase Procedures, Chapter 5. A Mortgage Loan is “Delivered,” when all documents, data, and information are correct, accurate, and… occurs in connection with a Multifamily Trading DeskMultifamily Trading DeskTeam that quotes interest rate pricing for a Mortgage Loan and can be contacted at (888) 889-1118. trade (MBSMBSMortgage-Backed Security or cash), then after the earlier of the Settlement DateSettlement DateCalendar date 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. and the Commitment Expiration DateCommitment Expiration DateDate when a Commitment expires. but not sooner than the second Business DayBusiness DayAny day other than a Saturday, Sunday, day on which Fannie Mae is closed, day on which the Federal Reserve Bank of New York is closed, or for any MBS and any required withdrawal for remittance thereunder, a day on which the Federal Reserve Bank is closed in the district where any… following notice of default to the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. , Fannie Mae will draft an amount equal to the Minimum Good Faith DepositMinimum Good Faith DepositAmount you are required to collect when originating a Mortgage Loan per Part IV A: Mortgage Loan Commitment, Delivery and Purchase Procedures, Section 304. from the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. ’s account and retain it as liquidated damages in full satisfaction of the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. ’s obligations under the Rate LockRate LockAgreement between the Lender 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. and the CommitmentCommitmentContractual agreement between Fannie Mae and the Lender where Fannie Mae agrees to buy a Mortgage Loan from the Lender at a future date in exchange for an MBS, or at a specific price for a Cash Mortgage Loan, and the Lender agrees to Deliver that Mortgage Loan to Fannie Mae. . Except as provided here, the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. will not be responsible for damages in excess of the Minimum Good Faith DepositMinimum Good Faith DepositAmount you are required to collect when originating a Mortgage Loan per Part IV A: Mortgage Loan Commitment, Delivery and Purchase Procedures, Section 304. , which shall be Fannie Mae’s sole remedy. For 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. with a Rate Lock PeriodRate Lock PeriodTime from Rate Lock execution through the Settlement Date. longer than 180 days, Fannie Mae’s additional remedies, if any, for a failed DeliveryDeliveryMeeting all of the data delivery requirements in , and submitting an acceptable Mortgage Loan Delivery Package per Part IV A: Mortgage Loan Commitment, Delivery and Purchase Procedures, Chapter 5. A Mortgage Loan is “Delivered,” when all documents, data, and information are correct, accurate, and… will be determined by the Multifamily Trading DeskMultifamily Trading DeskTeam that quotes interest rate pricing for a Mortgage Loan and can be contacted at (888) 889-1118. at the time of Rate LockRate LockAgreement between the Lender 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. .
If the failed DeliveryDeliveryMeeting all of the data delivery requirements in , and submitting an acceptable Mortgage Loan Delivery Package per Part IV A: Mortgage Loan Commitment, Delivery and Purchase Procedures, Chapter 5. A Mortgage Loan is “Delivered,” when all documents, data, and information are correct, accurate, and… occurs in connection with a Lender-Arranged SaleLender-Arranged SaleMBS sold to the Lender and held on its balance sheet or delivered to a Third Party MBS Investor. , the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. shall comply with the requirements of the Third Party MBS InvestorThird Party MBS InvestorMBS Investor for an MBS Mortgage Loan that is not the Multifamily Trading Desk. .
The LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. shall indemnify, hold harmless, and defend Fannie Mae from and against all actions, suits, claims, proceedings, orders, damages, penalties, and costs arising from the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. ’s failure to comply with any Third Party MBS InvestorThird Party MBS InvestorMBS Investor for an MBS Mortgage Loan that is not the Multifamily Trading Desk. requirements.
The LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. is obligated to the InvestorInvestorMBS Investor for an MBS Mortgage Loan, or Fannie Mae for a Cash Mortgage Loan. for any breakage fees whether or not it collects the Good Faith DepositGood Faith DepositAs defined in Part IV A: Mortgage Loan Commitment, Delivery and Purchase Procedures, Section 304. from the BorrowerBorrowerPerson who is the obligor under the Note..
If Fannie Mae does not purchase the 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. , the 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. documents will be returned to the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. (or to a warehouse lender if a warehouse lender submitted the NoteNoteCurrent instrument evidencing a Mortgage Loan obligation, including Form 6010 (series), any other note approved by Fannie Mae, and all applicable addenda, schedules, and exhibits. to Fannie Mae pursuant to a bailee letter).
| Section 502 | |
|
|
|
The 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. must be documented on Fannie Mae’s standard form multifamily Loan DocumentsLoan DocumentsAll documents evidencing, securing, or guaranteeing the debt obligation executed for a Mortgage Loan and approved by Fannie Mae. , as found at www.fanniemae.com/multifamily, and may be modified only as permitted by the GuideGuideMultifamily Selling and Servicing Guide and Delegated Underwriting and Servicing Guide, including any exhibits, appendices, or other referenced forms, as updated, amended, restated, modified, or supplemented by any lender memo; provided, however, if a topic is covered in the Multifamily Selling and… or as otherwise approved or directed by Fannie Mae. Any Loan DocumentLoan DocumentAll documents evidencing, securing, or guaranteeing the debt obligation executed for a Mortgage Loan and approved by Fannie Mae. (including any Schedule or Exhibit) that the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. has modified from the published Fannie Mae form must be delivered in a version marked to show all changes incorporated into the final signed documents.
The Multifamily Mortgage Loan Delivery Package Table of Contents (Form 6502) must list all Loan DocumentsLoan DocumentsAll documents evidencing, securing, or guaranteeing the debt obligation executed for a Mortgage Loan and approved by Fannie Mae. included in the Mortgage Loan Delivery PackageMortgage Loan Delivery PackageLoan Documents and underwriting material required in connection with the Delivery of a Mortgage Loan. . All appropriate boxes must be checked, and all other documents executed in connection with the 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. must be listed in Form 6502.
Folder I of the Mortgage Loan Delivery PackageMortgage Loan Delivery PackageLoan Documents and underwriting material required in connection with the Delivery of a Mortgage Loan. must contain all closing documents and must be delivered to Fannie Mae in legal-sized accordion folders marked with the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. name, CommitmentCommitmentContractual agreement between Fannie Mae and the Lender where Fannie Mae agrees to buy a Mortgage Loan from the Lender at a future date in exchange for an MBS, or at a specific price for a Cash Mortgage Loan, and the Lender agrees to Deliver that Mortgage Loan to Fannie Mae. number, and PropertyPropertyMultifamily residential property securing the Mortgage Loan and including the land (or Leasehold interest in land), Improvements, and personal property (as defined in the Uniform Commercial Code). name. All documents in Folder I must be held together by binder clips or paperclips. Folder I may not contain any loose documents or any documents that are stapled or held together by a rubber band. All documents in Folder I will be held by Fannie Mae until the Maturity DateMaturity DateDate all amounts due and owing under the Mortgage Loan become fully due and payable per the Loan Documents. or earlier disposition or prepayment of the 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. .
Folder II of the Mortgage Loan Delivery PackageMortgage Loan Delivery PackageLoan Documents and underwriting material required in connection with the Delivery of a Mortgage Loan. is comprised of the documents or data that must be delivered to Fannie Mae electronically.
The Multifamily Mortgage Loan Delivery Package Table of ContentsMultifamily Mortgage Loan Delivery Package Table of ContentsForm 6502 or another Fannie Mae-approved Table of Contents for a Mortgage Loan Delivery Package. for Folder I must be included in the front of each folder.
| 502.03 | |
|
|
|
From time to time, Fannie Mae may purchase a Participation InterestParticipation InterestUndivided interest in a Mortgage Loan specified in the participation certificate consisting of the specified percentage of the principal (and a like percentage of all rights and benefits of the seller of such Participation Interest in any collateral or guaranty securing the Mortgage Loan), together… in a 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. . If the Participation InterestParticipation InterestUndivided interest in a Mortgage Loan specified in the participation certificate consisting of the specified percentage of the principal (and a like percentage of all rights and benefits of the seller of such Participation Interest in any collateral or guaranty securing the Mortgage Loan), together… is in certificated form, the original certificate of participation or other evidence of the Participation InterestParticipation InterestUndivided interest in a Mortgage Loan specified in the participation certificate consisting of the specified percentage of the principal (and a like percentage of all rights and benefits of the seller of such Participation Interest in any collateral or guaranty securing the Mortgage Loan), together…, made in favor of Fannie Mae or accompanied by an assignment of the Participation InterestParticipation InterestUndivided interest in a Mortgage Loan specified in the participation certificate consisting of the specified percentage of the principal (and a like percentage of all rights and benefits of the seller of such Participation Interest in any collateral or guaranty securing the Mortgage Loan), together… to Fannie Mae, must be delivered to Fannie Mae. If the Participation InterestParticipation InterestUndivided interest in a Mortgage Loan specified in the participation certificate consisting of the specified percentage of the principal (and a like percentage of all rights and benefits of the seller of such Participation Interest in any collateral or guaranty securing the Mortgage Loan), together… is not in certificated form, original documentation must be delivered to Fannie Mae evidencing conveyance of the Participation InterestParticipation InterestUndivided interest in a Mortgage Loan specified in the participation certificate consisting of the specified percentage of the principal (and a like percentage of all rights and benefits of the seller of such Participation Interest in any collateral or guaranty securing the Mortgage Loan), together… to Fannie Mae in accordance with the terms of the instruments establishing the Participation InterestParticipation InterestUndivided interest in a Mortgage Loan specified in the participation certificate consisting of the specified percentage of the principal (and a like percentage of all rights and benefits of the seller of such Participation Interest in any collateral or guaranty securing the Mortgage Loan), together…. The LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must also deliver to Fannie Mae, for any Participation InterestParticipation InterestUndivided interest in a Mortgage Loan specified in the participation certificate consisting of the specified percentage of the principal (and a like percentage of all rights and benefits of the seller of such Participation Interest in any collateral or guaranty securing the Mortgage Loan), together…, the items listed in the Multifamily Mortgage Loan Delivery Package Table of ContentsMultifamily Mortgage Loan Delivery Package Table of ContentsForm 6502 or another Fannie Mae-approved Table of Contents for a Mortgage Loan Delivery Package. for the underlying 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. .
| 502.04 | |
|
|
|
For 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. that are intended to be funded under 1 of the ASAP OptionsASAP OptionsASAP Sale and ASAP Plus (including ASAP Plus POC) purchase options per Part IV A: Mortgage Loan Commitment, Delivery and Purchase Procedures, Section 306. , the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must refer to the applicable ASAP ContractASAP ContractASAP Sale Contract, the ASAP Plus Contract, and the ASAP Plus POC Contract. for any ASAPASAPVarious purchase options permitting eligible Lenders to sell Mortgage Loans to Fannie Mae on an expedited basis pursuant to the applicable ASAP Contracts. -specific delivery requirements.