Review of Mortgage Loan Delivery Package
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.