Chapter 6
| Section 601 | |
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| 601.01 | |
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To clear 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, Fannie Mae must first evaluate and confirm 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. data and the Mortgage Loan Delivery PackageMortgage Loan Delivery PackageLoan Documents and underwriting material required in connection with the Delivery of a Mortgage Loan.. To give Fannie Mae the time required to complete its review and to timely 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 LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must complete 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… 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. by 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 follows:
- For an MBS Mortgage LoanMBS Mortgage LoanMortgage Loan purchased by Fannie Mae in exchange for an issued MBS backed by the Mortgage Loan.:
- The LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must complete 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… no later than 7 Business DaysBusiness DaysAny 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… prior to (and not including) the scheduled Book-Entry DateBook-Entry 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..
- Fannie Mae will 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. on the Book-Entry DateBook-Entry 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. by wiring the MBSMBSMortgage-Backed Security via the Federal Reserve book-entry system pursuant to the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans.’s wiring instructions submitted in C&DC&DElectronic committing and delivery system used for issuing and confirming Commitments for acquiring Mortgage Loans, or any such successor system..
- For a Cash Mortgage LoanCash Mortgage LoanMortgage Loan purchased by Fannie Mae in exchange for cash.:
- The LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must complete 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… no later than 3 Business DaysBusiness DaysAny 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… prior to (and not including) 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..
- The LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. may request that Fannie Mae 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. prior to the Commitment Expiration DateCommitment Expiration DateDate when a Commitment expires. if Fannie Mae receives the complete 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… 3 Business DaysBusiness DaysAny 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… prior to (and not including) the requested purchase date.
- Fannie Mae will 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 wiring the purchase amount via the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans.’s wiring instructions submitted in C&DC&DElectronic committing and delivery system used for issuing and confirming Commitments for acquiring Mortgage Loans, or any such successor system..
| 601.02 | |
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After Fannie Mae has purchased 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., C&DC&DElectronic committing and delivery system used for issuing and confirming Commitments for acquiring Mortgage Loans, or any such successor system. will reflect 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. status as “purchased” for Cash Mortgage LoansCash Mortgage LoansMortgage Loan purchased by Fannie Mae in exchange for cash. and as “active issue” for MBS Mortgage LoansMBS Mortgage LoansMortgage Loan purchased by Fannie Mae in exchange for an issued MBS backed by the Mortgage Loan..
| 601.03 | |
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For an MBS Mortgage LoanMBS Mortgage LoanMortgage Loan purchased by Fannie Mae in exchange for an issued MBS backed by the Mortgage Loan., the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. will receive the Loan NumberLoan Number10-digit number assigned by Fannie Mae to each Mortgage Loan. through C&DC&DElectronic committing and delivery system used for issuing and confirming Commitments for acquiring Mortgage Loans, or any such successor system. after Fannie Mae closes the MBS PoolMBS PoolMBS Security backed by MBS Mortgage Loans.. For a Cash Mortgage LoanCash Mortgage LoanMortgage Loan purchased by Fannie Mae in exchange for cash., the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. will receive a Loan NumberLoan Number10-digit number assigned by Fannie Mae to each Mortgage Loan. through C&DC&DElectronic committing and delivery system used for issuing and confirming Commitments for acquiring Mortgage Loans, or any such successor system. after the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. submits 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. data. The LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must reference this Loan NumberLoan Number10-digit number assigned by Fannie Mae to each Mortgage Loan. in all future communications with Fannie Mae involving 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..
| Section 602 | |
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The purchase amount to be paid by Fannie Mae 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. will be based on the price (expressed as a percentage) that is stated in 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. multiplied by the UPBUPBUnpaid Principal Balance 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. at the time of purchase, adjusted as described below.
If accrued or prepaid interest is due for the month in which Fannie Mae purchases 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., Fannie Mae will adjust the purchase amount by adding any accrued interest, or deducting any prepaid interest, as necessary to reflect the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans.’s and Fannie Mae’s respective shares of such items, as follows:
- For MBS Mortgage LoansMBS Mortgage LoansMortgage Loan purchased by Fannie Mae in exchange for an issued MBS backed by the Mortgage Loan., accrued interest is due to the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. from the Mortgage Loan Origination DateMortgage Loan Origination DateDate the Lender funds a Mortgage Loan to the Borrower. to, but not including, the Book-Entry DateBook-Entry 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. of the MBSMBSMortgage-Backed Security (if the Book-Entry DateBook-Entry 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. occurs on the first day of the month, no accrued interest is due to the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans.).
- For Cash Mortgage LoansCash Mortgage LoansMortgage Loan purchased by Fannie Mae in exchange for cash., if Fannie Mae purchases 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. in a month other than the month in which the Mortgage Loan Origination DateMortgage Loan Origination DateDate the Lender funds a Mortgage Loan to the Borrower. occurs, accrued interest is due to the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. for the period from the Mortgage Loan Origination DateMortgage Loan Origination DateDate the Lender funds a Mortgage Loan to the Borrower. to, but not including, the date of Fannie Mae’s purchase.
- For Cash Mortgage LoansCash Mortgage LoansMortgage Loan purchased by Fannie Mae in exchange for cash., if Fannie Mae purchases 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. during the month in which the Mortgage Loan Origination DateMortgage Loan Origination DateDate the Lender funds a Mortgage Loan to the Borrower. occurs and the BorrowerBorrowerPerson who is the obligor under the Note. has prepaid interest on 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. through the end of that month, prepaid interest is subtracted from the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans.’s purchase proceeds for the period from and including the date of Fannie Mae’s purchase to the end of month.
| Section 603 | |
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On the Book-Entry DateBook-Entry 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., Fannie Mae will issue and deliver the MBSMBSMortgage-Backed Security electronically through the Federal Reserve book-entry system pursuant to the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans.’s wiring instructions and using 1 of the 3 available settlement methods described below.
| 603.01A | |
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If the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. selects the “Delivery vs. Payment” option in C&DC&DElectronic committing and delivery system used for issuing and confirming Commitments for acquiring Mortgage Loans, or any such successor system., Fannie Mae will deliver the MBSMBSMortgage-Backed Security directly to the account of the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. or its designee through the Federal Reserve book-entry system. The LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. or its designee will then deliver the MBSMBSMortgage-Backed Security to the Third Party MBS InvestorThird Party MBS InvestorMBS Investor for an MBS Mortgage Loan that is not the Multifamily Trading Desk., also through the Federal Reserve book-entry system. The Federal Reserve simultaneously will credit the MBS InvestorMBS InvestorFor MBS Mortgage Loans, either a Third Party MBS Investor for Lender-Arranged Sales, or the Multifamily Trading Desk.’s account with the MBSMBSMortgage-Backed Security, debits the MBS InvestorMBS InvestorFor MBS Mortgage Loans, either a Third Party MBS Investor for Lender-Arranged Sales, or the Multifamily Trading Desk.’s account for the purchase amount, and credits the purchase amount to the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans.’s account.
| 603.01B | |
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If the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. selects the “Delivery Direct to the Investor” option in C&DC&DElectronic committing and delivery system used for issuing and confirming Commitments for acquiring Mortgage Loans, or any such successor system., Fannie Mae will deliver the MBSMBSMortgage-Backed Security directly to the Third Party MBS InvestorThird Party MBS InvestorMBS Investor for an MBS Mortgage Loan that is not the Multifamily Trading Desk.’s account pursuant to the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans.’s delivery instructions. Upon receipt of the MBSMBSMortgage-Backed Security, the Third Party MBS InvestorThird Party MBS InvestorMBS Investor for an MBS Mortgage Loan that is not the Multifamily Trading Desk. will wire payment to the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. pursuant to terms agreed to by the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. and the Third Party MBS InvestorThird Party MBS InvestorMBS Investor for an MBS Mortgage Loan that is not the Multifamily Trading Desk..
If the transaction is a trade with the Multifamily Trading DeskMultifamily Trading DeskTeam that quotes interest rate pricing for a Mortgage Loan and can be contacted at (888) 889-1118., the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must select “CSTD” from the “Special Delivery Instructions” dropdown to trigger “Original Issue Settlement” funding. Fannie Mae will match the MBSMBSMortgage-Backed Security to the trade and wire the funds directly to the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans., and the MBSMBSMortgage-Backed Security will be assigned directly to Fannie Mae on the Book-Entry DateBook-Entry 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..
| Section 604 | |
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MBSMBSMortgage-Backed Security InvestorsInvestorsMBS Investor for an MBS Mortgage Loan, or Fannie Mae for a Cash Mortgage Loan. rely on information in the disclosure when determining whether to purchase an MBSMBSMortgage-Backed Security. Accordingly, it is very important that all information in the disclosure be complete and accurate. The standard disclosure Fannie Mae uses at MBSMBSMortgage-Backed Security issuance includes the Multifamily MBS Prospectus and Annex A.
The Multifamily MBS Base Prospectus is the basic disclosure document that contains information of interest to InvestorsInvestorsMBS Investor for an MBS Mortgage Loan, or Fannie Mae for a Cash Mortgage Loan., including:
- a general description of Fannie Mae’s multifamily mortgage business;
- disclosure of general risk factors related to the MBSMBSMortgage-Backed Security;
- the types of multifamily mortgage loans that Fannie Mae securitizes; and
- the types of properties that secure multifamily mortgage loans.
Fannie Mae’s Multifamily MBS Base Prospectus is updated from time to time; the current version is available at www.fanniemae.com/multifamily.
For MBSMBSMortgage-Backed Security issued prior to December, 2017, a Prospectus SupplementProspectus SupplementPart of the disclosure package published by Fannie Mae when issuing an MBS. was prepared by Fannie Mae prior to the issuance of each MBSMBSMortgage-Backed Security to supplement the general information in the Multifamily MBS Base Prospectus with information specific to 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. comprising the MBS PoolMBS PoolMBS Security backed by MBS Mortgage Loans.. The Prospectus SupplementProspectus SupplementPart of the disclosure package published by Fannie Mae when issuing an MBS. has 2 parts:
- The Prospectus Supplement NarrativeProspectus Supplement NarrativePart of the disclosure package published by Fannie Mae when issuing an MBS. (standard) is a transaction-specific disclosure document that describes in more detail the terms and structure 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..
- The Schedule of Pool and Loan InformationSchedule of Pool and Loan InformationPart of the disclosure package published by Fannie Mae for the issuance of an MBS. consists of “Pool Statistics,” providing pool-level disclosure data, and the “Multifamily Schedule of Loan Information,” providing specific disclosure data for 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. and the 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). or PropertiesPropertiesMultifamily 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). securing 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 Prospectus SupplementProspectus SupplementPart of the disclosure package published by Fannie Mae when issuing an MBS. is posted on www.fanniemae.com/multifamily.
| 604.03 | |
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For MBSMBSMortgage-Backed Security issued after December, 2017, 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 characteristics or terms that differ from the standard characteristics described in the Multifamily MBS Prospectus and the Annex A may require transaction-specific information to be added to the standard disclosure documents through a process called “Additional DisclosureAdditional DisclosurePart of the disclosure package published by Fannie Mae when issuing an MBS..” See the Additional Disclosure Guidance (Form 4098) for guidance on matters that may require Additional DisclosureAdditional DisclosurePart of the disclosure package published by Fannie Mae when issuing an MBS..
The LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must disclose any Additional DisclosureAdditional DisclosurePart of the disclosure package published by Fannie Mae when issuing an MBS. features to the MBS InvestorMBS InvestorFor MBS Mortgage Loans, either a Third Party MBS Investor for Lender-Arranged Sales, or the Multifamily Trading Desk. prior to entering into 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. (see Required PracticesRequired PracticesRequired practices for committing and delivering Mortgage Loans. in Part IV A, Chapter 3: Committing, Section 302: Requirements for Rate Lock and Commitment) as these features may affect the performance assumptions and risk factors associated with the MBSMBSMortgage-Backed Security.
When the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. marks 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 Additional DisclosureAdditional DisclosurePart of the disclosure package published by Fannie Mae when issuing an MBS. in C&DC&DElectronic committing and delivery system used for issuing and confirming Commitments for acquiring Mortgage Loans, or any such successor system., Fannie Mae reviews the Loan DocumentsLoan DocumentsAll documents evidencing, securing, or guaranteeing the debt obligation executed for a Mortgage Loan and approved by Fannie Mae. to determine whether Additional DisclosureAdditional DisclosurePart of the disclosure package published by Fannie Mae when issuing an MBS. is required. In some cases, Fannie Mae may determine that Additional DisclosureAdditional DisclosurePart of the disclosure package published by Fannie Mae when issuing an MBS. is not required and that the standard Prospectus and Annex A are sufficient. In other cases, Fannie Mae may determine that Additional DisclosureAdditional DisclosurePart of the disclosure package published by Fannie Mae when issuing an MBS. is required, either through:
- an Addendum to the Multifamily MBS Prospectus; or
- a footnote on Annex A.
The Multifamily MBS Prospectus and Annex A are posted on www.fanniemae.com/multifamily at least 2 Business DaysBusiness DaysAny 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… before the MBSMBSMortgage-Backed Security Book-Entry DateBook-Entry 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. must promptly review the Multifamily MBS Prospectus (and, for Additional DisclosureAdditional DisclosurePart of the disclosure package published by Fannie Mae when issuing an MBS., any Addendum to the Prospectus and/or footnote to Annex A) and must notify Fannie Mae before the Book-Entry DateBook-Entry 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. of any inaccuracies. Fannie Mae reserves the right to require the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. to certify to the completeness of any Prospectus that Fannie Mae issues for an MBS PoolMBS PoolMBS Security backed by MBS Mortgage Loans.. The LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must comply with all applicable federal and state securities laws and with the rules and guidelines of the Securities Industry and Financial Markets Association, including the requirements for the delivery of disclosure documents in connection with the sale or redelivery of an MBSMBSMortgage-Backed Security.
| Section 605 | |
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After Fannie Mae has cleared a Cash Mortgage LoanCash Mortgage LoanMortgage Loan purchased by Fannie Mae in exchange for cash. for purchase, Fannie Mae will disburse funds in accordance with the timing requirements set forth in this Chapter and the payee codes submitted by the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. in C&DC&DElectronic committing and delivery system used for issuing and confirming Commitments for acquiring Mortgage Loans, or any such successor system., as described in Part IV A, Chapter 4: Delivery Procedures – Data, Section 401: General. Fannie Mae assumes no responsibility or liability for fund disbursement other than to wire proceeds in accordance with the information submitted by the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. in C&DC&DElectronic committing and delivery system used for issuing and confirming Commitments for acquiring Mortgage Loans, or any such successor system..
| 605.02 | |
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Concurrent with disbursement 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. proceeds, Fannie Mae will issue a detailed electronic “purchase advice” to the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. listing all components of the net disbursement including purchased principal and any accrued interest, prepaid interest, or returned fees. Fannie Mae will issue a separate purchase advice 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..
| Section 606 | |
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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. 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.