Chapter 3
| Section 301 | |
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This Chapter sets forth the requirements for obtaining a 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 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. 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.. Part IV B covers additional requirements 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 certain special product features or executions.
| Section 302 | |
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| 302.01 | |
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Prior to obtaining a 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. or a 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. 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., the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must:
- register 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 DUS GatewayDUS GatewayMultifamily pre-acquisition system including deal registration, Pre-Review and/or waiver tracking, decision records, or any successor systems., as required in Part I, Chapter 2: Mortgage Loan, Section 201: Registration;
- underwrite 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. per Parts I, II, III; and
- obtain Fannie Mae approval as required for 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… waivers, pricing waivers, and Loan DocumentLoan DocumentAll documents evidencing, securing, or guaranteeing the debt obligation executed for a Mortgage Loan and approved by Fannie Mae. modifications.
The LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. may not request a 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. or 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. for a Pre-Review Mortgage LoanPre-Review Mortgage LoanMortgage Loan that is not delegated to the Lender and requires Fannie Mae’s approval before Rate Lock. without the prior written consent of Fannie Mae as required in Part I, Chapter 2: Mortgage Loan, Section 203: Pre-Review Mortgage Loans.
| 302.02 | |
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Prior to obtaining a 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. or a 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. 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., the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. and the BorrowerBorrowerPerson who is the obligor under the Note. must have entered into a legally binding Borrower CommitmentBorrower CommitmentLender’s written commitment with the Borrower to originate a Mortgage Loan, and any separate written or oral rate lock agreements between the Lender and the Borrower to rate lock the Mortgage Loan. that, at a minimum:
- requires that the Good Faith DepositGood Faith DepositAs defined in Part IV A: Mortgage Loan Commitment, Delivery and Purchase Procedures, Section 304. be deposited with the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. pursuant to Part IV A, Chapter 3: Committing, Section 304: Good Faith Deposits;
- requires that the BorrowerBorrowerPerson who is the obligor under the Note. be liable to the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. for all damages, obligations, and liabilities relating to a failed origination 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., in an amount at least equal to the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans.’s liability to the InvestorInvestorMBS Investor for an MBS Mortgage Loan, or Fannie Mae for a Cash Mortgage Loan. 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. (for Multifamily Trading DeskMultifamily Trading DeskTeam that quotes interest rate pricing for a Mortgage Loan and can be contacted at (888) 889-1118. trades (MBSMBSMortgage-Backed Security or cash), 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. serves as liquidated damages 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…);
- requires that the Mortgage Loan Origination DateMortgage Loan Origination DateDate the Lender funds a Mortgage Loan to the Borrower. be early enough for the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. to deliver 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.; and
- describes the Prepayment Premium OptionPrepayment Premium OptionApplicable schedule to the Loan Agreement. that will be included in the Loan DocumentsLoan DocumentsAll documents evidencing, securing, or guaranteeing the debt obligation executed for a Mortgage Loan and approved by Fannie Mae..
Fannie Mae will consider, on a case-by-case basis, specially negotiated Prepayment PremiumsPrepayment PremiumsWhen a Mortgage Loan prepayment is made, amount required to be paid by the Borrower in addition to the principal amount being prepaid and accrued interest per the related Loan Documents. requested by the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans.. The LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must receive written approval from the Fannie Mae Deal TeamFannie Mae Deal TeamTeam responsible for reviewing Pre-Review Mortgage Loans, waivers, etc. of any specially negotiated Prepayment PremiumsPrepayment PremiumsWhen a Mortgage Loan prepayment is made, amount required to be paid by the Borrower in addition to the principal amount being prepaid and accrued interest per the related Loan Documents. prior to entering into the Borrower CommitmentBorrower CommitmentLender’s written commitment with the Borrower to originate a Mortgage Loan, and any separate written or oral rate lock agreements between the Lender and the Borrower to rate lock the Mortgage Loan., 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., or 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.. For MBS Mortgage LoansMBS Mortgage LoansMortgage Loan purchased by Fannie Mae in exchange for an issued MBS backed by the Mortgage Loan. with negotiated Prepayment PremiumPrepayment PremiumWhen a Mortgage Loan prepayment is made, amount required to be paid by the Borrower in addition to the principal amount being prepaid and accrued interest per the related Loan Documents. provisions, Additional DisclosureAdditional DisclosurePart of the disclosure package published by Fannie Mae when issuing an MBS. is required.
| 302.03 | |
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For all MBSMBSMortgage-Backed Security or cash trades 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 Required PracticesRequired PracticesRequired practices for committing and delivering Mortgage Loans. set forth below and the terms of this Chapter shall constitute the “trading agreement” between the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. and the Multifamily Trading DeskMultifamily Trading DeskTeam that quotes interest rate pricing for a Mortgage Loan and can be contacted at (888) 889-1118.. By entering into an MBSMBSMortgage-Backed Security or cash 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. is deemed to have accepted and agreed to be bound by the Required PracticesRequired PracticesRequired practices for committing and delivering Mortgage Loans. and the terms of 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….
The LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. may also sell the MBSMBSMortgage-Backed Security to a Third Party MBS InvestorThird Party MBS InvestorMBS Investor for an MBS Mortgage Loan that is not the Multifamily Trading Desk. or retain the MBSMBSMortgage-Backed Security on its own balance sheet (either, a “Lender-Arranged SaleLender-Arranged SaleMBS sold to the Lender and held on its balance sheet or delivered to a Third Party MBS Investor.”). Prior to the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans.’s initial trade with a 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. must enter into a Third Party MBS Trading AgreementThird Party MBS Trading AgreementArrangement between the Lender and a Third Party MBS Investor to trade MBS per Part IV A: Mortgage Loan Commitment, Delivery and Purchase Procedures, Section 302. with, or have written procedures for trading practices approved by, such Third Party MBS InvestorThird Party MBS InvestorMBS Investor for an MBS Mortgage Loan that is not the Multifamily Trading Desk..
To reduce the risk of failed 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… and, for MBS Mortgage LoansMBS Mortgage LoansMortgage Loan purchased by Fannie Mae in exchange for an issued MBS backed by the Mortgage Loan., to reduce errors in the disclosure documents, the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must comply with the Required PracticesRequired PracticesRequired practices for committing and delivering Mortgage Loans. as well as with any additional requirements imposed by the InvestorInvestorMBS Investor for an MBS Mortgage Loan, or Fannie Mae for a Cash Mortgage Loan..
“Required PracticesRequired PracticesRequired practices for committing and delivering Mortgage Loans.” means:
1. The LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must establish an asset counterparty account with the Multifamily Trading DeskMultifamily Trading DeskTeam that quotes interest rate pricing for a Mortgage Loan and can be contacted at (888) 889-1118., designating the individuals authorized to transact business on the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans.’s behalf and providing an address and wiring instructions to be used for the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans.. The LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must promptly notify the Multifamily Trading DeskMultifamily Trading DeskTeam that quotes interest rate pricing for a Mortgage Loan and can be contacted at (888) 889-1118. of any changes that occur from time to time in the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans.’s authorized individuals or other account information.
2. Prior to the execution of 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 trade, the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must have provided the Minimum Required Trade InformationMinimum Required Trade InformationMortgage Loan, Security, and Property information that must be disclosed to any potential Investor when rate locking a Mortgage Loan, using either: Form 4097.Fixed – Multifamily Required Trade Information for Cash or MBS, for a fixed Rate Mortgage Loan; or Form 4097.ARM – Multifamily… to all potential InvestorsInvestorsMBS Investor for an MBS Mortgage Loan, or Fannie Mae for a Cash Mortgage Loan. from which the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. has solicited investor interest or pricing information, using:
- Form 4097.Fixed – Multifamily Required Trade Information for Cash or MBS, for a fixed rate 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
- Form 4097.ARM – Multifamily Required Trade Information for Cash or MBS, for an ARM LoanARM LoanMortgage Loan with an interest rate that periodically adjusts based on an Index per the Note or Loan Documents., SARM Loan, or Hybrid ARM LoanHybrid ARM LoanMortgage Loan with a total term of 30 years, comprised of an initial term when interest accrues at a fixed rate, and which automatically converts to a term where interest accrues at an adjustable rate..
The information provided to the potential InvestorsInvestorsMBS Investor for an MBS Mortgage Loan, or Fannie Mae for a Cash Mortgage Loan. must ultimately match the corresponding information submitted to Fannie Mae by the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. when delivering 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.. Any change in the terms of the Minimum Required Trade InformationMinimum Required Trade InformationMortgage Loan, Security, and Property information that must be disclosed to any potential Investor when rate locking a Mortgage Loan, using either: Form 4097.Fixed – Multifamily Required Trade Information for Cash or MBS, for a fixed Rate Mortgage Loan; or Form 4097.ARM – Multifamily… occurring after 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. must be communicated to the InvestorInvestorMBS Investor for an MBS Mortgage Loan, or Fannie Mae for a Cash Mortgage Loan. prior to 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. to Fannie Mae.
3. For MBS Mortgage LoansMBS Mortgage LoansMortgage Loan purchased by Fannie Mae in exchange for an issued MBS backed by the Mortgage Loan., the Minimum Required Trade InformationMinimum Required Trade InformationMortgage Loan, Security, and Property information that must be disclosed to any potential Investor when rate locking a Mortgage Loan, using either: Form 4097.Fixed – Multifamily Required Trade Information for Cash or MBS, for a fixed Rate Mortgage Loan; or Form 4097.ARM – Multifamily… must include any Additional DisclosureAdditional DisclosurePart of the disclosure package published by Fannie Mae when issuing an MBS. items discussed in Part IV A, Chapter 6: Purchase Procedures, Section 604: Disclosure for MBS Mortgage Loans and specifically described in the Additional Disclosure Guidance (Form 4098).
4. The LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must inform the InvestorInvestorMBS Investor for an MBS Mortgage Loan, or Fannie Mae for a Cash Mortgage Loan. that Fannie Mae will accept 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. for purchase so long as the Delivered Mortgage Loan AmountDelivered Mortgage Loan AmountUPB of a Mortgage Loan when it is purchased by Fannie Mae. is within the Delivery ToleranceDelivery TolerancePer Part IV A: Mortgage Loan Commitment, Delivery and Purchase Procedures, Section 401 for the Delivery of a Mortgage Loan for purchase. set forth in Part IV A, Chapter 4: Delivery Procedures – Data, Section 401: General.
5. All trades will be governed, and in the event of a conflict will be controlled in the following order of priority, by 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., the Third Party MBS Trading AgreementThird Party MBS Trading AgreementArrangement between the Lender and a Third Party MBS Investor to trade MBS per Part IV A: Mortgage Loan Commitment, Delivery and Purchase Procedures, Section 302. (if applicable), the provisions of this Part IV A, any applicable provisions of Part IV B, and the Lender ContractLender ContractProgram Documents per the Mortgage Selling and Servicing Agreement..
6. The LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must comply with all applicable provisions of the Pricing MemoPricing MemoApplicable DUS Pricing Memo or non-DUS Pricing Memo communicating pricing for various products and features to Lenders..
7. The LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must collect 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. as set forth in Part IV A, Chapter 3: Committing, Section 304: Good Faith Deposits.
8. 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. confirmation must include the Minimum Required Trade InformationMinimum Required Trade InformationMortgage Loan, Security, and Property information that must be disclosed to any potential Investor when rate locking a Mortgage Loan, using either: Form 4097.Fixed – Multifamily Required Trade Information for Cash or MBS, for a fixed Rate Mortgage Loan; or Form 4097.ARM – Multifamily… (including any Additional DisclosureAdditional DisclosurePart of the disclosure package published by Fannie Mae when issuing an MBS. items) and state 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..
9. For any 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. 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 be acting as a principal or, with Fannie Mae’s prior written consent, as an agent for a disclosed principal.
10. The LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. may not assign a 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. with the Multifamily Trading DeskMultifamily Trading DeskTeam that quotes interest rate pricing for a Mortgage Loan and can be contacted at (888) 889-1118. without Fannie Mae’s prior written consent.
11. Within 1 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… after obtaining 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., the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must request a 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., as described in Part IV A, Chapter 3: Committing, Section 305: Commitment Terms and Procedures.
12. For an MBS Mortgage LoanMBS Mortgage LoanMortgage Loan purchased by Fannie Mae in exchange for an issued MBS backed by the Mortgage Loan., any Additional DisclosureAdditional DisclosurePart of the disclosure package published by Fannie Mae when issuing an MBS. items must be specified in the request for a 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..
13. The LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must promptly report any MBS InvestorMBS InvestorFor MBS Mortgage Loans, either a Third Party MBS Investor for Lender-Arranged Sales, or the Multifamily Trading Desk. delivery contract disputes, including any failed 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…, to the Fannie Mae RepresentativeFannie Mae RepresentativeFannie Mae personnel who assist you with various business matters (e.g., Fannie Mae Deal Team, pricing, delivery, servicing, asset management, etc.)..
For MBS Mortgage LoansMBS Mortgage LoansMortgage Loan purchased by Fannie Mae in exchange for an issued MBS backed by the Mortgage Loan., once the SecuritySecurityMBS, PFP MBS, or REMIC. is delivered to the InvestorInvestorMBS Investor for an MBS Mortgage Loan, or Fannie Mae for a Cash Mortgage Loan., the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must direct all subsequent investor inquiries to the MBS InvestorMBS InvestorFor MBS Mortgage Loans, either a Third Party MBS Investor for Lender-Arranged Sales, or the Multifamily Trading Desk. hotline at 1-800-BEST-MBS.
| Section 303 | |
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| 303.01 | |
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The LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must obtain 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. 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. prior to requesting a 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.. For an MBS Mortgage LoanMBS Mortgage LoanMortgage Loan purchased by Fannie Mae in exchange for an issued MBS backed by the Mortgage Loan., 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. must identify any matters requiring Additional DisclosureAdditional DisclosurePart of the disclosure package published by Fannie Mae when issuing an MBS..
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. is a legally binding obligation by the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. to make 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…, 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., of 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. meeting the terms of 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., 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 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….
| 303.02 | |
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The available 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. Periods and permitted InvestorsInvestorsMBS Investor for an MBS Mortgage Loan, or Fannie Mae for a Cash Mortgage Loan. are set forth below:
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PERMITTED INVESTOR |
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Up to and including 180 days |
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More than 180 days, with prior approval by the Fannie Mae Deal Team |
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After obtaining a 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., 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. may be extended as provided in Part IV A, Chapter 3: Committing, Section 305.03: Commitment Modifications.
| 303.03 | |
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The LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must determine 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. amount based on a full underwriting 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. in accordance with the requirements of 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…. 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. amount is the final 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. amount, subject only to the Delivery ToleranceDelivery TolerancePer Part IV A: Mortgage Loan Commitment, Delivery and Purchase Procedures, Section 401 for the Delivery of a Mortgage Loan for purchase. described in Part IV A, Chapter 4: Delivery Procedures – Data, Section 401: General.
| 303.04 | |
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Prior to obtaining 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. 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., the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must:
- determine the Guaranty FeeGuaranty FeeFee retained by Fannie Mae for credit enhancing a Mortgage Loan or assuming credit risk on a Mortgage Loan. and the Servicing FeeServicing FeeFee a Servicer receives for collecting payments, managing operational procedures, and assuming Lender's portion of credit risk for a Mortgage Loan. pursuant to Part IV A, Chapter 2: Pricing, Origination Fees, and Prepayment Premium Incentives; and
- comply with the Required PracticesRequired PracticesRequired practices for committing and delivering Mortgage Loans..
For a Lender-Arranged SaleLender-Arranged SaleMBS sold to the Lender and held on its balance sheet or delivered to a Third Party MBS Investor. to a 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. and the Third Party MBS InvestorThird Party MBS InvestorMBS Investor for an MBS Mortgage Loan that is not the Multifamily Trading Desk. will negotiate the Pass-Through RatePass-Through RateGross Note Rate of the underlying Mortgage Loan, less the Guaranty Fee, less the Servicing Fee., the purchase price, and any delivery or purchase conditions for the MBSMBSMortgage-Backed Security. The agreed terms will be evidenced in 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. between 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..
For MBSMBSMortgage-Backed Security trades 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. will negotiate 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 Pass-Through RatePass-Through RateGross Note Rate of the underlying Mortgage Loan, less the Guaranty Fee, less the Servicing Fee., the purchase price, and any delivery or purchase conditions for the MBSMBSMortgage-Backed Security. To obtain a quote, the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must call the Multifamily Trading DeskMultifamily Trading DeskTeam that quotes interest rate pricing for a Mortgage Loan and can be contacted at (888) 889-1118.. Upon acceptance of the quote, the terms will be evidenced by a 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. between the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. and Fannie Mae. The LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. consents to the recording of all telephone conversations with the Multifamily Trading DeskMultifamily Trading DeskTeam that quotes interest rate pricing for a Mortgage Loan and can be contacted at (888) 889-1118. and agrees that any 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. made during such conversations is a legally binding obligation. Fannie Mae will send the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans., by e-mail, a confirmation of the MBSMBSMortgage-Backed Security 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 notify the Multifamily Trading DeskMultifamily Trading DeskTeam that quotes interest rate pricing for a Mortgage Loan and can be contacted at (888) 889-1118. promptly if the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans.: (i) finds any errors in the confirmation; or (ii) has not received a confirmation within 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… after the MBSMBSMortgage-Backed Security trade date. If there is a conflict between the recorded telephone conversation and the confirmation, the recorded conversation will prevail to establish the terms of the Multifamily Trading DeskMultifamily Trading DeskTeam that quotes interest rate pricing for a Mortgage Loan and can be contacted at (888) 889-1118. MBSMBSMortgage-Backed Security trade.
To obtain a quote 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 call the Multifamily Trading DeskMultifamily Trading DeskTeam that quotes interest rate pricing for a Mortgage Loan and can be contacted at (888) 889-1118.. If Fannie Mae agrees to 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. for cash, the Multifamily Trading DeskMultifamily Trading DeskTeam that quotes interest rate pricing for a Mortgage Loan and can be contacted at (888) 889-1118. will provide the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. with a Pass-Through RatePass-Through RateGross Note Rate of the underlying Mortgage Loan, less the Guaranty Fee, less the Servicing Fee. and the purchase price 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.. The LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. consents to the recording of all telephone conversations with the Multifamily Trading DeskMultifamily Trading DeskTeam that quotes interest rate pricing for a Mortgage Loan and can be contacted at (888) 889-1118. and agrees that a 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. made during such conversations is a legally binding obligation.
| 303.05 | |
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The Multifamily Trading DeskMultifamily Trading DeskTeam that quotes interest rate pricing for a Mortgage Loan and can be contacted at (888) 889-1118. may decline to participate in any trade. Fannie Mae reserves the right to terminate the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans.’s trading account and the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans.’s ability to use the services of the Multifamily Trading DeskMultifamily Trading DeskTeam that quotes interest rate pricing for a Mortgage Loan and can be contacted at (888) 889-1118. at any time in Fannie Mae’s sole discretion. From time to time, particularly during periods of pronounced market volatility, Fannie Mae may find it necessary to stop entering into Rate LocksRate LocksAgreement 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.. Fannie Mae will attempt to provide advance notice of any such suspension of trades but reserves the right to stop entering into Rate LocksRate LocksAgreement 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. at any time without prior notice.
| Section 304 | |
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| 304.01 | |
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Before entering into a 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., the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must collect a 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.. The Good Faith DepositGood Faith DepositAs defined in Part IV A: Mortgage Loan Commitment, Delivery and Purchase Procedures, Section 304. may be in the form of either cash or a letter of credit conforming to the standards set forth in Part IV A, Chapter 3: Committing, Section 304.04: Letters of Credit. For Choice Refinance LoansChoice Refinance LoansMortgage Loan refinancing a Portfolio Mortgage Loan using the streamlined underwriting requirement per Part III: Products and Features, Chapter 18. that involve trades 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. may contact the Fannie Mae Deal TeamFannie Mae Deal TeamTeam responsible for reviewing Pre-Review Mortgage Loans, waivers, etc. to request the right to spread the lien of the existing Security InstrumentSecurity InstrumentInstrument creating a lien or encumbrance on 1 or more Properties and securing the obligations under the Loan Documents. to secure the Good Faith DepositGood Faith DepositAs defined in Part IV A: Mortgage Loan Commitment, Delivery and Purchase Procedures, Section 304. in lieu of cash or a letter of credit.
“Good Faith DepositGood Faith DepositAs defined in Part IV A: Mortgage Loan Commitment, Delivery and Purchase Procedures, Section 304.” means:
- 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.” required by Part IV A, Chapter 3: Committing, Section 304.02: Minimum Good Faith Deposit; plus
- any additional deposit required by a Third Party MBS InvestorThird Party MBS InvestorMBS Investor for an MBS Mortgage Loan that is not the Multifamily Trading Desk.; plus
- any other deposit required by the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans..
| 304.02 | |
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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.” will be determined based on the Rate Lock PeriodRate Lock PeriodTime from Rate Lock execution through the Settlement Date. and 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. amount, as follows:
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RATE LOCK PERIOD |
MINIMUM GOOD FAITH DEPOSIT |
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For a Mortgage Loan with a Rate Lock amount of $6 million or less that has a Rate Lock Period up to and including 90 days |
1% of 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. amount |
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For a Mortgage Loan with a Rate Lock amount of greater than $6 million that has a Rate Lock Period up to and including 90 days |
2% of 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. amount |
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For a Supplemental Mortgage Loan of any amount that has a Rate Lock Period up to and including 90 days |
2% of 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. amount |
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For a Mortgage Loan or a Supplemental Mortgage Loan that has a Rate Lock Period of more than 90 days and up to and including 180 days |
3% of 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. amount |
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For a Mortgage Loan that has a Rate Lock Period of more than 180 days, but only with prior approval by the Fannie Mae Deal Team |
At least 3% of 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. amount (The LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must contact the Fannie Mae Deal TeamFannie Mae Deal TeamTeam responsible for reviewing Pre-Review Mortgage Loans, waivers, etc. to obtain the actual amount 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..) |
For any 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) involving terms or parties outside the normal practices of the Multifamily Trading DeskMultifamily Trading DeskTeam that quotes interest rate pricing for a Mortgage Loan and can be contacted at (888) 889-1118., the Multifamily Trading DeskMultifamily Trading DeskTeam that quotes interest rate pricing for a Mortgage Loan and can be contacted at (888) 889-1118. reserves the right, in its sole discretion, to increase the amount 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..
For all Multifamily Trading DeskMultifamily Trading DeskTeam that quotes interest rate pricing for a Mortgage Loan and can be contacted at (888) 889-1118. trades (MBSMBSMortgage-Backed Security or cash), the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. shall hold 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. for the benefit of Fannie Mae. For all Lender-Arranged SalesLender-Arranged SalesMBS 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 hold 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. (and any additional deposit required by the Third Party MBS InvestorThird Party MBS InvestorMBS Investor for an MBS Mortgage Loan that is not the Multifamily Trading Desk.) for the benefit of the Third Party MBS InvestorThird Party MBS InvestorMBS Investor for an MBS Mortgage Loan that is not the Multifamily Trading Desk. or may deliver it to the Third Party MBS InvestorThird Party MBS InvestorMBS Investor for an MBS Mortgage Loan that is not the Multifamily Trading Desk. as required by the Third Party MBS Trading AgreementThird Party MBS Trading AgreementArrangement between the Lender and a Third Party MBS Investor to trade MBS per Part IV A: Mortgage Loan Commitment, Delivery and Purchase Procedures, Section 302..
Unless otherwise applied pursuant to the terms of Part IV A, Chapter 5: Delivery Procedures – Documents, Section 501.05: Failure to Deliver: Return of Package, the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must refund the Good Faith DepositGood Faith DepositAs defined in Part IV A: Mortgage Loan Commitment, Delivery and Purchase Procedures, Section 304. to the BorrowerBorrowerPerson who is the obligor under the Note. no earlier than the Mortgage Loan Origination DateMortgage Loan Origination DateDate the Lender funds a Mortgage Loan to the Borrower. and within a commercially reasonable time after 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., as provided in Part IV A, Chapter 6: Purchase Procedures.
The Breakage FeeBreakage FeeFee owed to Fannie Mae if you fail to Deliver an MBS at the Settlement Date. 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… for a Lender-Arranged SaleLender-Arranged SaleMBS sold to the Lender and held on its balance sheet or delivered to a Third Party MBS Investor. shall be as provided in 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 Third Party MBS Trading AgreementThird Party MBS Trading AgreementArrangement between the Lender and a Third Party MBS Investor to trade MBS per Part IV A: Mortgage Loan Commitment, Delivery and Purchase Procedures, Section 302.. The Breakage FeeBreakage FeeFee owed to Fannie Mae if you fail to Deliver an MBS at the Settlement Date. 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… for 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) shall be 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.. If Fannie Mae has approved 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) in excess of 180 days, the Multifamily Trading DeskMultifamily Trading DeskTeam that quotes interest rate pricing for a Mortgage Loan and can be contacted at (888) 889-1118. will determine the Breakage FeeBreakage FeeFee owed to Fannie Mae if you fail to Deliver an MBS at the Settlement Date. 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….
| 304.04 | |
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The LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. may allow the BorrowerBorrowerPerson who is the obligor under the Note. to fund all or a portion of the Good Faith DepositGood Faith DepositAs defined in Part IV A: Mortgage Loan Commitment, Delivery and Purchase Procedures, Section 304. by delivery of a letter of credit to the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans.. Should the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. elect to accept a letter of credit:
1. the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. remains solely liable and responsible to Fannie Mae for the Good Faith DepositGood Faith DepositAs defined in Part IV A: Mortgage Loan Commitment, Delivery and Purchase Procedures, Section 304., and hereby indemnifies Fannie Mae for any loss or damages that may be incurred relating to a failed delivery; and
2. for Lender-Arranged SalesLender-Arranged SalesMBS 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. should confirm whether the letter of credit is acceptable to the Third Party MBS InvestorThird Party MBS InvestorMBS Investor for an MBS Mortgage Loan that is not the Multifamily Trading Desk..
If the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. accepts delivery of a letter of credit for all or a portion of the Good Faith DepositGood Faith DepositAs defined in Part IV A: Mortgage Loan Commitment, Delivery and Purchase Procedures, Section 304., it is recommended that (a) the expiration date of the letter of credit extend 15 days beyond the later 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. or the Commitment Expiration DateCommitment Expiration DateDate when a Commitment expires. and (b) the letter of credit expiration date be extended if 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 the Commitment Expiration DateCommitment Expiration DateDate when a Commitment expires. is extended.
| Section 305 | |
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Each 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. is issued for a single 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., but 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. may be secured by one or more 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).. Once a 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. has been confirmed, 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). 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. must remain the same and may not be replaced by a substitute property. A 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. is not assignable. Fannie Mae may reject any request for a 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. or decline to confirm any 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..
| 305.01A | |
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The LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must request a 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. by 3:30 p.m. Eastern Time on the 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… after the date 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. is executed. To obtain a 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., the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must complete the required fields in C&DC&DElectronic committing and delivery system used for issuing and confirming Commitments for acquiring Mortgage Loans, or any such successor system. and follow all instructions on the C&DC&DElectronic committing and delivery system used for issuing and confirming Commitments for acquiring Mortgage Loans, or any such successor system. screens, including inputting information and comments as required by C&DC&DElectronic committing and delivery system used for issuing and confirming Commitments for acquiring Mortgage Loans, or any such successor system. and the C&D User Manual.
Once 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. information is “submitted” in C&DC&DElectronic committing and delivery system used for issuing and confirming Commitments for acquiring Mortgage Loans, or any such successor system., it may be altered only if Fannie Mae believes that the terms of 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. request are not correct or valid. The LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. should contact Multifamily AcquisitionsMultifamily AcquisitionsTeam that can be contacted at [email protected] if there are issues submitting information into C&DC&DElectronic committing and delivery system used for issuing and confirming Commitments for acquiring Mortgage Loans, or any such successor system.. Multifamily AcquisitionsMultifamily AcquisitionsTeam that can be contacted at [email protected] will contact the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. if any discrepancies are identified in the submissions.
| 305.01B | |
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MBS Mortgage LoansMBS Mortgage LoansMortgage Loan purchased by Fannie Mae in exchange for an issued MBS backed by the Mortgage Loan. may have special characteristics that require the preparation and delivery of Additional DisclosureAdditional DisclosurePart of the disclosure package published by Fannie Mae when issuing an MBS. documents which must be identified at the time of 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. request. See the Additional Disclosure Guidance (Form 4098) for a list of such characteristics.
Upon satisfaction of all conditions set forth in 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… and the Lender ContractLender ContractProgram Documents per the Mortgage Selling and Servicing Agreement., the submitted 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. is eligible for confirmation. Following Fannie Mae’s confirmation of 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., Fannie Mae and the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. are legally bound in accordance with the terms of 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.. The LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. may use 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. to secure warehouse financing or otherwise conduct its business.
| 305.03 | |
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| 305.03A | |
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After confirmation, if the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. has made an error or believes that 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. is otherwise incorrect, the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must submit a data change request in C&DC&DElectronic committing and delivery system used for issuing and confirming Commitments for acquiring Mortgage Loans, or any such successor system. to request revisions. If the revised 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. terms are acceptable to Fannie Mae, Fannie Mae will modify 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 make the necessary changes to 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. data. Fannie Mae reserves the right to reject data changes and may, in its sole discretion, choose either to enforce 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. in accordance with the original terms or to terminate 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.. If a requested change involves changing the Gross Note RateGross Note RateInterest rate stated in the Loan Documents., the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must withdraw 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 request a new 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.. See the C&D User Manual for further details on “Change Requests.”
| 305.03B | |
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1. For Multifamily Trading DeskMultifamily Trading DeskTeam that quotes interest rate pricing for a Mortgage Loan and can be contacted at (888) 889-1118. Trades (MBSMBSMortgage-Backed Security or cash): To extend 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. for any 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 an initial Rate Lock PeriodRate Lock PeriodTime from Rate Lock execution through the Settlement Date. of 90 days or less, the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must notify the Multifamily Trading DeskMultifamily Trading DeskTeam that quotes interest rate pricing for a Mortgage Loan and can be contacted at (888) 889-1118.. Upon the agreement of the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. to pay the Rate Lock Extension Fee, 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. will be changed to a date that (a) has been agreed to by the parties, and (b) is not more than 30 days after the original 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. must contact the Multifamily Trading DeskMultifamily Trading DeskTeam that quotes interest rate pricing for a Mortgage Loan and can be contacted at (888) 889-1118. for approval of any 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. extension, with any approval being subject to such additional fees as may be required, for:
- any 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 an initial Rate Lock PeriodRate Lock PeriodTime from Rate Lock execution through the Settlement Date. of more than 90 days;
- an extension in excess of 30 days for any 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
- an extension for an additional period after the initial 30 day extension permitted above.
If any 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. extension would cause the total Rate Lock PeriodRate Lock PeriodTime from Rate Lock execution through the Settlement Date. to exceed 90 days, Fannie Mae reserves the right to increase 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.. If any 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. extension would cause the total Rate Lock PeriodRate Lock PeriodTime from Rate Lock execution through the Settlement Date. to exceed 180 days, the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must also contact the Fannie Mae Deal TeamFannie Mae Deal TeamTeam responsible for reviewing Pre-Review Mortgage Loans, waivers, etc. for approval before seeking the extension (e.g., no extension is permitted 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. with an initial Rate Lock PeriodRate Lock PeriodTime from Rate Lock execution through the Settlement Date. in excess of 150 days without the approval of the Fannie Mae Deal TeamFannie Mae Deal TeamTeam responsible for reviewing Pre-Review Mortgage Loans, waivers, etc.).
2. For Lender-Arranged SalesLender-Arranged SalesMBS 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. may negotiate an extension 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. with the Third Party MBS InvestorThird Party MBS InvestorMBS Investor for an MBS Mortgage Loan that is not the Multifamily Trading Desk.. Such extension may not exceed 30 days following the original 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 may not cause the total Rate Lock PeriodRate Lock PeriodTime from Rate Lock execution through the Settlement Date. to exceed 180 days (e.g., no extension is permitted 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. with an initial Rate Lock PeriodRate Lock PeriodTime from Rate Lock execution through the Settlement Date. in excess of 150 days without the approval of the Fannie Mae Deal TeamFannie Mae Deal TeamTeam responsible for reviewing Pre-Review Mortgage Loans, waivers, etc.). Any approved extension request (a) may require adjustment to the locked interest rate, as determined by the Third Party MBS InvestorThird Party MBS InvestorMBS Investor for an MBS Mortgage Loan that is not the Multifamily Trading Desk.; and (b) may require LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. to pay any fees charged by the Third Party MBS InvestorThird Party MBS InvestorMBS Investor for an MBS Mortgage Loan that is not the Multifamily Trading Desk..
The “Rate Lock Extension Fee,” for the purpose of this section, means a fee equal to:
(a) for 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), an amount equal to 0.375% of 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. amount which amount may, at the discretion of Fannie Mae, be taken as a reduction in the purchase price 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.; and
(b) for a Lender-Arranged SaleLender-Arranged SaleMBS sold to the Lender and held on its balance sheet or delivered to a Third Party MBS Investor., any fee charged by the Third Party MBS InvestorThird Party MBS InvestorMBS Investor for an MBS Mortgage Loan that is not the Multifamily Trading Desk..
| 305.03C | |
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If the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. obtains an extension 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., the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must submit a request for an extension of 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.. To request such extension, the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must submit a data change request in C&DC&DElectronic committing and delivery system used for issuing and confirming Commitments for acquiring Mortgage Loans, or any such successor system. on or before the Commitment Expiration DateCommitment Expiration DateDate when a Commitment expires.. For MBS Mortgage LoansMBS Mortgage LoansMortgage 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 also obtain any necessary approval from the MBS InvestorMBS InvestorFor MBS Mortgage Loans, either a Third Party MBS Investor for Lender-Arranged Sales, or the Multifamily Trading Desk. of any change in 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 make the changes to the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans.’s C&DC&DElectronic committing and delivery system used for issuing and confirming Commitments for acquiring Mortgage Loans, or any such successor system. 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. submission to reflect the revised Commitment Expiration DateCommitment Expiration DateDate when a Commitment expires. and, if applicable, the revised 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.. If the change request involves a change to the Gross Note RateGross Note RateInterest rate stated in the Loan Documents., the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must withdraw 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 request a new 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. in accordance with the terms of this Part IV A, Chapter 3: Committing, Section 305: Commitment Terms and Procedures.
Upon approval of the extension request, Fannie Mae will provide a revised Commitment Expiration DateCommitment Expiration DateDate when a Commitment expires..
| Section 306 | |
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| 306.01 | |
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Certain LendersLendersPerson approved by Fannie Mae to sell or service Mortgage Loans. have entered into one or more “Multifamily As Soon As Pooled Sale” agreements (commonly referred to as ASAPASAPVarious purchase options permitting eligible Lenders to sell Mortgage Loans to Fannie Mae on an expedited basis pursuant to the applicable ASAP Contracts. contracts) pursuant to which the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. may close and fund ASAPASAPVarious purchase options permitting eligible Lenders to sell Mortgage Loans to Fannie Mae on an expedited basis pursuant to the applicable ASAP Contracts. eligible 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. and deliver such 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 for purchase earlier than is otherwise permitted under 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…. This Part IV A, Chapter 3: Committing, Section 306: ASAP Contracts applies only to such 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..
The ASAP SaleASAP SalePurchase option where an eligible Lender can deliver a Mortgage Loan to Fannie Mae and receive a cash payment for it, where the MBS from the Delivered Mortgage Loan is used to satisfy a trade with an MBS Investor. and ASAP PlusASAP PlusPurchase option where an eligible Lender can deliver individual Mortgage Loans to Fannie Mae on an accelerated basis using a 2-stage delivery structure before they are redelivered to Fannie Mae for purchase pursuant to the applicable ASAP Contract. (including ASAP Plus POCASAP Plus POCPurchase option where an eligible Lender can deliver individual Mortgage Loans to Fannie Mae on an accelerated basis using a 2-stage delivery structure and the issuance of a Payment Obligation Confirmation (as defined in the ASAP Plus POC Contract) before they are re-delivered to Fannie Mae for…) purchase options (“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.”) allow the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. to sell 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 on an accelerated basis following the Mortgage Loan Origination DateMortgage Loan Origination DateDate the Lender funds a Mortgage Loan to the Borrower.. ASAP SaleASAP SalePurchase option where an eligible Lender can deliver a Mortgage Loan to Fannie Mae and receive a cash payment for it, where the MBS from the Delivered Mortgage Loan is used to satisfy a trade with an MBS Investor. is available for MBS Mortgage LoansMBS Mortgage LoansMortgage Loan purchased by Fannie Mae in exchange for an issued MBS backed by the Mortgage Loan. only. ASAP PlusASAP PlusPurchase option where an eligible Lender can deliver individual Mortgage Loans to Fannie Mae on an accelerated basis using a 2-stage delivery structure before they are redelivered to Fannie Mae for purchase pursuant to the applicable ASAP Contract. (including ASAP Plus POCASAP Plus POCPurchase option where an eligible Lender can deliver individual Mortgage Loans to Fannie Mae on an accelerated basis using a 2-stage delivery structure and the issuance of a Payment Obligation Confirmation (as defined in the ASAP Plus POC Contract) before they are re-delivered to Fannie Mae for…) is available for both MBS Mortgage LoansMBS Mortgage LoansMortgage Loan purchased by Fannie Mae in exchange for an issued MBS backed by the Mortgage Loan. and Cash Mortgage LoansCash Mortgage LoansMortgage Loan purchased by Fannie Mae in exchange for cash..
To participate in 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 apply to Fannie Mae and be approved, as provided in Part IV A, Chapter 3: Committing, Section 306.02: Lender Eligibility for ASAP Options. If approved, the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must execute:
- for ASAP SaleASAP SalePurchase option where an eligible Lender can deliver a Mortgage Loan to Fannie Mae and receive a cash payment for it, where the MBS from the Delivered Mortgage Loan is used to satisfy a trade with an MBS Investor., an ASAP Sale ContractASAP Sale ContractThe contractual agreement between an eligible Lender and Fannie Mae containing the terms and conditions of an ASAP Sale transaction.; or
- for ASAP PlusASAP PlusPurchase option where an eligible Lender can deliver individual Mortgage Loans to Fannie Mae on an accelerated basis using a 2-stage delivery structure before they are redelivered to Fannie Mae for purchase pursuant to the applicable ASAP Contract., an ASAP Plus ContractASAP Plus ContractAgreement between an eligible Lender and Fannie Mae containing the terms and conditions of an ASAP Plus transaction.; or
- for ASAP Plus POCASAP Plus POCPurchase option where an eligible Lender can deliver individual Mortgage Loans to Fannie Mae on an accelerated basis using a 2-stage delivery structure and the issuance of a Payment Obligation Confirmation (as defined in the ASAP Plus POC Contract) before they are re-delivered to Fannie Mae for…, an ASAP Plus ContractASAP Plus ContractAgreement between an eligible Lender and Fannie Mae containing the terms and conditions of an ASAP Plus transaction. and an ASAP Plus POC ContractASAP Plus POC ContractAgreement between an eligible Lender and Fannie Mae containing the terms and conditions of an ASAP Plus POC transaction..
For MBS Mortgage LoansMBS Mortgage LoansMortgage Loan purchased by Fannie Mae in exchange for an issued MBS backed by the Mortgage Loan., in addition to an ASAP Plus ContractASAP Plus ContractAgreement between an eligible Lender and Fannie Mae containing the terms and conditions of an ASAP Plus transaction. or an ASAP Plus POC ContractASAP Plus POC ContractAgreement between an eligible Lender and Fannie Mae containing the terms and conditions of an ASAP Plus POC transaction., the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must execute an ASAP Sale ContractASAP Sale ContractThe contractual agreement between an eligible Lender and Fannie Mae containing the terms and conditions of an ASAP Sale transaction.. The Capital Markets Early Funding DeskCapital Markets Early Funding DeskTeam that can be contacted for ASAP funding at (866) 944-3863 or [email protected] will provide the applicable ASAP ContractsASAP ContractsASAP Sale Contract, the ASAP Plus Contract, and the ASAP Plus POC Contract. to the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. for execution.
If the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. is interested in any 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 apply to the Fannie Mae RepresentativeFannie Mae RepresentativeFannie Mae personnel who assist you with various business matters (e.g., Fannie Mae Deal Team, pricing, delivery, servicing, asset management, etc.). for approval to participate. The LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans.’s eligibility to use any 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. will be determined by Fannie Mae in its sole discretion. If Fannie Mae approves the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. to use an ASAP OptionASAP OptionASAP Sale and ASAP Plus (including ASAP Plus POC) purchase options per Part IV A: Mortgage Loan Commitment, Delivery and Purchase Procedures, Section 306., Fannie Mae will notify the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. of such approval and of the maximum volume of participation available to the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. under the approved ASAP OptionASAP OptionASAP Sale and ASAP Plus (including ASAP Plus POC) purchase options per Part IV A: Mortgage Loan Commitment, Delivery and Purchase Procedures, Section 306..
If the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. is approved to use an ASAP OptionASAP OptionASAP Sale and ASAP Plus (including ASAP Plus POC) purchase options per Part IV A: Mortgage Loan Commitment, Delivery and Purchase Procedures, Section 306., Fannie Mae will review the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. on a periodic basis to determine continued eligibility and the approved maximum volume. Notwithstanding any prior approval, Fannie Mae reserves the right to prohibit the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. from delivering 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. under 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. at any time and for any reason, including, but not limited to, the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans.’s financial capacity or the performance 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. the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. has delivered to Fannie Mae under 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..
| Section 307 | |
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The LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. may obtain a 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. for a Choice Refinance LoanChoice Refinance LoanMortgage Loan refinancing a Portfolio Mortgage Loan using the streamlined underwriting requirement per Part III: Products and Features, Chapter 18. pursuant to the requirements of Part III, Chapter 18: Choice Refinance Loans up to 180 days prior to the Prepayment Premium Period End DatePrepayment Premium Period End DateLast date on which a Borrower owes a Prepayment Premium for a voluntary Mortgage Loan prepayment. for the Portfolio Mortgage LoanPortfolio Mortgage LoanMortgage Loan that was purchased by Fannie Mae and is held as of a certain date regardless of whether it is a Cash Mortgage Loan or an MBS Mortgage Loan. being refinanced. The LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must verify the Prepayment Premium Period End DatePrepayment Premium Period End DateLast date on which a Borrower owes a Prepayment Premium for a voluntary Mortgage Loan prepayment. of the Portfolio Mortgage LoanPortfolio Mortgage LoanMortgage Loan that was purchased by Fannie Mae and is held as of a certain date regardless of whether it is a Cash Mortgage Loan or an MBS Mortgage Loan. 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 Part IV A, Chapter 3: Committing, Section 304.01: Deposit Required for information on Good Faith DepositsGood Faith DepositsAs defined in Part IV A: Mortgage Loan Commitment, Delivery and Purchase Procedures, Section 304. for Choice Refinance LoansChoice Refinance LoansMortgage Loan refinancing a Portfolio Mortgage Loan using the streamlined underwriting requirement per Part III: Products and Features, Chapter 18..