Locking the Rate
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..