Chapter 3
| Section 301 | |
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This Chapter describes the registration, commitment, delivery, and purchase procedures 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. originated in a Structured Transaction and underwritten pursuant to the terms of Part III, Chapter 17: Structured Transactions.
| 301.01 | |
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| 301.01A | |
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Using the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. ’s Negotiated Seller NumberNegotiated Seller NumberNumber assigned by Fannie Mae identifying the Person that currently services a Structured Transaction. , the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must register each Structured Transaction in 2 systems:
- DUS GatewayDUS GatewayMultifamily pre-acquisition system including deal registration, Pre-Review and/or waiver tracking, decision records, or any successor systems. ; and
- MSFMSMSFMSMultifamily Structured Facilities Management System performing collateral delivery and securitization functions for Structured Transactions. .
All Structured Transactions are managed in MSFMSMSFMSMultifamily Structured Facilities Management System performing collateral delivery and securitization functions for Structured Transactions. , which provides users with a centralized view of the transaction. MSFMSMSFMSMultifamily Structured Facilities Management System performing collateral delivery and securitization functions for Structured Transactions. is used to: (i) register new transactions; (ii) create and submit collateral and participant-related information; and (iii) for MBSMBSMortgage-Backed Security , create and submit security information. The LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. should contact Multifamily Structured AcquisitionsMultifamily Structured AcquisitionsTeam that can be contacted at [email protected] to obtain access to MSFMSMSFMSMultifamily Structured Facilities Management System performing collateral delivery and securitization functions for Structured Transactions. as well as for any training needs.
| 301.01B | |
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The LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must register the Structured Transaction in MSFMSMSFMSMultifamily Structured Facilities Management System performing collateral delivery and securitization functions for Structured Transactions. after the transaction has been registered in DUS GatewayDUS GatewayMultifamily pre-acquisition system including deal registration, Pre-Review and/or waiver tracking, decision records, or any successor systems. and prior to the remittance of any fees to Fannie Mae. The registration of the Structured Transaction in MSFMSMSFMSMultifamily Structured Facilities Management System performing collateral delivery and securitization functions for Structured Transactions. must occur no later than 15 Business DaysBusiness DaysAny day other than a Saturday, Sunday, day on which Fannie Mae is closed, day on which the Federal Reserve Bank of New York is closed, or for any MBS and any required withdrawal for remittance thereunder, a day on which the Federal Reserve Bank is closed in the district where any… prior to purchase by Fannie Mae of the Mortgage LoanMortgage LoanMortgage debt obligation evidenced, or when made will be evidenced, by the Loan Documents or a mortgage debt obligation with a Fannie Mae credit enhancement. . The MSFMS Deal IDMSFMS Deal IDNumber assigned by MSFMS at the time a Structured Transaction is registered. will be assigned upon registration in MSFMSMSFMSMultifamily Structured Facilities Management System performing collateral delivery and securitization functions for Structured Transactions. .
The terms and conditions of Fannie Mae’s approval of a Structured Transaction will be set forth in 1 or more documents provided by Fannie Mae to the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. (collectively these documents, including any additional approvals issued for subsequent collateral activities, such as new loans and property additions, and any modifications to such approvals, are the “Structured Transaction ApprovalStructured Transaction ApprovalApproval issued by Fannie Mae with respect to a Structured Transaction, as defined in Part IV B: Mortgage Loan Commitment, Delivery, and Purchase Procedures for Special Product Features and Executions, Section 301.02. ”).
The Structured Transaction ApprovalStructured Transaction ApprovalApproval issued by Fannie Mae with respect to a Structured Transaction, as defined in Part IV B: Mortgage Loan Commitment, Delivery, and Purchase Procedures for Special Product Features and Executions, Section 301.02. may include expiration dates by which certain identified actions must occur (such as 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. , delivery, or purchase). 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 modify or extend any expiration date set forth in the Structured Transaction ApprovalStructured Transaction ApprovalApproval issued by Fannie Mae with respect to a Structured Transaction, as defined in Part IV B: Mortgage Loan Commitment, Delivery, and Purchase Procedures for Special Product Features and Executions, Section 301.02. .
| Section 302 | |
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| 302.01 | |
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The Structured Transaction ApprovalStructured Transaction ApprovalApproval issued by Fannie Mae with respect to a Structured Transaction, as defined in Part IV B: Mortgage Loan Commitment, Delivery, and Purchase Procedures for Special Product Features and Executions, Section 301.02. sets forth the pricing for the Structured Transaction.
| 302.02 | |
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Fannie Mae may charge fees for the initial closing of the Structured Transaction and the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. ’s origination of the initial 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. , as well as for subsequent collateral activity permitted under the Structured Transaction Loan DocumentsStructured Transaction Loan DocumentsDocumentation executed in connection with a Structured Transaction, including a Master Credit Facility or Bulk Delivery Agreement, an Interest Rate Hedge Agreement, and all other Loan Documents required by Fannie Mae. (e.g., additional origination fees, addition fees, release fees, due diligence fees, etc.). Such fees will be specified in the Structured Transaction ApprovalStructured Transaction ApprovalApproval issued by Fannie Mae with respect to a Structured Transaction, as defined in Part IV B: Mortgage Loan Commitment, Delivery, and Purchase Procedures for Special Product Features and Executions, Section 301.02. or the MATS AddendumMATS AddendumAddendum to the Mortgage Selling and Servicing Contract executed by Lender for a Structured Transaction. . The due date for such fees will be determined by Fannie Mae. All Structured Transaction fees will be drafted from the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. by Fannie Mae or as otherwise instructed by Fannie Mae.
| Section 303 | |
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All Structured Transactions must be evidenced by the Structured Transaction Loan DocumentsStructured Transaction Loan DocumentsDocumentation executed in connection with a Structured Transaction, including a Master Credit Facility or Bulk Delivery Agreement, an Interest Rate Hedge Agreement, and all other Loan Documents required by Fannie Mae. prepared by Fannie Mae outside counsel. The Fannie Mae Deal TeamFannie Mae Deal TeamTeam responsible for reviewing Pre-Review Mortgage Loans, waivers, etc. will provide the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. with the name and contact information for both the Fannie Mae in-house legal counsel and the Fannie Mae outside counsel who have been assigned to work on the particular transaction.
| Section 304 | |
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The LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must 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 the Structured Transaction in accordance with the provisions of Part IV A, Chapter 3: Committing, Section 303: Obtaining a Rate Lock and the Structured Transaction ApprovalStructured Transaction ApprovalApproval issued by Fannie Mae with respect to a Structured Transaction, as defined in Part IV B: Mortgage Loan Commitment, Delivery, and Purchase Procedures for Special Product Features and Executions, Section 301.02. .
| Section 305 | |
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For each Structured Transaction, the Fannie Mae Deal TeamFannie Mae Deal TeamTeam responsible for reviewing Pre-Review Mortgage Loans, waivers, etc. must enter the transaction terms, collateral group, and fee group information from the Structured Transaction ApprovalStructured Transaction ApprovalApproval issued by Fannie Mae with respect to a Structured Transaction, as defined in Part IV B: Mortgage Loan Commitment, Delivery, and Purchase Procedures for Special Product Features and Executions, Section 301.02. into MSFMSMSFMSMultifamily Structured Facilities Management System performing collateral delivery and securitization functions for Structured Transactions. .
| 305.01 | |
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Because MBS Mortgage LoansMBS Mortgage LoansMortgage Loan purchased by Fannie Mae in exchange for an issued MBS backed by the Mortgage Loan. made in connection with Structured Transactions are managed in MSFMSMSFMSMultifamily Structured Facilities Management System performing collateral delivery and securitization functions for Structured Transactions. rather than C&DC&DElectronic committing and delivery system used for issuing and confirming Commitments for acquiring Mortgage Loans, or any such successor system. , 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. ” process is different for Structured Transactions. The LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. may generate a “Structured Facility Commitment Letter” within the “Reports” section of MSFMSMSFMSMultifamily Structured Facilities Management System performing collateral delivery and securitization functions for Structured Transactions. to provide the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. with confirmation that the Structured Transaction in MSFMSMSFMSMultifamily Structured Facilities Management System performing collateral delivery and securitization functions for Structured Transactions. meets the terms of the transaction as documented in MSFMSMSFMSMultifamily Structured Facilities Management System performing collateral delivery and securitization functions for Structured Transactions. . The “Structured Facility Commitment Letter” is available when the status of the MBS PoolMBS PoolMBS Security backed by MBS Mortgage Loans. in MSFMSMSFMSMultifamily Structured Facilities Management System performing collateral delivery and securitization functions for Structured Transactions. is reflected as “submitted,” “closed,” “closed with differences,” or “active.”
| 305.02 | |
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For Cash Mortgage LoansCash Mortgage LoansMortgage Loan purchased by Fannie Mae in exchange for cash. in a Structured Transaction, the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must 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. through C&DC&DElectronic committing and delivery system used for issuing and confirming Commitments for acquiring Mortgage Loans, or any such successor system. by following the procedures set forth in Part IV A, Chapter 3: Committing with the following exceptions.
- Commitment Page – The LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must select “Structured” as the “Delivery Channel Type” and enter the MSFMS Deal IDMSFMS Deal IDNumber assigned by MSFMS at the time a Structured Transaction is registered. in the “Structured Facility Management Deal ID” field to associate 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. with the Structured Transaction in MSFMSMSFMSMultifamily Structured Facilities Management System performing collateral delivery and securitization functions for Structured Transactions. .
- Collateral Page – When completing 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). field, the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must enter “1100 15th St, NW” as the address and “Washington, DC 20005” as the city, state, and zip instead of entering the actual 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). data, which instead will be entered into MSFMSMSFMSMultifamily Structured Facilities Management System performing collateral delivery and securitization functions for Structured Transactions. .
- Participants Page – The LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must enter at least 1 BorrowerBorrowerPerson who is the obligor under the Note. record. The complete data for all deal participants will be entered separately into MSFMSMSFMSMultifamily Structured Facilities Management System performing collateral delivery and securitization functions for Structured Transactions. .
| Section 306 | |
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In order to ensure that 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. is timely purchased by Fannie Mae as required in this Chapter, the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must meet the minimum timing requirements at all stages of the delivery process, including submission of all required data via MSFMSMSFMSMultifamily Structured Facilities Management System performing collateral delivery and securitization functions for Structured Transactions. and C&DC&DElectronic committing and delivery system used for issuing and confirming Commitments for acquiring Mortgage Loans, or any such successor system. (as applicable), and delivery of all required documentation. If the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. does not satisfy all 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… requirements, the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. may be subject to the provisions of Part IV A, Chapter 5: Delivery Procedures – Documents, Section 501.05: Failure to Deliver: Return of Package.
For Structured Transactions, 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 completion of the following 5 steps:
Step 1: submission of deal participant and collateral data via MSFMSMSFMSMultifamily Structured Facilities Management System performing collateral delivery and securitization functions for Structured Transactions. ;
Step 2: electronic delivery of 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). and underwriting related documents (the Delivery Documents as required under Folder II, as described in the Multifamily Mortgage Loan Delivery Package Table of ContentsMultifamily Mortgage Loan Delivery Package Table of ContentsForm 6502 or another Fannie Mae-approved Table of Contents for a Mortgage Loan Delivery Package. ) via DocWayDocWayBusiness-to-business electronic documentation delivery application, or any successor system. ;
Step 3: for Structured ARM Loans, submission of Interest Rate HedgeInterest Rate HedgeInterest rate agreement between the Borrower and a hedge provider for which the Borrower receives payments at the end of each period when the interest rate exceeds the Cap Strike Rate. The Interest Rate Cap provides a ceiling (or cap) on the Borrower’s interest payments on the Mortgage Loan. data;
Step 4: certification of executed Structured Transaction Loan DocumentsStructured Transaction Loan DocumentsDocumentation executed in connection with a Structured Transaction, including a Master Credit Facility or Bulk Delivery Agreement, an Interest Rate Hedge Agreement, and all other Loan Documents required by Fannie Mae. ; and
Step 5: submission of pool and loan information via MSFMSMSFMSMultifamily Structured Facilities Management System performing collateral delivery and securitization functions for Structured Transactions. for MBS Mortgage LoansMBS Mortgage LoansMortgage Loan purchased by Fannie Mae in exchange for an issued MBS backed by the Mortgage Loan. or via C&DC&DElectronic committing and delivery system used for issuing and confirming Commitments for acquiring Mortgage Loans, or any such successor system. for Cash Mortgage LoansCash Mortgage LoansMortgage Loan purchased by Fannie Mae in exchange for cash. .
| 306.01A | |
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The LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. is responsible for entering and submitting the deal participant data and the collateral data (property and underwriting data) into MSFMSMSFMSMultifamily Structured Facilities Management System performing collateral delivery and securitization functions for Structured Transactions. for all Mortgage LoansMortgage LoansMortgage debt obligation evidenced, or when made will be evidenced, by the Loan Documents or a mortgage debt obligation with a Fannie Mae credit enhancement. delivered in connection with a Structured Transaction. For MBS Mortgage LoansMBS Mortgage LoansMortgage Loan purchased by Fannie Mae in exchange for an issued MBS backed by the Mortgage Loan. , the deal participant and collateral data is submitted separately from, and in advance of, the submission of pool and Mortgage LoanMortgage LoanMortgage debt obligation evidenced, or when made will be evidenced, by the Loan Documents or a mortgage debt obligation with a Fannie Mae credit enhancement. data in MSFMSMSFMSMultifamily Structured Facilities Management System performing collateral delivery and securitization functions for Structured Transactions. (Step 5 above).
The LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must complete a deal participant page in MSFMSMSFMSMultifamily Structured Facilities Management System performing collateral delivery and securitization functions for Structured Transactions. , and submit all required data, for each BorrowerBorrowerPerson who is the obligor under the Note., Key PrincipalKey PrincipalPerson(s) who control and/or manage the Borrower or the Property, are critical to the successful operation and management of the Borrower and the Property, and who may be required to provide a Guaranty. , and SponsorSponsorPrincipal equity owner and/or the primary decision maker of the Borrower (often the Key Principal or the Person Controlling the Key Principal). (who may be the same as the Key PrincipalKey PrincipalPerson(s) who control and/or manage the Borrower or the Property, are critical to the successful operation and management of the Borrower and the Property, and who may be required to provide a Guaranty. ), and any PrincipalsPrincipalsPerson who owns or controls specified interests in the Borrower per Part I: Mortgage Loan, Section 303. . Upon submission of such data, MSFMSMSFMSMultifamily Structured Facilities Management System performing collateral delivery and securitization functions for Structured Transactions. will automatically run the ACheckACheckLender due diligence for the Borrower, Key Principal, and Principal using the ACheck application. process, which is in addition to, and not a replacement for, the ACheckACheckLender due diligence for the Borrower, Key Principal, and Principal using the ACheck application. process required to be completed by the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. pursuant to Part I, Chapter 3: Borrower, Guarantor, Key Principals, and Principals, Section 307: Applicant Experience Check.
The LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must complete a “collateral” page in MSFMSMSFMSMultifamily Structured Facilities Management System performing collateral delivery and securitization functions for Structured Transactions. , and submit all required data, for each 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). , including the “eRents” data submission. Following submission of such data, MSFMSMSFMSMultifamily Structured Facilities Management System performing collateral delivery and securitization functions for Structured Transactions. will reflect the collateral status as “submitted.”
| 306.01B | |
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For all Mortgage LoansMortgage LoansMortgage debt obligation evidenced, or when made will be evidenced, by the Loan Documents or a mortgage debt obligation with a Fannie Mae credit enhancement. in a Structured Transaction, the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must submit the deal participant and collateral data in MSFMSMSFMSMultifamily Structured Facilities Management System performing collateral delivery and securitization functions for Structured Transactions. no later than 5:00 p.m. Eastern Time 10 Business DaysBusiness DaysAny day other than a Saturday, Sunday, day on which Fannie Mae is closed, day on which the Federal Reserve Bank of New York is closed, or for any MBS and any required withdrawal for remittance thereunder, a day on which the Federal Reserve Bank is closed in the district where any… prior to (and not including):
- the purchase date for Cash Mortgage LoansCash Mortgage LoansMortgage Loan purchased by Fannie Mae in exchange for cash. ; and
- 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. for MBS Mortgage LoansMBS Mortgage LoansMortgage Loan purchased by Fannie Mae in exchange for an issued MBS backed by the Mortgage Loan. .
Contemporaneously with submission of the deal participant and collateral data in MSFMSMSFMSMultifamily Structured Facilities Management System performing collateral delivery and securitization functions for Structured Transactions. , as required in Part IV B, Chapter 3: Structured Transactions, Section 306.01: Deal Participant and Collateral Data Delivery (Step 1) of this Chapter, the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must also submit Folder II via DocWayDocWayBusiness-to-business electronic documentation delivery application, or any successor system. as required in Part IV A, Chapter 5: Delivery Procedures – Documents, Section 501: General. The LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must create the DocWayDocWayBusiness-to-business electronic documentation delivery application, or any successor system. folder for the Structured Transaction by utilizing the MSFMS Deal IDMSFMS Deal IDNumber assigned by MSFMS at the time a Structured Transaction is registered. (adding zeros, if necessary, before the MSFMS Deal IDMSFMS Deal IDNumber assigned by MSFMS at the time a Structured Transaction is registered. to create the required 6-digit number).
After the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. has submitted deal participant and collateral data in MSFMSMSFMSMultifamily Structured Facilities Management System performing collateral delivery and securitization functions for Structured Transactions. and delivered the Folder II documents via DocWayDocWayBusiness-to-business electronic documentation delivery application, or any successor system. , Fannie Mae will review the submission. If the submission is acceptable, the Multifamily Certification and CustodyMultifamily Certification and CustodyTeam responsible for taking custody of and certifying Mortgage Loans that can be contacted at [email protected] or (800) 940-4646. Team will change the status of 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). on the CollateralCollateralProperty, Personal Property, or other property securing a Mortgage Loan. Page in MSFMSMSFMSMultifamily Structured Facilities Management System performing collateral delivery and securitization functions for Structured Transactions. to “accepted pending delivery.”
| 306.03 | |
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| 306.03A | |
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An Interest Rate HedgeInterest Rate HedgeInterest rate agreement between the Borrower and a hedge provider for which the Borrower receives payments at the end of each period when the interest rate exceeds the Cap Strike Rate. The Interest Rate Cap provides a ceiling (or cap) on the Borrower’s interest payments on the Mortgage Loan. is required for each Structured ARM Loan. The BorrowerBorrowerPerson who is the obligor under the Note. must enter into an Interest Rate Hedge AgreementInterest Rate Hedge AgreementContract setting forth the terms and conditions of an Interest Rate Cap, Hedge, or Swap. with a Fannie Mae-approved provider meeting the requirements of Part III, Chapter 12: Structured Adjustable Rate Mortgage (SARM) Loans, Section 1205: Interest Rate Caps, in time to ensure entry of the hedge data (as described in Part IV B, Chapter 3: Structured Transactions, Section 306.03B: Hedge Data) into MSFMSMSFMSMultifamily Structured Facilities Management System performing collateral delivery and securitization functions for Structured Transactions. no later than:
- for Structured ARM Loans that are MBS Mortgage LoansMBS Mortgage LoansMortgage Loan purchased by Fannie Mae in exchange for an issued MBS backed by the Mortgage Loan. : 7 Business DaysBusiness DaysAny day other than a Saturday, Sunday, day on which Fannie Mae is closed, day on which the Federal Reserve Bank of New York is closed, or for any MBS and any required withdrawal for remittance thereunder, a day on which the Federal Reserve Bank is closed in the district where any… prior to (and not including) the Book-Entry DateBook-Entry DateCalendar date a Security is delivered by Fannie Mae via the Federal Reserve book-entry system to the applicable Investor’s designated book-entry account at a depository institution. of the MBSMBSMortgage-Backed Security ; or
- for Structured ARM Loans that are Cash Mortgage LoansCash Mortgage LoansMortgage Loan purchased by Fannie Mae in exchange for cash. : 5 Business DaysBusiness DaysAny day other than a Saturday, Sunday, day on which Fannie Mae is closed, day on which the Federal Reserve Bank of New York is closed, or for any MBS and any required withdrawal for remittance thereunder, a day on which the Federal Reserve Bank is closed in the district where any… prior to (and not including) Fannie Mae’s purchase 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. .
| 306.03B | |
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Prior to submission of the pool and Mortgage LoanMortgage LoanMortgage debt obligation evidenced, or when made will be evidenced, by the Loan Documents or a mortgage debt obligation with a Fannie Mae credit enhancement. data in MSFMSMSFMSMultifamily Structured Facilities Management System performing collateral delivery and securitization functions for Structured Transactions. (Step 5 above), the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must enter and submit the Interest Rate HedgeInterest Rate HedgeInterest rate agreement between the Borrower and a hedge provider for which the Borrower receives payments at the end of each period when the interest rate exceeds the Cap Strike Rate. The Interest Rate Cap provides a ceiling (or cap) on the Borrower’s interest payments on the Mortgage Loan. data in MSFMSMSFMSMultifamily Structured Facilities Management System performing collateral delivery and securitization functions for Structured Transactions. via the “hedge” tab. To do so, the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must select the “hedge” tab, create a new hedge, and enter the appropriate data. After the required data has been entered, the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must submit the hedge data to Fannie Mae for review. Fannie Mae will compare the submitted data to the Interest Rate Hedge AgreementInterest Rate Hedge AgreementContract setting forth the terms and conditions of an Interest Rate Cap, Hedge, or Swap. . If any discrepancies are noted, Fannie Mae will unlock the “hedge” tab and notify the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. of corrections that must be made. If no discrepancies are noted, Fannie Mae will change the status from “submitted” to “active” to activate the hedge in MSFMSMSFMSMultifamily Structured Facilities Management System performing collateral delivery and securitization functions for Structured Transactions. .
| 306.04A | |
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Following the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. ’s origination 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. in connection with a Credit FacilityCredit FacilityStructured Transaction that is governed by a Master Credit Facility Agreement, and includes cross-collateralized and cross-defaulted Mortgage Loans and Properties. , the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must deliver all Loan DocumentsLoan DocumentsAll documents evidencing, securing, or guaranteeing the debt obligation executed for a Mortgage Loan and approved by Fannie Mae. to Fannie Mae’s designated outside counsel for certification, at least 5 Business DaysBusiness DaysAny day other than a Saturday, Sunday, day on which Fannie Mae is closed, day on which the Federal Reserve Bank of New York is closed, or for any MBS and any required withdrawal for remittance thereunder, a day on which the Federal Reserve Bank is closed in the district where any… prior to (and not including) the applicable certification date set forth below:
- for MBS Mortgage LoansMBS Mortgage LoansMortgage Loan purchased by Fannie Mae in exchange for an issued MBS backed by the Mortgage Loan. , the documents must be certified at least 7 Business DaysBusiness DaysAny day other than a Saturday, Sunday, day on which Fannie Mae is closed, day on which the Federal Reserve Bank of New York is closed, or for any MBS and any required withdrawal for remittance thereunder, a day on which the Federal Reserve Bank is closed in the district where any… prior to (and not including) the 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. ; and
- for Cash Mortgage LoansCash Mortgage LoansMortgage Loan purchased by Fannie Mae in exchange for cash. , the documents must be certified at least 5 Business DaysBusiness DaysAny day other than a Saturday, Sunday, day on which Fannie Mae is closed, day on which the Federal Reserve Bank of New York is closed, or for any MBS and any required withdrawal for remittance thereunder, a day on which the Federal Reserve Bank is closed in the district where any… prior to (and not including) the date of purchase by Fannie Mae.
Fannie Mae’s designated outside counsel will deliver the final, certified Credit FacilityCredit FacilityStructured Transaction that is governed by a Master Credit Facility Agreement, and includes cross-collateralized and cross-defaulted Mortgage Loans and Properties. Loan DocumentsLoan DocumentsAll documents evidencing, securing, or guaranteeing the debt obligation executed for a Mortgage Loan and approved by Fannie Mae. to Fannie Mae. The LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. and the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. ’s counsel must work with Fannie Mae’s outside counsel to ensure that all Credit FacilityCredit FacilityStructured Transaction that is governed by a Master Credit Facility Agreement, and includes cross-collateralized and cross-defaulted Mortgage Loans and Properties. Loan DocumentsLoan DocumentsAll documents evidencing, securing, or guaranteeing the debt obligation executed for a Mortgage Loan and approved by Fannie Mae. are complete and properly executed in advance of delivery to Fannie Mae.
| 306.04B | |
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Following the Lender'sLender'sPerson approved by Fannie Mae to sell or service Mortgage Loans. origination 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. in connection with a Bulk DeliveryBulk DeliveryStructured Transaction that: is governed by a Bulk Delivery Agreement; and includes the ability to add Mortgage Loans in the future, or substitute a new Property for an existing Property as collateral. , the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must deliver all Loan DocumentsLoan DocumentsAll documents evidencing, securing, or guaranteeing the debt obligation executed for a Mortgage Loan and approved by Fannie Mae. to Multifamily Certification and CustodyMultifamily Certification and CustodyTeam responsible for taking custody of and certifying Mortgage Loans that can be contacted at [email protected] or (800) 940-4646. for certification, as specified in Part IV A, Chapter 5: Delivery Procedures – Documents, Section 501: General, at least 5 Business DaysBusiness DaysAny day other than a Saturday, Sunday, day on which Fannie Mae is closed, day on which the Federal Reserve Bank of New York is closed, or for any MBS and any required withdrawal for remittance thereunder, a day on which the Federal Reserve Bank is closed in the district where any… prior to (and not including) the applicable certification date set forth below:
- for MBS Mortgage LoansMBS Mortgage LoansMortgage Loan purchased by Fannie Mae in exchange for an issued MBS backed by the Mortgage Loan. , the documents must be certified at least 7 Business DaysBusiness DaysAny day other than a Saturday, Sunday, day on which Fannie Mae is closed, day on which the Federal Reserve Bank of New York is closed, or for any MBS and any required withdrawal for remittance thereunder, a day on which the Federal Reserve Bank is closed in the district where any… prior to (and not including) the 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. ; and
- for Cash Mortgage LoansCash Mortgage LoansMortgage Loan purchased by Fannie Mae in exchange for cash. , the documents must be certified at least 5 Business DaysBusiness DaysAny day other than a Saturday, Sunday, day on which Fannie Mae is closed, day on which the Federal Reserve Bank of New York is closed, or for any MBS and any required withdrawal for remittance thereunder, a day on which the Federal Reserve Bank is closed in the district where any… prior to (and not including) the date of purchase by Fannie Mae.
After completing Steps 1 through 4 as described above, Multifamily Structured AcquisitionsMultifamily Structured AcquisitionsTeam that can be contacted at [email protected] will change the collateral status to “active” in MSFMSMSFMSMultifamily Structured Facilities Management System performing collateral delivery and securitization functions for Structured Transactions. and the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. may then complete Step 5, the submission of pool and Mortgage LoanMortgage LoanMortgage debt obligation evidenced, or when made will be evidenced, by the Loan Documents or a mortgage debt obligation with a Fannie Mae credit enhancement. data.
| 306.05A | |
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1. Data Submission
For each MBS Mortgage LoanMBS Mortgage LoanMortgage Loan purchased by Fannie Mae in exchange for an issued MBS backed by the Mortgage Loan. in a Structured Transaction, the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must create an MBS PoolMBS PoolMBS Security backed by MBS Mortgage Loans. in MSFMSMSFMSMultifamily Structured Facilities Management System performing collateral delivery and securitization functions for Structured Transactions. no later than 7 Business DaysBusiness DaysAny day other than a Saturday, Sunday, day on which Fannie Mae is closed, day on which the Federal Reserve Bank of New York is closed, or for any MBS and any required withdrawal for remittance thereunder, a day on which the Federal Reserve Bank is closed in the district where any… prior to (and not including) the Book-Entry DateBook-Entry DateCalendar date a Security is delivered by Fannie Mae via the Federal Reserve book-entry system to the applicable Investor’s designated book-entry account at a depository institution. of the MBSMBSMortgage-Backed Security . Once the MBS PoolMBS PoolMBS Security backed by MBS Mortgage Loans. is created, the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. will receive in MSFMSMSFMSMultifamily Structured Facilities Management System performing collateral delivery and securitization functions for Structured Transactions. the Fannie Mae Pool NumberFannie Mae Pool NumberNumber assigned by Fannie Mae identifying an MBS Pool. and the CUSIPCUSIPCommittee on Uniform Securities Identification Procedures 9-digit security identification number required for the book-entry system and assigned by Fannie Mae to identify the MBS Pool. number that uniquely identifies the MBS PoolMBS PoolMBS Security backed by MBS Mortgage Loans. for book-entry purposes.
After the MBS PoolMBS PoolMBS Security backed by MBS Mortgage Loans. is created, the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must complete the necessary fields on the “pool” and the “loan” pages in MSFMSMSFMSMultifamily Structured Facilities Management System performing collateral delivery and securitization functions for Structured Transactions. , including the appropriate Plan NumberPlan NumberNumber identifying the applicable loan characteristics for any Mortgage Loan that accrues interest at a variable rate at any time during the loan term. in the case of an ARM LoanARM LoanMortgage Loan with an interest rate that periodically adjusts based on an Index per the Note or Loan Documents. . Prior to submitting MBS PoolMBS PoolMBS Security backed by MBS Mortgage Loans. data, the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must address all MSFMSMSFMSMultifamily Structured Facilities Management System performing collateral delivery and securitization functions for Structured Transactions. system business rules by “validating” the data which will identify any “errors” or discrepancies between the entered data and the allowable terms. The LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must submit the MBS PoolMBS PoolMBS Security backed by MBS Mortgage Loans. data necessary for securitization, via MSFMSMSFMSMultifamily Structured Facilities Management System performing collateral delivery and securitization functions for Structured Transactions. , no later than 5:00 p.m. Eastern Time at least 5 Business DaysBusiness DaysAny day other than a Saturday, Sunday, day on which Fannie Mae is closed, day on which the Federal Reserve Bank of New York is closed, or for any MBS and any required withdrawal for remittance thereunder, a day on which the Federal Reserve Bank is closed in the district where any… prior to (and not including) the 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. .
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 comply with the provisions of Part IV A, Chapter 4: Delivery Procedures – Data, Section 401: General, regarding the first scheduled monthly payment date 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. .
2. Correcting Data Submissions
If the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. believes that a discrepancy or “error” message generated by MSFMSMSFMSMultifamily Structured Facilities Management System performing collateral delivery and securitization functions for Structured Transactions. is related to a waiver that Fannie Mae has approved or if the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. believes the data to be correct, instead of changing the system status to “submitted,” the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must change the system status to “submit for review,” and provide an explanation of the issue. Multifamily Structured AcquisitionsMultifamily Structured AcquisitionsTeam that can be contacted at [email protected] will review the submission, and either override the “error,” or return the MBSMBSMortgage-Backed Security data submission to the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. for correction. If returned to the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. for correction, the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must revise the MBSMBSMortgage-Backed Security data accordingly and then change the system status to "submitted."
After the status of the MBSMBSMortgage-Backed Security data in MSFMSMSFMSMultifamily Structured Facilities Management System performing collateral delivery and securitization functions for Structured Transactions. is “submitted,” if the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. has made an error or otherwise believes that the submitted data is incorrect, the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must submit a request to revise the data in MSFMSMSFMSMultifamily Structured Facilities Management System performing collateral delivery and securitization functions for Structured Transactions. via e-mail to Multifamily Structured AcquisitionsMultifamily Structured AcquisitionsTeam that can be contacted at [email protected] with the following subject line: "Deal Name - MSFMS Data Change Request.”
3. Wiring and Delivery Instructions; Purchase
On the Book-Entry DateBook-Entry DateCalendar date a Security is delivered by Fannie Mae via the Federal Reserve book-entry system to the applicable Investor’s designated book-entry account at a depository institution. , Fannie Mae will issue and deliver the MBSMBSMortgage-Backed Security electronically through the Federal Reserve book-entry system in accordance with the wiring instructions provided by the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. in MSFMSMSFMSMultifamily Structured Facilities Management System performing collateral delivery and securitization functions for Structured Transactions. . The wiring instructions cannot be changed in MSFMSMSFMSMultifamily Structured Facilities Management System performing collateral delivery and securitization functions for Structured Transactions. after the MBSMBSMortgage-Backed Security has been submitted for securitization, so the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. ’s MSFMSMSFMSMultifamily Structured Facilities Management System performing collateral delivery and securitization functions for Structured Transactions. submission must include complete and accurate wiring instructions for the SecuritySecurityMBS, PFP MBS, or REMIC. as well as the correct amount to be wired.
Fannie Mae’s purchase of MBS Mortgage LoansMBS Mortgage LoansMortgage Loan purchased by Fannie Mae in exchange for an issued MBS backed by the Mortgage Loan. originated in connection with Structured Transactions will be governed by the provisions of Part IV A, Chapter 6: Purchase Procedures, except that the funding path and timing for MBS Mortgage LoansMBS Mortgage LoansMortgage Loan purchased by Fannie Mae in exchange for an issued MBS backed by the Mortgage Loan. are as described in Funding Path (Part IV B, Section 306.05.A.4).
4. Funding Path
The LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. may submit wiring instructions in MSFMSMSFMSMultifamily Structured Facilities Management System performing collateral delivery and securitization functions for Structured Transactions. for delivery of the MBSMBSMortgage-Backed Security via the Federal Reserve book-entry system either to the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. ’s own account or to the account of the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. ’s designee. In a separate transaction (not via MSFMSMSFMSMultifamily Structured Facilities Management System performing collateral delivery and securitization functions for Structured Transactions. ), the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. or the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. ’s designee will then deliver the MBSMBSMortgage-Backed Security to the MBS InvestorMBS InvestorFor MBS Mortgage Loans, either a Third Party MBS Investor for Lender-Arranged Sales, or the Multifamily Trading Desk. , also via the Federal Reserve book-entry system. The Federal Reserve will simultaneously credit the MBS InvestorMBS InvestorFor MBS Mortgage Loans, either a Third Party MBS Investor for Lender-Arranged Sales, or the Multifamily Trading Desk. ’s account with the MBSMBSMortgage-Backed Security , debit the MBS InvestorMBS InvestorFor MBS Mortgage Loans, either a Third Party MBS Investor for Lender-Arranged Sales, or the Multifamily Trading Desk. ’s account for cash, and credit the MBSMBSMortgage-Backed Security proceeds to the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. .
The LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. may also opt to submit wiring instructions for delivery of the MBSMBSMortgage-Backed Security directly to the MBS InvestorMBS InvestorFor MBS Mortgage Loans, either a Third Party MBS Investor for Lender-Arranged Sales, or the Multifamily Trading Desk. ’s account. In such event, upon receipt of the MBSMBSMortgage-Backed Security , the MBS InvestorMBS InvestorFor MBS Mortgage Loans, either a Third Party MBS Investor for Lender-Arranged Sales, or the Multifamily Trading Desk. will wire payment to the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. in accordance with previously agreed terms.
If the transaction is a trade with the Multifamily Trading DeskMultifamily Trading DeskTeam that quotes interest rate pricing for a Mortgage Loan and can be contacted at (888) 889-1118. , Fannie Mae will match the MBSMBSMortgage-Backed Security to the trade and will wire the funds directly to the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. in accordance with previously agreed terms. The MBSMBSMortgage-Backed Security will be assigned directly to Fannie Mae on the Book-Entry DateBook-Entry DateCalendar date a Security is delivered by Fannie Mae via the Federal Reserve book-entry system to the applicable Investor’s designated book-entry account at a depository institution. . To arrange for this type of settlement, the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must select “CSTD” from the “Special Delivery Instructions” dropdown on the “MBS Pool” page in MSFMSMSFMSMultifamily Structured Facilities Management System performing collateral delivery and securitization functions for Structured Transactions. at the time the MBS PoolMBS PoolMBS Security backed by MBS Mortgage Loans. is delivered.
| 306.05B | |
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1. Data Submission
For Cash Mortgage LoansCash Mortgage LoansMortgage Loan purchased by Fannie Mae in exchange for cash. originated in connection with a Structured Transaction, the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must submit the required data in C&DC&DElectronic committing and delivery system used for issuing and confirming Commitments for acquiring Mortgage Loans, or any such successor system. no later than 10:30 a.m. Eastern Time at least 5 Business DaysBusiness DaysAny day other than a Saturday, Sunday, day on which Fannie Mae is closed, day on which the Federal Reserve Bank of New York is closed, or for any MBS and any required withdrawal for remittance thereunder, a day on which the Federal Reserve Bank is closed in the district where any… prior to (and not including) the purchase date in accordance with the requirements of Part IV A, Chapter 4: Delivery Procedures – Data, except that:
- Collateral Page: The only data required for a Cash Mortgage LoanCash Mortgage LoanMortgage Loan purchased by Fannie Mae in exchange for cash. is the property data entered at the time of commitment. No additional data needs to be entered on this page at the time of submission 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. for purchase by Fannie Mae. Instead, the complete property and underwriting data, including the “eRents” submission, is entered into MSFMSMSFMSMultifamily Structured Facilities Management System performing collateral delivery and securitization functions for Structured Transactions. .
- Hedge Page: Instead of completing the “hedge” tab in C&DC&DElectronic committing and delivery system used for issuing and confirming Commitments for acquiring Mortgage Loans, or any such successor system. , the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must enter hedge data into MSFMSMSFMSMultifamily Structured Facilities Management System performing collateral delivery and securitization functions for Structured Transactions. as required in Part IV B, Chapter 3: Structured Transactions, Section 306.03: Interest Rate Hedge (Step 3).
2. Payee Codes; Purchase
In accordance with the requirements set forth in Part IV A, Chapter 4: Delivery Procedures – Data, Section 401: General for Cash Mortgage LoansCash Mortgage LoansMortgage Loan purchased by Fannie Mae in exchange for cash. , the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must include the Fannie Mae “payee” code associated with the specific LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. account at the receiving institution.
Except as otherwise indicated in this Chapter, Cash Mortgage LoansCash Mortgage LoansMortgage Loan purchased by Fannie Mae in exchange for cash. originated in connection with a Structured Transaction are purchased by Fannie Mae in accordance with the provisions of Part IV A, Chapter 6: Purchase Procedures.
The MSFMS Deal IDMSFMS Deal IDNumber assigned by MSFMS at the time a Structured Transaction is registered. , which is entered into both C&DC&DElectronic committing and delivery system used for issuing and confirming Commitments for acquiring Mortgage Loans, or any such successor system. and MSFMSMSFMSMultifamily Structured Facilities Management System performing collateral delivery and securitization functions for Structured Transactions. by the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. , will link the Structured Transaction in the 2 Fannie Mae systems.
| Section 307 | |
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MBSMBSMortgage-Backed Security issued in connection with Structured Transactions require Additional DisclosureAdditional DisclosurePart of the disclosure package published by Fannie Mae when issuing an MBS. using the standard disclosure documents, Additional DisclosureAdditional DisclosurePart of the disclosure package published by Fannie Mae when issuing an MBS. documents, and disclosure generation procedures detailed in Part IV A, Chapter 6: Purchase Procedures, Section 604: Disclosure for MBS Mortgage Loans, with the following modifications.
- MSFMSMSFMSMultifamily Structured Facilities Management System performing collateral delivery and securitization functions for Structured Transactions. automatically flags Additional DisclosureAdditional DisclosurePart of the disclosure package published by Fannie Mae when issuing an MBS. for all Structured Transactions, so the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. does not need to specifically indicate that Additional DisclosureAdditional DisclosurePart of the disclosure package published by Fannie Mae when issuing an MBS. is required.
- After all MBSMBSMortgage-Backed Security data has been submitted in MSFMSMSFMSMultifamily Structured Facilities Management System performing collateral delivery and securitization functions for Structured Transactions. such that the funding state of the Structured Transaction is either “submitted” or “closed,” the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. may access the Schedule of Loan InformationSchedule of Loan InformationPart of the disclosure package published by Fannie Mae for the issuance of an MBS. by selecting “Schedule of Loan Information – Disclosure” from the “Reports” tab menu on MSFMSMSFMSMultifamily Structured Facilities Management System performing collateral delivery and securitization functions for Structured Transactions. .
- Fannie Mae Structured Transactions Additional DisclosureFannie Mae Structured Transactions Additional DisclosureTeam that can be contacted at [email protected] will generate the Schedule of Loan InformationSchedule of Loan InformationPart of the disclosure package published by Fannie Mae for the issuance of an MBS. from MSFMSMSFMSMultifamily Structured Facilities Management System performing collateral delivery and securitization functions for Structured Transactions. and send it via e-mail to the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. for review in advance of 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. .
- The LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must review the Schedule of Loan InformationSchedule of Loan InformationPart of the disclosure package published by Fannie Mae for the issuance of an MBS. and either confirm that the information is correct, or provide a revised Schedule of Loan InformationSchedule of Loan InformationPart of the disclosure package published by Fannie Mae for the issuance of an MBS. with the updated information to Fannie Mae Structured Transactions Additional DisclosureFannie Mae Structured Transactions Additional DisclosureTeam that can be contacted at [email protected] , with a copy to Multifamily Structured AcquisitionsMultifamily Structured AcquisitionsTeam that can be contacted at [email protected] and Multifamily Structured Asset ManagementMultifamily Structured Asset ManagementTeam that can be contacted at [email protected] .
- The LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. ’s e-mail response confirming or correcting the Schedule of Loan InformationSchedule of Loan InformationPart of the disclosure package published by Fannie Mae for the issuance of an MBS. must be received by Fannie Mae no later than 12:00 p.m. Eastern Time 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… prior to (and not including) the Book-Entry DateBook-Entry DateCalendar date a Security is delivered by Fannie Mae via the Federal Reserve book-entry system to the applicable Investor’s designated book-entry account at a depository institution. .
| Section 308 | |
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| 308.01 | |
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If permitted by the terms of the Structured Transaction ApprovalStructured Transaction ApprovalApproval issued by Fannie Mae with respect to a Structured Transaction, as defined in Part IV B: Mortgage Loan Commitment, Delivery, and Purchase Procedures for Special Product Features and Executions, Section 301.02. and the related Structured Transaction Loan DocumentsStructured Transaction Loan DocumentsDocumentation executed in connection with a Structured Transaction, including a Master Credit Facility or Bulk Delivery Agreement, an Interest Rate Hedge Agreement, and all other Loan Documents required by Fannie Mae. , the collateral activity below may be available for a Structured Transaction. Timing requirements for any collateral activity will be set forth in the Structured Transaction ApprovalStructured Transaction ApprovalApproval issued by Fannie Mae with respect to a Structured Transaction, as defined in Part IV B: Mortgage Loan Commitment, Delivery, and Purchase Procedures for Special Product Features and Executions, Section 301.02. .
A collateral addition, release, and substitution will occur under the initial MSFMS Deal IDMSFMS Deal IDNumber assigned by MSFMS at the time a Structured Transaction is registered. and the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. does not need to create a new transaction in MSFMSMSFMSMultifamily Structured Facilities Management System performing collateral delivery and securitization functions for Structured Transactions. . However, all collateral activity, other than releases, must be registered in DUS GatewayDUS GatewayMultifamily pre-acquisition system including deal registration, Pre-Review and/or waiver tracking, decision records, or any successor systems. .
To add a 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). as collateral in a Structured Transaction, the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must submit a request to the Fannie Mae Deal TeamFannie Mae Deal TeamTeam responsible for reviewing Pre-Review Mortgage Loans, waivers, etc. . The Fannie Mae Deal TeamFannie Mae Deal TeamTeam responsible for reviewing Pre-Review Mortgage Loans, waivers, etc. will determine whether the conditions to a 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). addition set forth in the Structured Transaction Loan DocumentsStructured Transaction Loan DocumentsDocumentation executed in connection with a Structured Transaction, including a Master Credit Facility or Bulk Delivery Agreement, an Interest Rate Hedge Agreement, and all other Loan Documents required by Fannie Mae. have been satisfied. Upon receipt of the Structured Transaction ApprovalStructured Transaction ApprovalApproval issued by Fannie Mae with respect to a Structured Transaction, as defined in Part IV B: Mortgage Loan Commitment, Delivery, and Purchase Procedures for Special Product Features and Executions, Section 301.02. from Fannie Mae approving the addition, the 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… process for a collateral addition is the same as the 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… process as described in Part IV B, Chapter 3: Structured Transactions, Section 306: Delivery Procedures for new Structured Transactions. A collateral addition/origination fee may be due under the Structured Transaction Loan DocumentsStructured Transaction Loan DocumentsDocumentation executed in connection with a Structured Transaction, including a Master Credit Facility or Bulk Delivery Agreement, an Interest Rate Hedge Agreement, and all other Loan Documents required by Fannie Mae. , the Structured Transaction ApprovalStructured Transaction ApprovalApproval issued by Fannie Mae with respect to a Structured Transaction, as defined in Part IV B: Mortgage Loan Commitment, Delivery, and Purchase Procedures for Special Product Features and Executions, Section 301.02. , or the MATS AddendumMATS AddendumAddendum to the Mortgage Selling and Servicing Contract executed by Lender for a Structured Transaction. .
| 308.01B | |
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To release a 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). from a Structured Transaction, the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must submit a request to Multifamily Structured Asset ManagementMultifamily Structured Asset ManagementTeam that can be contacted at [email protected]emae.com. pursuant to Part V, Chapter 4: Asset Management: Loan Document Administration, Section 416: Credit Facilities and Bulk Deliveries. Multifamily Structured Asset ManagementMultifamily Structured Asset ManagementTeam that can be contacted at [email protected] will determine whether the conditions to the release set forth in the Structured Transaction Loan DocumentsStructured Transaction Loan DocumentsDocumentation executed in connection with a Structured Transaction, including a Master Credit Facility or Bulk Delivery Agreement, an Interest Rate Hedge Agreement, and all other Loan Documents required by Fannie Mae. have been satisfied. Upon receipt of the Structured Transaction ApprovalStructured Transaction ApprovalApproval issued by Fannie Mae with respect to a Structured Transaction, as defined in Part IV B: Mortgage Loan Commitment, Delivery, and Purchase Procedures for Special Product Features and Executions, Section 301.02. from Fannie Mae approving the release and the closing of the release, the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must change the collateral status in MSFMSMSFMSMultifamily Structured Facilities Management System performing collateral delivery and securitization functions for Structured Transactions. to “release requested.” A release fee may be due under the Structured Transaction Loan DocumentsStructured Transaction Loan DocumentsDocumentation executed in connection with a Structured Transaction, including a Master Credit Facility or Bulk Delivery Agreement, an Interest Rate Hedge Agreement, and all other Loan Documents required by Fannie Mae. , the Structured Transaction ApprovalStructured Transaction ApprovalApproval issued by Fannie Mae with respect to a Structured Transaction, as defined in Part IV B: Mortgage Loan Commitment, Delivery, and Purchase Procedures for Special Product Features and Executions, Section 301.02. , or the MATS AddendumMATS AddendumAddendum to the Mortgage Selling and Servicing Contract executed by Lender for a Structured Transaction. . The LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must remit any applicable release fee 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… of closing and releasing the collateral. In the event the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. needs to change the release date, the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must notify Multifamily Structured Asset ManagementMultifamily Structured Asset ManagementTeam that can be contacted at [email protected] as well as Multifamily Structured AcquisitionsMultifamily Structured AcquisitionsTeam that can be contacted at [email protected] .
A substitution is a combination of a collateral release and a collateral addition. The request for substitution of a 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). must be submitted to both the Fannie Mae Deal TeamFannie Mae Deal TeamTeam responsible for reviewing Pre-Review Mortgage Loans, waivers, etc. and the Multifamily Structured Asset ManagementMultifamily Structured Asset ManagementTeam that can be contacted at [email protected] Team as set forth in Part V, Chapter 4: Asset Management: Loan Document Administration, Section 416: Credit Facilities and Bulk Deliveries. Fannie Mae will determine whether the conditions to the substitution as set forth in the Structured Transaction Loan DocumentsStructured Transaction Loan DocumentsDocumentation executed in connection with a Structured Transaction, including a Master Credit Facility or Bulk Delivery Agreement, an Interest Rate Hedge Agreement, and all other Loan Documents required by Fannie Mae. have been satisfied. If approved, the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must follow the process for delivering the collateral data described in Part IV B, Chapter 3: Structured Transactions, Section 308.01A: Collateral Addition - Add New Collateral to an Existing Structured Transaction for collateral additions and the provisions of Part IV B, Chapter 3: Structured Transactions, Section 308.01B: Collateral Release - Request a Release of Collateral from an Existing Structured Transaction for the release of existing collateral within MSFMSMSFMSMultifamily Structured Facilities Management System performing collateral delivery and securitization functions for Structured Transactions. . In some cases (if provided for in the Structured Transaction Loan DocumentsStructured Transaction Loan DocumentsDocumentation executed in connection with a Structured Transaction, including a Master Credit Facility or Bulk Delivery Agreement, an Interest Rate Hedge Agreement, and all other Loan Documents required by Fannie Mae. ), a delayed substitution will be permitted by Fannie Mae whereby, upon the release of collateral, the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must post cash, a Letter of CreditLetter of CreditLetter of Credit approved by Fannie Mae per Part I, Chapter 2: Mortgage Loan, Section 204: Letters of Credit. or other permitted replacement collateral as set forth in the Structured Transaction Loan DocumentsStructured Transaction Loan DocumentsDocumentation executed in connection with a Structured Transaction, including a Master Credit Facility or Bulk Delivery Agreement, an Interest Rate Hedge Agreement, and all other Loan Documents required by Fannie Mae. until acceptable new collateral is substituted. In any event, the new collateral must be added within 90 days or some other agreed upon timeframe as set forth in the Structured Transaction ApprovalStructured Transaction ApprovalApproval issued by Fannie Mae with respect to a Structured Transaction, as defined in Part IV B: Mortgage Loan Commitment, Delivery, and Purchase Procedures for Special Product Features and Executions, Section 301.02. or the Structured Transaction Loan DocumentsStructured Transaction Loan DocumentsDocumentation executed in connection with a Structured Transaction, including a Master Credit Facility or Bulk Delivery Agreement, an Interest Rate Hedge Agreement, and all other Loan Documents required by Fannie Mae. . A substitution fee (or an addition fee and release fee) may be due in accordance with the Structured Transaction Loan DocumentsStructured Transaction Loan DocumentsDocumentation executed in connection with a Structured Transaction, including a Master Credit Facility or Bulk Delivery Agreement, an Interest Rate Hedge Agreement, and all other Loan Documents required by Fannie Mae. , the Structured Transaction ApprovalStructured Transaction ApprovalApproval issued by Fannie Mae with respect to a Structured Transaction, as defined in Part IV B: Mortgage Loan Commitment, Delivery, and Purchase Procedures for Special Product Features and Executions, Section 301.02. , and/or the MATS AddendumMATS AddendumAddendum to the Mortgage Selling and Servicing Contract executed by Lender for a Structured Transaction. .
| 308.02 | |
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Certain ARM LoansARM LoansMortgage Loan with an interest rate that periodically adjusts based on an Index per the Note or Loan Documents. may be converted to fixed rate 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. subject to the provisions of the Structured Transaction Loan DocumentsStructured Transaction Loan DocumentsDocumentation executed in connection with a Structured Transaction, including a Master Credit Facility or Bulk Delivery Agreement, an Interest Rate Hedge Agreement, and all other Loan Documents required by Fannie Mae. , the Structured Transaction ApprovalStructured Transaction ApprovalApproval issued by Fannie Mae with respect to a Structured Transaction, as defined in Part IV B: Mortgage Loan Commitment, Delivery, and Purchase Procedures for Special Product Features and Executions, Section 301.02. , and, for Structured ARM Loans, Part III, Chapter 12: Structured Adjustable Rate Mortgage (SARM) Loans. The request for the conversion must be submitted to Multifamily Structured Asset ManagementMultifamily Structured Asset ManagementTeam that can be contacted at [email protected] .
If permitted under the Structured Transaction ApprovalStructured Transaction ApprovalApproval issued by Fannie Mae with respect to a Structured Transaction, as defined in Part IV B: Mortgage Loan Commitment, Delivery, and Purchase Procedures for Special Product Features and Executions, Section 301.02. and the Structured Transaction Loan DocumentsStructured Transaction Loan DocumentsDocumentation executed in connection with a Structured Transaction, including a Master Credit Facility or Bulk Delivery Agreement, an Interest Rate Hedge Agreement, and all other Loan Documents required by Fannie Mae. , the BorrowerBorrowerPerson who is the obligor under the Note. may request additional loan proceeds without the addition of additional collateral. In such case, the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must submit a request as set forth in Part V, Chapter 4: Asset Management: Loan Document Administration, Section 416: Credit Facilities and Bulk Deliveries. The funding of any additional Mortgage LoanMortgage LoanMortgage debt obligation evidenced, or when made will be evidenced, by the Loan Documents or a mortgage debt obligation with a Fannie Mae credit enhancement. proceeds will follow the process set forth in this Chapter for new 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. . An origination fee may be due under the Structured Transaction Loan DocumentsStructured Transaction Loan DocumentsDocumentation executed in connection with a Structured Transaction, including a Master Credit Facility or Bulk Delivery Agreement, an Interest Rate Hedge Agreement, and all other Loan Documents required by Fannie Mae. , the Structured Transaction ApprovalStructured Transaction ApprovalApproval issued by Fannie Mae with respect to a Structured Transaction, as defined in Part IV B: Mortgage Loan Commitment, Delivery, and Purchase Procedures for Special Product Features and Executions, Section 301.02. , or the MATS AddendumMATS AddendumAddendum to the Mortgage Selling and Servicing Contract executed by Lender for a Structured Transaction. .
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In addition to the activities noted above, Part V, Chapter 4: Asset Management: Loan Document Administration, Section 416: Credit Facilities and Bulk Deliveries, addresses other asset management decisions and actions that may require the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. to deliver documents and/or data to Fannie Mae.
Upon approval of those decisions and actions referenced in Part V, Chapter 4: Asset Management: Loan Document Administration, Section 416: Credit Facilities and Bulk Deliveries, the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must complete the following asset management actions, as applicable, in order to complete or update the transaction:
- For 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 new or modified Structured Transaction Loan DocumentsStructured Transaction Loan DocumentsDocumentation executed in connection with a Structured Transaction, including a Master Credit Facility or Bulk Delivery Agreement, an Interest Rate Hedge Agreement, and all other Loan Documents required by Fannie Mae. , the requirements of Part IV B, Chapter 3: Structured Transactions, Section 306: Delivery Procedures apply;
- For transfers or assumptions, the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must submit new deal participant data in accordance with Part IV B, Chapter 3: Structured Transactions, Section 306.01: Deal Participant and Collateral Data Delivery (Step 1);
- For renewal, replacement or modification of an Interest Rate HedgeInterest Rate HedgeInterest rate agreement between the Borrower and a hedge provider for which the Borrower receives payments at the end of each period when the interest rate exceeds the Cap Strike Rate. The Interest Rate Cap provides a ceiling (or cap) on the Borrower’s interest payments on the Mortgage Loan. , the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must enter the new data into MSFMSMSFMSMultifamily Structured Facilities Management System performing collateral delivery and securitization functions for Structured Transactions. in accordance with Part IV B, Chapter 3: Structured Transactions, Section 306: Delivery Procedures, and the terms and conditions for any such renewal, replacement or modification will be set forth in the Structured Transaction ApprovalStructured Transaction ApprovalApproval issued by Fannie Mae with respect to a Structured Transaction, as defined in Part IV B: Mortgage Loan Commitment, Delivery, and Purchase Procedures for Special Product Features and Executions, Section 301.02. ; and
- For any other activities relating to a Structured Transaction, the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must follow the terms and conditions set forth in the Structured Transaction ApprovalStructured Transaction ApprovalApproval issued by Fannie Mae with respect to a Structured Transaction, as defined in Part IV B: Mortgage Loan Commitment, Delivery, and Purchase Procedures for Special Product Features and Executions, Section 301.02. , and may contact Multifamily Structured AcquisitionsMultifamily Structured AcquisitionsTeam that can be contacted at [email protected] for assistance.