Legal Disclosure

Terms and Conditions Governing the Use of this Fannie Mae Web Site

1. Applicability of These Terms and Conditions
Your access to and use of this Fannie Mae Web site and information, documents, tools, software applications, materials made available through this Web site, including, without limitation, the graphics, icons, and overall appearance of this Web site, (collectively, including this Web site, the "Contents"), are subject to the terms and conditions set forth herein (“Terms and Conditions”). By accessing or using the Contents, you, individually or on behalf of the entity using your services, (“You”) agree to these Terms and Conditions, as amended from time to time without notice by Fannie Mae.

2. Ownership and Reservation of Rights
All Contents are the property of Fannie Mae or used under license. Fannie Mae does not waive any of its proprietary rights therein including, but not limited to, copyrights, trademarks, and other intellectual property rights. The availability of any Contents through this Web site shall under no circumstance constitute a transfer of any copyrights, trademarks, or other intellectual property rights of Fannie Mae to any Web site user or any third party.

This Web site and the Contents are protected by U.S. and international copyright laws, both as individual works and as a compilation. You may not delete any copyright or similar notice from any Contents you obtain from this Web site.

Except as authorized under Section 4 below, the Contents may not be used for any purpose other than internal business purposes without the prior written consent of Fannie Mae.

Unauthorized attempts to upload, extract or otherwise “scrape” Contents, change the Contents, access Fannie Mae or third party servers hosting the Contents, are strictly prohibited, constitute unauthorized access and/or access in excess of authorization, and may be subject to prosecution.

3. No Warranties; Limitation of Liability


The Contents are further subject to change without notice. Fannie Mae expressly disclaims any obligation to keep the Contents up to date or free of errors or viruses, or to maintain uninterrupted access to this Web site.

4. Software Applications End-User License Agreement
This Web site provides access to certain Fannie Mae technology applications, including without limitation Desktop Underwriter® and Desktop Originator®, the use of which is governed by certain license agreements. In the event of a conflict between such agreements and these Terms and Conditions, such agreements shall govern. The fact that a provision appears here but not in such agreements shall not be interpreted as, or deemed grounds for finding, a conflict for purposes of this paragraph.

Access to and use of Fannie Mae proprietary software applications made available through this Web site not otherwise subject to such specific license agreements (“Software Application(s)”) are subject to these Terms and Conditions and the terms and conditions set forth in this Section 4 (“Software Applications End-User License Agreement”):

4.1. License
Upon successful access to a Software Application Fannie Mae hereby grants You a non-exclusive, limited, royalty-free, and revocable license to use such Software Application for internal business purposes in the United States of America and its Territories, provided that You do not: (i) modify, create derivative works from, distribute, publicly display, publicly perform, or sublicense the Software Application; (ii) use the Software Application for service bureau or time-sharing purposes or in any other way allow third parties to exploit the Software Application; (iii) share personal access credentials to the Software Application; or (iv) reverse engineer, decompile, disassemble, or otherwise attempt to derive any of the Software Application’s source code.

4.2. Maintenance; Updates and Upgrades
Absent a specific license agreement in place contemplating maintenance and support services, Fannie Mae may provide or terminate support and maintenance services for the Software Application at its sole discretion.

In addition to the disclaimers and limitations of liability set forth in Section 3 incorporated herein by reference, Fannie Mae does not warrant that the Software Application will perform without error, that it will run without immaterial or material interruption, that it will meet Your requirements nor that data generated by or contained in the Software Application will be accurate or complete.

4.3. Term & Termination
You may elect to, and Fannie Mae may, terminate this Software Applications End-User License Agreement for a Software Application for convenience. Further, this Software Applications End-User License Agreement for a Software Application will automatically terminate when Your access to that Software Application is terminated, including as a result of Fannie Mae retiring the Software Application at its discretion. Upon termination, the licenses granted in Section 4.1 (“License”) will terminate and You will cease all use of the Software Application and delete all copies thereof in Your possession or control, as applicable.

4.4. Passwords
You will ensure that each password issued to You by Fannie Mae is securely maintained and used only by the end user to whom it has been issued. You will immediately notify Fannie Mae if an end user registered by You ceases to be authorized to access the Software Applications, including as a result of such end user no longer being employed by You. Fannie Mae is under no obligation to provide access to any end user and reserves the right at any time to change or revoke passwords. 

5. User Contributions

5.1. Unsolicited Ideas
Fannie Mae will not be obligated to anyone disclosing unsolicited ideas to Fannie Mae personnel. The purpose is to avoid potential misunderstandings or disputes when Fannie Mae's business activities are similar to ideas submitted to Fannie Mae.

Absent any written agreement to that effect, the disclosure of ideas to Fannie Mae for new products, enhancements, features, innovations or inventions, or of any ideas of any sort that may be related to Fannie Mae's business, is governed by the following terms: 

  • Fannie Mae is in no way obligated to the disclosing party,
  • Fannie Mae is not obligated to keep the idea disclosure confidential,
  • Fannie Mae is not obligated to compensate the disclosing party for use of the idea, and
  • Fannie Mae expects that, if the disclosing party wants to protect his/her ideas, he/she will have filed a patent application prior to the submission of such ideas to Fannie Mae. 

If You are a third party not otherwise subject to an agreement with Fannie Mae governing such disclosures, You must agree to these terms prior to contacting any Fannie Mae staff and execute and submit the Unsolicited Ideas Disclosure Agreement. If You still submit your ideas to Fannie Mae without submitting the Unsolicited Ideas Disclosure Agreement, then regardless of what You or Your letter say, the above terms shall apply to Your idea submission.

If You do not agree to these terms, do not contact any Fannie Mae personnel about Your idea.
Download Unsolicited Ideas Disclosure Agreement (.pdf, 14K, 1 page)

5.2. Commenting Policy
We appreciate and encourage lively discussions on this Web site. While we value openness and diverse points of view, all comments should be appropriate for people of all ages and backgrounds. We do not tolerate and will remove any comment that does not meet standards of decency and respect, including, but not limited to, posts that:

  • are indecent, hateful, obscene, defamatory, vulgar, threatening, libelous, profane, harassing, abusive, or otherwise inappropriate
  • contain terms that are offensive to any group based on gender, race, ethnicity, nationality, religion, or sexual orientation
  • promote or endorse a product, service, or vendor
  • are excessively repetitive, constitute “SPAM” or solicitation, or otherwise prevent a constructive dialogue for others
  • are factually erroneous or misleading
  • threaten the privacy rights of another person
  • infringe on intellectual property and proprietary rights of another, or the publication of which would violate the same
  • violate any laws or regulations

We reserve complete discretion to block or remove comments, or disable access privilege to users who do not comply with this policy. The fact that a comment is left on this Web site does not indicate Fannie Mae’s endorsement or support for the content of the comment.

Fannie Mae does not commit to reviewing all information and materials submitted by users of this Web site for consideration or publication by Fannie Mae (“User Generated Contents”). Personal information contained in User Generated Contents is subject to Fannie Mae’s Privacy Statement available here. Fannie Mae shall have otherwise no liability or obligation with respect to User Generated Contents and may freely copy, adapt, distribute, publish, or otherwise use User Generated Contents without any duty to account.

6. Linking Conditions

6.1. General Obligations
Subject to the limitations set forth below, links may be established to the main areas, sub-directories, and featured areas of this Web Site (“deep linking”).

When linking to this Web site, You:

  • Should not create frames around the Web site or use other techniques that alter the visual presentation of the Web site, except as provided below.
  • Should not imply that Fannie Mae is endorsing You or Your products or services.
  • Should not imply an affiliation between Your company and Fannie Mae without the prior written consent of Fannie Mae.
  • Should not misrepresent Your relationship with Fannie Mae or present false or misleading impressions about Fannie Mae's products or services.
  • Should not publish materials that may be interpreted as distasteful or offensive and should be appropriate for all age groups. 

If You link to this Web site in conformance with the foregoing, Fannie Mae grants You a limited, non-exclusive, non-transferable, royalty-free license to use the Fannie Mae word mark and/or name of the Web site or Software Application (the "Licensed Mark") solely for the purpose of serving as a link from Your web site or other electronic publication to the Web site and its Contents. Logos, including the Fannie Mae logo, are not licensed hereunder and may not be used by You in connection with the linking described herein, without Fannie Mae’s prior written permission. Except for the limited license to use the Licensed Mark granted in this paragraph, You may not use any of Fannie Mae's trademarks or service marks in commerce (the "Marks") without Fannie Mae's prior written permission.

You acknowledge that all rights to the Marks belong to Fannie Mae and/or its third party licensors. You will not at any time directly or indirectly contest or infringe these rights.

Fannie Mae shall have no responsibility or liability for any content appearing on Your web site or electronic publication.

Fannie Mae may at any time, in its sole discretion, immediately terminate Your license to use the Licensed Mark and Your right to link to the Fannie Mae Web sites, with or without cause. If Fannie Mae exercises this right, You will immediately remove all links to the Fannie Mae Web sites and cease using the Licensed Mark.

6.2. Links to Password-Protected Areas
Some areas of this Web site may be accessible only by entering a Fannie Mae-authorized user ID and password (the "Password-Protected Areas").

The Password-Protected Areas contain applications (such as Desktop Originator® and Desktop Underwriter®), manuals, forms, and other documents or programs (collectively, the "Licensed Products") available for use only by lenders, originators or other businesses (the "Licensed Users") that have entered into a currently effective license agreement (the "License Agreement") with Fannie Mae to use the Licensed Products. Only Licensed Users of a Licensed Product may create links to and create frames around Web pages located in Password-Protected Areas that contain the Licensed Product, subject to the conditions described below:

  • Links to pages within Password-Protected Areas will be governed by all of the Fannie Mae Linking Conditions described above and below and by the terms of the License Agreement regarding the Licensed Products. By establishing a link to Password-Protected Areas, You will be deemed to have agreed to all of these terms.
  • A Licensed User may create a link from its Web site to Password-Protected Areas only for the Licensed User's own internal business purposes. A Licensed User may not use a Licensed Product located in a Password-Protected Area to provide services to third parties, other than third parties who are also Licensed Users of the Licensed Product, except to the extent such services are permitted under the License Agreement for the Licensed Product.
  • Links to pages within Password-Protected Areas may be established only from secure pages on Your Web site (namely, pages that require an ID and password for access), which are not accessible to the general public.
  • If You create frames around pages within Password-Protected Areas, You must submit for Fannie Mae's prior review and approval screen shots displaying the method by which You will frame the Web Site. Fannie Mae may withhold its approval in its sole discretion.
  • If You have questions about how to link to Password-Protected Areas that are not answered in our Link Instructions for Password-Protected Areas, please contact your Fannie Mae technology representative. 

6.3. Links to Licensed Guides
This Fannie Mae Web site contains the Single-Family Selling Guide, Servicing Guide, Selling and Servicing Guide Forms, Announcements, Lender Letters, and Notices, and the Multifamily Lender Memos relevant to the Multifamily Guide(s) (defined herein as the "Licensed Guides"), updated and published, from time to time, by Fannie Mae.

In addition to Fannie Mae, Mortgage Resource Center, Inc. ("MRC") is the exclusive publisher of electronic versions of the Licensed Guides through the AllRegs® platform. As a result, in addition to the requirements applicable under this Section 6, You may not use deep links (i.e., links that connect directly to a page of the Licensed Guides), frame or otherwise link, or provide users of your Web site direct access to pages of the Licensed Guides as posted by Fannie Mae on this Fannie Mae Web site (together with deep linking, "Linking") to the extent such Linking would materially affect MRC's publication rights. For the avoidance of doubt, (i) You may download and reproduce the Licensed Guides as posted on this Web site for Your own internal business purposes, provided that You do not reproduce, publish, distribute or otherwise make an electronic version of the Licensed Guides available to third parties, and (ii) incidental, non-systematic, Linking in support of industry news reporting, research, analysis, or commentary shall not be deemed prohibited hereunder either.

7. Investors Information; Forward Looking Statements; Regulatory Filings

7.1. Forward-Looking Statements
Certain statements made on this Web site are "forward-looking statements" relating to matters such as Fannie Mae's anticipated financial performance, business prospects, future business plans, financial condition, or other matters. The words "believe," "anticipate," "expect," “intend,” “estimate,” “forecast,” and similar expressions generally identify forward-looking statements.

Forward-looking statements reflect management's expectations of future conditions, events or results based on various assumptions and management's estimates of trends and economic factors in the markets in which Fannie Mae is active, as well as Fannie Mae's business plans. As such, forward-looking statements are subject to significant risks and uncertainties, and Fannie Mae's actual results and financial condition may differ (possibly materially) from those indicated in such statements. Please refer to our most recent annual and quarterly filings with the Securities and Exchange Commission for a discussion of certain factors that may affect the performance, development, or results of Fannie Mae's business, and thereby cause actual conditions, events or results to differ materially from management's expressed expectations.

7.2. No Offer or Solicitation Regarding Securities
This Web site includes Contents relating to certain Fannie Mae securities, including offering documentation, Contents referenced in offering documentation, and other materials. Any such Contents are provided only for general informational purposes and do not constitute an offer to sell or a solicitation of an offer to buy any Fannie Mae securities. Fannie Mae does not intend to solicit and is not soliciting any action with respect to any Fannie Mae security through this Web site. All Contents should be read in conjunction with any other Contents or other materials that they expressly supplement or that are incorporated by reference therein. All Contents relating to securities should be read in conjunction with the appropriate offering circular or prospectus and any applicable supplement thereto.

Contents are current only as of the date of such Contents. The securities mentioned in Contents may not be eligible for sale in certain jurisdictions or to certain persons. Investors considering purchasing a Fannie Mae security should consult their own financial and legal advisors for information about such security, the risks and investment considerations arising from an investment in such security, the appropriate tools to analyze such investment, and the suitability of such investment in each investor's particular circumstances.

7.3. Terms of Securities
The terms of any particular issue of securities are governed by applicable documents establishing such terms. In the event of any inconsistency between the information in Contents regarding an issue of securities and the terms specified in, or determined pursuant to, the documents establishing the terms of such issue, the terms so specified or determined shall prevail.

7.4. Cautionary Note Regarding Certain Previously Reported Financial Results
Investors and others should not rely on annual or quarterly financial information published prior to December 2004. For financial information for 2002, 2003 and 2004, investors and others should instead review and rely on Fannie Mae's 2004 Form 10-K as filed with the SEC on December 6, 2006.

7.5 Use and Redistribution of Research Data
Contents include certain pool and loan-level data and loan performance data relating to Fannie Mae mortgage-related securities released by Fannie Mae from time to time ("Research Data").

Under no circumstance may You, directly or indirectly, use, copy, modify, decompile, disassemble, correlate, or apply any process to Research Data in order to derive any information about any particular individual, including in violation of applicable privacy laws or regulations and/or in any way that would be deemed an unlawful invasion of privacy, whether or not for internal or external use of the results of such correlation. You shall comply with all federal, state and local laws and regulations governing the access, handling, and Your use of Research Data.

Research Data is compiled by Fannie Mae from information provided by servicers and other third parties: Fannie Mae makes no representation or warranties of any kind whatsoever for, and disclaims any express or implied warranties related to, the Research Data. Research Data is subject to these Terms and Conditions' disclaimer of liability.

Research Data includes data accessible from the PoolTalk® and Fannie Mae's Loan Performance Data platforms. Access, use, and redistribution of such data are further governed as follows.

7.5.1 Single-Family Loan Performance Data
The Fannie Mae Single-Family Loan Performance Data and Single-Family Loan Performance Loan-Level Credit Performance Data available on Fannie Mae’s Loan Performance Data platform are provided to You for internal use only, consistent with Section 2 herein, and further subject to the Fannie Mae Loan Performance Data Royalty-Free – Internal Use Only Terms and Conditions, as amended from time to time, which, among other provisions, prohibit external redistribution or external commercial use of such data, absent a separate written agreement to that effect between Fannie Mae and You.

Commercial redistribution of Fannie Mae Single-Family Loan Performance Data or the Single-Family Loan Performance Loan-Level Credit Performance Data, or commercial distribution of derived products or services based on such data, are subject to a Fannie Mae Loan Performance Data License and Subscription Agreement, a copy of which is available on

7.5.2 PoolTalk Data
Data accessible from the PoolTalk platform hosted on includes new issuance statistics (Issuance Files) and Monthly Reporting Files (Monthly Files), ("PoolTalk Data").

Absent a separate written agreement between Fannie Mae and You, the PoolTalk Data is provided to You for internal use only, consistent with Section 2 herein.

You shall indemnify, defend, and hold harmless Fannie Mae, its service providers, licensors and customers, and their respective officers, directors, employees, agents, successors and assigns, and any individuals, from any and all losses, liabilities, damages and claims, and all related costs and expenses (including reasonable legal fees and disbursements and costs of investigation, litigation, settlement, judgment, interest and penalties), arising from or in connection with any claim that (a) Your negligence, willful misconduct, breach of any representation or warranty under this Section 7.5 or (b) Your failure to perform Your obligations under this Section 7.5, or (c) Your use of the PoolTalk Data. You shall not settle any such suit or claim without Fannie Mae's prior written consent if such settlement would be adverse to Fannie Mae’s interest. You agree to pay or reimburse all costs that may be incurred by Fannie Mae in enforcing this indemnity, including attorneys' fees.

Commercial redistribution of PoolTalk Data, or commercial distribution of derived products or services based on such data, are subject to a Fannie Mae PoolTalk Data License and Subscription Agreement, a copy of which is available on

7.5.3 Fannie Mae's Discretionary Ability to Amend these Terms and Conditions with Respect to Research Data
In connection with the release of new or updated Research Data sets, Fannie Mae reserves the right to restrict access to and use of such specific Research Data sets at any time and in its sole discretion or subject those to additional obligations, terms and conditions, including but not limited to the payment of subscription fees.

8. HomePath® Web Site
Your use of the HomePath Web site is subject to the terms and conditions set forth in these Terms and Conditions. By using the HomePath Web site, You agree to such terms and conditions. Downloading, using, printing and copying of the Contents available through the HomePath Web site are permitted for individual, non-commercial use and for use by individuals and entities, such as real estate agents, transacting business with Fannie Mae to facilitate such business transactions.

Except as described in this paragraph or HomePath’s StoreFront terms of use, no user of may resell, republish, print, download, copy, retransmit or display (by use of an html "frame" or otherwise) any Contents of without Fannie Mae’s prior specific written approval.

9. Privacy
With respect to Fannie Mae’s retention, sharing, and use of personal information collected on the Web Site, these Terms and Conditions incorporate Fannie Mae’s Privacy Notice available here.

10. Trademarks
Use of and references to Fannie Mae’s trademarks and service marks are governed by the terms set forth in the trademarks information page, part of these Terms and Conditions.

11. Entire Agreement
These Terms and Conditions and related pages set forth the entire agreement between Fannie Mae and You with respect to the subject matter hereof and supersedes all prior or contemporaneous writings, negotiations, and discussions with respect thereto.

12. Applicable Laws
Fannie Mae, or its service providers as applicable, operates this Web site from the United States of America. Fannie Mae makes no representation that Contents in the site are appropriate or available for use in other locations, and access to Contents from jurisdictions where such access is illegal is prohibited. Those who choose to access this site do so on their own initiative and are responsible for compliance with applicable laws of their jurisdictions. These Terms and Conditions will be construed in accordance with the laws of the District of Columbia, United States of America, without regard to its conflict of law provisions.

13. Changes to Contents and Terms of Use
You acknowledge and agree that Fannie Mae may, with or without notice, modify, delete or amend the Contents and that Fannie Mae may further modify, delete or amend these Terms of Use from time to time. Any use of the Contents as modified following such modification will be deemed to be Your acceptance of the changes, modifications, additions, deletion or amendment to the Contents or these Terms of Use. Fannie Mae shall also have the right at any time to change or discontinue any aspect of or feature of the Contents, including but not limited to content, functionality and equipment needed for access or use.

14. Copyright Notice
All Contents Copyright © 1998-2017 Fannie Mae, all rights reserved.