Custodial documents are the legal mortgage documents that Fannie Mae's DDC, FCC, or another Fannie Mae-approved document custodian takes into physical custody when Fannie Mae purchases or securitizes a mortgage loan. The following documents are key custodial documents for portfolio loans and MBS loans. All other documents may be held in the individual loan file maintained by the seller/servicer.
|Type of Document|
|Original note and note addenda|
|Other documents needed for certification of
portfolio loans or certification for inclusion in an MBS such as
|For mortgages not registered in MERS, original, unrecorded assignments of the mortgages to Fannie Mae (or corresponding documents for co-op share loans, if applicable)|
See E-2-01, Required Custodial Documents for additional documentation requirements.
The document custodian must not release custodial documents for either portfolio loans or MBS loans unless it receives a written request (including in electronic form) containing substantially the same information as required by Request for Release/Return of Documents (Form 2009).
The servicer of an MBS pool may transfer related custodial documents to a different eligible custodian, at any time, if it prefers to use a different custodian. The servicer must make appropriate arrangements for the safe transfer of the custodial documents to the new custodian's facilities and for the payment of all costs related to the transfer.
When custodial documents are transferred to a new document custodian for any reason, the servicer (or, if applicable, the transferee servicer) also must give Fannie Mae at least 30 days prior written notice of the transfer of the custodial documents.
Recertification of custodial documents is required when there is a transfer of
documents by the existing servicer to a new document custodian, or
servicing (whether or not there is a change in document custodian).
If a transferee servicer does not want to use the same document
custodian that has been holding custodial documents for loans included
in a servicing transfer, it must inform Fannie Mae of the change
in document custodian arrangements when it sends the
The transferor servicer must provide the existing document custodian and the new document custodian with an electronic tape that provides certain loan-level information for each mortgage loan for which custodial documents are being transferred. The servicer must include the documentation in a separate loan file for each loan being transferred. When the servicer sends individual files, it should band (or box) them together with the trial balance to ensure that the new document custodian can associate the documents with the correct MBS pool.
The table below provides references to the Announcements that have been issued that are related to this topic.