The seller/servicer must send us 60 days’ advance written notice of any proposed major change in its organization to allow us adequate time to provide our prior written approval or notice of non-objection or objection, where required. The written notice must include copies of any filings with, or approvals from, the seller/servicer’s state or other regulatory authority. The seller/servicer is also required to provide immediate written notice to us if a regulatory agency assumes a participatory role in the management of the seller/servicer’s operations.
A seller/servicer’s failure to provide adequate written notice of or obtain prior written approval or notice of non-objection (where required) for such contemplated changes is a breach of the Lender Contract.
The seller/servicer must contact its customer account team for additional guidance or may email the notice to the Changes in Lender Organization mailbox (see E-1-03, List of Contacts.
In addition to advance written notice, major changes of the following types require Fannie Mae’s prior written approval of or notice of non-objection before the change is made.
|✔||Type of Change|
|Any mergers, consolidations, or reorganizations|
|The sale of all or substantially all of the seller/servicer’s assets or the purchase of all or substantially all of the assets of another Fannie Mae-approved seller or servicer|
|Any substantial change in ownership, regardless of whether it is by direct or indirect means (indirect means include any change in the ownership of the seller/servicer’s parent, any owner of the parent, or any other beneficial owner of the seller/servicer that does not own a direct interest in the seller/servicer)|
|A change in an organization’s legal structure or charter|
Other major changes require advance written notice but Fannie Mae’s prior written approval or notice of non-objection. Examples of those types of changes are described below.
|The change of any senior management personnel|
|A significant change in the lender’s financial position|
|A change in the legal name of the lender’s organization|
|A change in the address of its principal place of business|
The table below provides references to the Announcements that have been issued that are related to this topic.