Selling Guide

Published September 26, 2017

Part C: Selling, Securitizing, and Delivering Loans

This part describes the requirements associated with the two primary ways lenders transact business with Fannie Mae: selling whole loans for cash and pooling loans into Fannie Mae mortgage-backed securities (MBS).

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C1: General Information on Execution Options and Loan Delivery

This subpart includes policies and procedures that pertain to both execution options: selling whole loans and pooling whole loans into MBS. It includes general information on making commitments, delivering loans, and servicing and borrower payment remittance options.

C2: Whole Loan Transactions

This subpart includes Fannie Mae’s policies, parameters, and other information regarding the sale and delivery of whole loans for cash. Whole loan products, commitment types and process, servicing fees, remittance types, loan payments and purchase adjustments are covered in the first chapter; requirements for good delivery, extensions and pair-offs, required data and documentation, funding and post-purchase adjustments in the second chapter.

C3: Mortgage-Backed Securities (MBS)

This subpart describes Fannie Mae's requirements for pooling mortgages that will serve as the underlying asset for mortgage-backed securities (MBS). It includes Fannie Mae's MBS program parameters and other information regarding MBS commitments, guaranty and buyup and buydown fees, pooling loans into fixed-rate and ARM MBS and Fannie Majors, and delivering and trading MBS.