Selling Guide

Published October 2, 2019

C2-2-02: Documentation Requirements for Whole Loan Deliveries (05/01/2019)

This topic describes the documentation requirements for whole loan deliveries, including:

Required Documents for Whole Loans

See E-2-01, Required Custodial Documents, for a list of the mortgage documents that must be included in the document submission package for all loans.

Submission of Documents for Whole Loans to a Document Custodian

Mortgage document submission packages must be submitted to the document custodian via overnight delivery (with instructions for first morning delivery) for the following:

  • whole loans,

  • As Soon As Pooled Plus (ASAP Plus), and

  • As Soon As Pooled (ASAP Sale).

All packages should be sent to the assigned document custodian and addressed according to the instructions provided by that custodian. The document custodian will certify the loans in accordance with the Master Custodial Agreement (Form 2017) in effect for Fannie Mae, the lender, and itself.

Whole Loan Deliveries to a Document Custodian

Lenders are required to submit data for whole loan deliveries to Fannie Mae via Fannie Mae’s Loan Delivery application.

To ensure timely delivery to the document custodian, the seller should ensure the loan document submission package is submitted to its overnight carrier (with instructions for first morning delivery) the same day that the seller submits the loan data to Fannie Mae for purchase. Loan data delivered by the seller to Fannie Mae will be certified the next business day provided the documents have been delivered to the document custodian via first morning delivery, and there are no discrepancies and no unresolved lien issues.

When the document custodian receives the mortgage document submission package, it will review the related loan documentation to verify that all of the required documents have been received and are in order. The document custodian will then work with the lender to correct any certification data or document errors. Lenders can opt-in to receive email notices through Loan Delivery when data or document discrepancies are noted during certification. Lenders then have the option to accept or decline data changes the custodian proposes as a result of the discrepancy on the note and the data they provided. The lender must work with the custodian to ensure all discrepancies are resolved.

If there are no document or data-related errors, the document custodian will transmit a certification to Fannie Mae.

Related Announcements

The table below provides references to the Announcements that have been issued that are related to this topic.

Announcements Issue Date
Announcement SEL-2019-04 May 01, 2019
Announcement SEL-2018-03 April 03, 2018
Announcement SEL-2011–11 October 25, 2011
Announcement SEL-2011–05 June 28, 2011
Announcement 08-37 December 19, 2008
Announcement 08-32 December 10, 2008