Fannie Mae will fund the purchase proceeds for whole loan deliveries of regularly amortizing mortgages provided the following procedure has already occurred:
lender has electronically submitted clean, error-free loan delivery data through Loan Delivery by 9:00 p.m. (Eastern time);
Fannie Mae’s DDC or FCC has received a complete and accurate mortgage document submission package from a lender by first morning delivery the following day; and
Fannie Mae’s DDC or FCC has certified the mortgage document submission package.
If the required delivery data and documentation are not received by the applicable cutoff time, Fannie Mae will disburse the purchase proceeds on the business day following the date it receives these materials, assuming they are in order and the mortgage is eligible for purchase.
Fannie Mae offers approved lenders the ability to receive funding at earlier points in the process. For information on Fannie Mae’s Early Funding Options and Loan Delivery, the application lenders use to submit requests for early funding, see Fannie Mae’s website or contact the Capital Markets Pricing and Sales Desk (see E-1-03, List of Contacts).
The table below provides references to the Announcements that have been issued that are related to this topic.