Selling Guide

Obtaining Approval to Deliver MBS Loans

A lender must obtain approval for MBS execution and access to Fannie Mae’s MBS committing application before it can deliver mortgages into a single-lender MBS pool or a Fannie Majors.

Fannie Mae considers a number of factors prior to offering MBS execution to a lender. These factors include, but are not limited to, the following:

• the expertise of the lender’s management in securitization,

• whether the lender’s operational processes support MBS delivery and servicing requirements,

• the lender’s ability to manage and maintain a delivery process that ensures the delivery of accurate data to Fannie Mae,

• the lender’s prepayment speeds, and

• the lender’s performance against outstanding Fannie Mae obligations.

Fannie Mae does not accept requests for MBS execution from lenders whose selling or servicing privileges have been suspended or that have not performed satisfactorily under other MBS commitments or contracts.

Selecting a Document Custodian

Lenders must select an eligible document custodian and have an executed Master Custodial Agreement (Form 2017) in place before obtaining an MBS commitment (see A3-3-04, Document Custodians). The document custodian certifies, takes and retains actual physical possession of the custodial documents for the mortgages. Also, see the RDC guide for document custodian eligibility criteria, and Fannie Mae's Active Document Custodians for a complete list of eligible custodians.