Selling Guide

Published March 31, 2015

Preface

The Selling Guide is organized into parts that reflect how lenders generally categorize various aspects of their business relationship with Fannie Mae:

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Notifications

  • Announcement SEL-2015-03 new

    The update introduces the Servicing Execution Tool™ (SET™) Bifurcation option for approved lenders and updates policies related to margin requirements for co-op share ARM loans; owner-occupancy requirements; ALTA short form coverage; alignment of the Selling Guide with Desktop Underwriter® messages for derogatory credit events and disputed credit tradelines; and other miscellaneous updates and changes.

  • Lender Letter 2015-03 new

    This Lender Letter discusses Fannie Mae’s post-purchase loan file review process and the shift in focus to increasing lender certainty through defect prevention, remedies, and alternative to repurchase. Also, the National Underwriting Center has been renamed as the Loan Quality Center.

Related Resources

Part A: Doing Business with Fannie Mae

This part describes the requirements a lender must satisfy to become a Fannie Mae-approved seller and servicer of residential home mortgage loans. This part also includes information on an approved lender’s contractual obligations, procedures for obtaining technology applications, and requirements for maintaining lender eligibility. It includes the following subparts: Approval Qualification, Lender Contract, Getting Started With Fannie Mae, Maintaining Lender Eligibility.

Part B: Origination Through Closing

This part provides the requirements for originating conventional and government loans for sale to Fannie Mae. It includes the following subparts: Loan Application Package, Eligibility, Underwriting Borrowers, Underwriting Property, Unique Eligibility and Underwriting Considerations, Government Programs Eligibility and Underwriting Requirements, Insurance, Closing: Legal Documents.

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). It includes the following subparts: General Information on Execution Options and Loan Delivery, Whole Loan Transactions, Mortgage-Backed Securities (MBS).

Part D: Ensuring Quality Control (QC)

This part discusses the quality control process for lenders and Fannie Mae. It includes the following subparts: Lender QC Process, Fannie Mae QC Process.

Part E: Quick Reference Materials

This part provides reference materials to support this Guide.