The Selling Guide is organized into parts that reflect how lenders generally categorize various aspects of their business relationship with Fannie Mae:
|Part A, Doing Business with Fannie Mae|
|Subpart 1: Approval Qualification|
|Subpart 2: Lender Contract|
|Subpart 3: Getting Started With Fannie Mae|
|Subpart 4: Maintaining Seller/Servicer Eligibility|
|Part B, Originating through Closing|
|Subpart 1: Loan Application Package|
|Subpart 2: Eligibility|
|Subpart 3: Underwriting Borrowers|
|Subpart 4: Underwriting Property|
|Subpart 5: Unique Eligibility and Underwriting Considerations|
|Subpart 6: Government Programs Eligibility and Underwriting Requirements|
|Subpart 7: Insurance|
|Subpart 8: Closing: Legal Documents|
|Part C, Selling, Securitizing, and Delivering Loans|
|Subpart 1: General Information on Execution Options and Loan Delivery|
|Subpart 2: Whole Loan Transactions|
|Subpart 3: Mortgage-Backed Securities (MBS)|
|Part D, Ensuring Quality Control (QC)|
|Subpart 1: Lender QC Process|
|Subpart 2: Fannie Mae QC Process|
|Part E, Quick Reference Materials|
|Chapter 1: Selling Guide Resources|
|Chapter 2: Exhibits|
|Chapter 3: Glossary|
Part A through Part D are structured hierarchically—by subpart, chapter, section, and topic—to present Fannie Mae requirements with increasing levels of detail, so that readers can quickly locate a subject of interest and find desired content. Part E includes a variety of support components—including Selling Guide Resources, Exhibits, and Glossary.
The Table of Contents provides additional details on the content. To learn more about the content included in a particular part and how content in that part is organized, see the Introduction provided at the beginning of the part.
Use of the Numbering System to Identify Levels of Content
The numbering system used to identify the levels of detail of the content contained within this Selling Guide can help the reader to navigate the Guide more easily and to recognize where a particular topic is contained within the content hierarchy.
Consider the numbering system identifier for the topic “Requirements for Credit Reports”:
B3-5.2-01 Requirements for Credit Reports
Based on the following,
||has a corresponding||Letter (uppercase beginning with A)|
|Subpart||has a corresponding||Numeral (one-digit beginning with 1)|
|Chapter||has a corresponding||Numeral (one-digit beginning with 1)|
|Section||has a corresponding||Numeral (one-digit beginning with 1)|
|Topic||has a corresponding||Numeral (two-digit beginning with 01)|
the reader can use the numbering system identifier (“B3-5.2-01”) to map the location and level of content detail of this topic within the Selling Guide.
For example, here is how the numbering system identifier for topic B3–5.2–01 maps to the content levels:
As shown above, the part and subpart are combined as B3-. The chapter and section are combined as 5.2- and the topic is added as 01.
Keep in mind that not all parts have subparts and not all chapters have sections. For example, the topic “Master Agreement Overview” has the numbering system identifier “A2-4-01” (which does not include a section):
Note: As topics are added, updated and deleted with each publication of the Selling Guide, the chapters, sections and topic identifiers will change accordingly.
ARM Flex®, As Soon As Pooled®, Collateral Underwriter®, Community Seconds®, Condo Project Manager™, CPM™, CU™, DO®, Desktop Underwriter®, DU®, DU Refi Plus™, Fannie Majors®, Flash MBS®, Funding Express®, HomePath®, HomeReady®, HomeStyle®, HomeStyle® Energy, Loan Limit Geocoder™, MBS Express®, Refi Plus™, Servicing Execution Tool™, and SET™, are trademarks of Fannie Mae. All other trademarks are the property of their respective owners.
Terms and General Conventions
Lenders may contract to sell mortgages to Fannie Mae using either of the two following delivery methods. (Fannie Mae acquires title to the mortgages in both types of transactions.)
As whole mortgage loans — the lender contracts to sell mortgages to Fannie Mae as whole mortgages (to be retained by Fannie Mae in its portfolio or to be included later in MBS pools formed by Fannie Mae) and receives cash proceeds in payment of the purchase price for these mortgages.
As MBS mortgage loans — the lender contracts to sell mortgages that are conveyed to an MBS trust under the terms of the Fannie Mae MBS program and receives (or its designee receives) mortgage pass-through certificates representing interests in the mortgages as the purchase price for the mortgages.
The term “delivery” is used in this Selling Guide to refer to whole mortgage loans and to MBS pools. In cases where specific requirements apply to one type of transaction, the delivery method is specified.
Also, for the sake of brevity, the term “loan” is used to mean “mortgage loan” unless specified otherwise.
The glossary provides definitions of terms used in connection with Fannie Mae requirements in the Selling Guide.
Amendments to the Guide
Fannie Mae may at any time alter or waive any of the requirements of this Selling Guide, impose other additional requirements, or rescind or amend any and all material set forth in this Selling Guide. The lender must make sure that its staff is thoroughly familiar with the content and requirements of this Selling Guide, as it now exists and as it may be changed from time to time.
Notification of Changes and Updates
Fannie Mae notifies lenders of changes and updates to Selling Guide policies and procedures via announcements, notices, and lender letters, described below:
Announcements – communicate policy changes that impact the Selling Guide and that are incorporated into the Selling Guide on a monthly cycle. On occasion, a policy change may require immediate communication with Fannie Mae lenders and so is released ‘off-cycle’ and incorporated into a future Selling Guide update. Announcements are numbered as: SEL-20XX-XX.
Lender letters – present new or modified policies and procedures that are not documented in the Guide, such as policy changes that are temporary in nature (initiatives or pilots), reminders of existing policies, or upcoming Guide updates. Lender letters are numbered as: LL-20XX-XX.
Notices – clarify or reiterate existing Selling Guide policies, provide advance notice of upcoming changes, provide minor updates to procedures, notify lenders of updated forms or documents posted on Fannie Mae’s website, communicate extended expiration dates or other important information of interest to Fannie Mae or Fannie Mae lenders. While notices may refer to requirements in the Selling Guide, they do not revise or otherwise change these requirements and are not used to communicate new policies. Notices can be identified by the date published (and are not numbered).
Announcements, lender letters, and notices are incorporated into the Guide by reference, and as such, are legally binding.
Lender letters and notices are not included in the Guide but continue to be in effect and legally binding until any sunset date specified in the lender letter or notice or until amended by a subsequent lender letter, notice, or announcement.
Announcements, lender letters, and notices are released to lenders in two ways:
By posting the documents on Fannie Mae's website and the AllRegs website.
By email notification of these postings to lenders that subscribe to Fannie Mae’s email subscription service and select the option “Selling News.”
Fannie Mae does not mail printed copies of Selling Guide updates, announcements, notices or lender letters. Lenders that want printed copies may download and print PDF files of the documents posted on Fannie Mae's website.
Contents of the Selling Guide
The Selling Guide contains the current policies and procedures and all announcements issued to date have been incorporated.
Forms, Exhibits, and Content Incorporated by Reference
Information about the specific forms that lenders must use in fulfilling the requirements contained in the Selling Guide is given in context within the Guide. Lenders can access the actual forms in several ways:
On Fannie Mae's website via the Guide Forms page, which provides a complete list of forms.
On the AllRegs website via embedded links in the free electronic version of the Guide (and through a searchable database with a full subscription to AllRegs Online).
Some exhibits that relate to Fannie Mae requirements are only referenced in the Guide and are posted in their entirety on Fannie Mae's website. In addition, from time to time, product-specific guides or directives are issued which are incorporated into this Selling Guide by reference. Such product-specific information—whether it currently exists or is subsequently created—and the exhibits referenced in the Guide now or later are legally a part of this Selling Guide (and the Servicing Guide).
In the event of technical difficulties or system failures with Fannie Mae's website, with delivery of the “Selling News” option of Fannie Mae’s email subscription service, or with the AllRegs website, users may contact the following resources:
For Fannie Mae's website and Fannie Mae’s email subscription service, use the “Contact Us” link on the website to ask questions or obtain more information.
For the AllRegs website, submit an email support request from the website or contact AllRegs Customer Service at (800) 848-4904.
When Questions Arise
This Selling Guide explains how to become an approved Fannie Mae lender and the procedures for normal and routine selling matters. If a lender feels that a situation is not covered or a procedure may not apply because of certain circumstances, the lender’s principal contact should be its lead Fannie Mae regional office. The Guide specifically indicates situations in which a lender may need to contact other groups within Fannie Mae, such as the Capital Markets Pricing and Sales Desk. For contact information on the regional offices and other key contacts, refer to E-1-03, List of Contacts.