Multifamily Selling and Servicing Guide

The Guide provides Fannie Mae-approved multifamily sellers and servicers with requirements necessary for their business relationship with Fannie Mae.

Guide and Loan Forms

Lender Communications

The Guide is organized into parts that correspond with various aspects of the lender’s business relationship with Fannie Mae.

Parts of the Guide

Part I – Glossary: Provides definitions of the capitalized terms.

Part II – Lender Contractual Relationship: Provides the requirements for a lender to meet and maintain eligibility as a Fannie Mae-approved multifamily seller/servicer.

Part III – Underwriting: Provides the requirements for approved multifamily lenders underwriting multifamily mortgage loans for sale to Fannie Mae, divided as follows: Base Underwriting, Underwriting for Special Asset Classes, and Underwriting for Special Product Features or Executions.

Part IV – Mortgage Loan Commitment, Delivery and Purchase Procedures: Provides the basic requirements for obtaining a commitment and delivering multifamily mortgage loans to Fannie Mae, divided as follows: Mortgage Loan Commitment, Delivery, and Purchase Procedures; and Mortgage Loan Commitment, Delivery, and Purchase Procedures for Special Product Features and Executions.

Part V – Servicing and Asset Management: Provides the requirements for approved multifamily lenders servicing multifamily mortgage loans for Fannie Mae.

Access the Guide

Fannie Mae communicates information related to the guide through three methods: Guide Updates, Lender Memos, and Lender Letters.

Lender Communication Methods

Guide Updates are a formal announcement that one or more Guide chapters and/or business forms have been published. The Guide Update Memo accompanies the revised chapter(s) and/or business forms. The new Guide chapter(s) and/or business forms remain in effect until amended or superseded.

Lender Memos are a formal notice of new or changed business requirements or processes required to be followed. Lender Memos remain in effect until superseded by the publication of a new chapter or subsequent Lender Memo. Only Lender Memos currently in effect are published on

Lender Letters are a formal notice to applicable lenders or servicers that provides guidance on Multifamily business processes. Lender Letters do not communicate changes to the Multifamily Selling and Servicing Guide, but may communicate changes to business forms which align with the existing requirements.

Latest Guide Updates

Guide No. Date Title
Guide Update 19-01 Jan 23, 2019 Changes to Mezzanine Financing and Preferred Equity
Guide Update 18-09 Oct 12, 2018 Suspending DMBS Execution
Guide Update 18-08 Sep 11, 2018 Suspension of Micro Loans and Single Asset Substitution
Guide Update 18-07 Aug 15, 2018 Changes to Conflict Mortgage Loan and OFAC Requirements