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To begin, utilize the Customer Readiness Tool to evaluate your readiness to do business with Fannie Mae. You will be guided through a series of questions that will determine whether your organization meets our prospective customer eligibility guidelines.
Following the successful completion of these calls and the mutual decision to move forward, you will be guided through the steps necessary to receive Provisional Approval. Provisionally Approved lenders may sell eligible loans to Fannie Mae (servicing released only).
You begin by preparing your provisional application package which includes a series of documents, policies and procedures, and account set-up forms. The full details of the provisional application package can be found in our Document Checklist.
Third party onboarding should be initiated during provisional application timeframe. Completion of document custodian onboarding is required for Provisional Approval and in order to sell loans to Fannie Mae.
If applicable, you are also encouraged to engage with sub-servicers and/or Servicing Marketplace (SMP) buyers within the Provisional Approval timeline.
After our teams review your application package, we determine whether Provisional Approval should be granted to your business.
Provisionally Approved lenders are introduced to their designated Relationship Manager and are encouraged to begin selling loans to Fannie Mae.
After receiving Provisional Approval (for sellers and seller/servicers), you will be guided through the Full Approval phase.
You will be asked to prepare a Full Approval application package after receiving Provisional Approval.
During the Full Approval timeline, our Pre-Contract Assessment Mortgage Origination Risk Assessment (MORA) team will coordinate an onsite visit and operational risk assessment. This enables us to truly get to know you and see your organization's operations first hand.
If applicable, lenders must finalize engagements with sub-servicers and SMP buyers prior to Full Approval.
Once you complete these final steps, our teams review your Full Approval application package and determine whether to issue Full Approval to your organization. If Full Approval is not granted, your business will no longer be able to sell loans to Fannie Mae.
If Full Approval is issued to your organization, your Relationship Manger will continue to offer personalized support, guidance and trainings and your business will have the ability to retain servicing, if applicable.
At Fannie Mae, we put the customer at the center of everything we do. Our team is committed to helping you throughout the approval process, provide consultative guidance, and make it easier to do business with Fannie Mae.