Selling Guide

Published June 3, 2020

The Selling Guide is organized into parts that reflect how lenders generally categorize various aspects of their business relationship with Fannie Mae. To begin browsing, select from any of the sections below. You may also download the entire Selling Guide in PDF format.

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How do I handle a delivered loan that does not meet the sale requirements for forbearance as outlined in LL-2020-06?

Note: This FAQ comes from the published COVID-19, FAQs on Forbearance.. 

I delivered a loan that does not meet the sale requirements for a loan in forbearance outlined in Lender Letter LL-2020-06. How will these be handled?

Lenders  must self-report any loan that did not meet the requirements for the sale of loan in forbearance set forth in LL-2020-06 in accordance with self-reporting provisions set forth in Selling Guide D1-3-06, Lender Post-Closing Quality Control Reporting, Record Retention, and Audit. (Also see Q. “How does a lender self-report loans to Fannie Mae?” for additional information about self-reporting.)

Fannie Mae will require the responsible party (“lender”) to remedy the loan as described below.

Delivery Date Scenario Remedy
Prior to 5/1/2020 The loan meets all of the eligibility requirements of LL-2020-06, including note date, loan purpose, and pay history requirements, except that the delivery date was prior to 5/1/20 The lender may elect to pay the applicable LLPA identified in LL-2020-06 or repurchase the loan. 
Prior to 5/1/2020 The loan does not meet note date, loan purpose, or pay history requirements of LL-2020-06. The lender must repurchase the loan.
On or after 5/1/2020 The loan does not meet note date, loan purpose, or pay history requirements of LL-2020-06. The lender must repurchase the loan.

The remedies set forth above are subject to the following conditions:  

  • In the scenario where the lender may elect a remedy, that remedy must be applied to all loans meeting those conditions and must be applied  equally across both Fannie Mae and Freddie Mac.
  • All whole loan deliveries are subject to the premium recapture requirements outlined in the Selling Guide, C1-1-01, Execution Options (Premium Pricing Recapture).
  • For repurchased loans, Fannie Mae will require indemnification for losses arising from investor claims due to prepayment.

 

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