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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A2-4-03, Variances and Special Provisions (12/06/2016)


This topic contains information on variances and special provisions, including:

Master Agreements with Variances

Some Master Agreements provide for the delivery of certain special mortgage loan products or other mortgage loans that were originated with terms that are at variance with standard Fannie Mae eligibility, underwriting, or other origination criteria and requirements. The terms and conditions of the variance or the special product will be attached to the Master Agreement, and will apply only to MBS commitments and whole loan commitments issued pursuant to the Master Agreement and may not be applied to deliveries under any other commitment, agreement, or contract unless Fannie Mae negotiates such deliveries with the lender.

See A2-4-01, Master Agreement Overview, for additional information about mortgage loans that require customized/negotiated terms in a Master Agreement.

Lender Identification of Mortgages With Variances

The Master Agreement may require the lender to identify certain mortgage loans that have variances or represent special mortgage loan products by reporting a special feature code at delivery.

The lender must report all applicable special feature code(s), including those specified in the Master Agreement and in the Special Feature Codes document on Fannie Mae's website.

Eligibility for Enforcement Relief

Unless the terms of the Master Agreement or variance specifically state otherwise, special products or mortgage loans with certain variances that are sold to Fannie Mae under the terms of outstanding Master Agreements are eligible for relief from Fannie Mae's enforcement for breaches of certain underwriting and eligibility representations if the mortgage loan meets all of the requirements of A2-3.2-02, Enforcement Relief for Breaches of Certain Representations and Warranties Related to Underwriting and Eligibility.

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