Selling Guide

Published September 2, 2020

For best results, pose your search like a question.

Guide Resources

For a comprehensive list of resources such as forms, announcements, lender letters, notices and more.

Visit Selling and Servicing Guide Communications and Forms

Customers Recommend Ask Poli

AskPoli

If you have additional questions, Fannie Mae customers can visit Ask Poli to get information from other Fannie Mae published sources.

Launch Ask Poli  

Download PDF Guide

You can also download the printable 1,200+ page PDF, which include links.

Download Now

A3-3-05, Custody of Mortgage Documents (05/01/2019)

Introduction

This topic contains information on the custody of mortgage documents, including:

 

Overview of Custodian Documents

Custodial documents are the legal mortgage documents an approved document custodian takes into physical custody when Fannie Mae purchases or securitizes a loan. The following documents are key custodial documents for whole loans and MBS loans. All other documents may be held in the individual loan file maintained by the seller/servicer.

Type of Document
  Original note and note addenda
  Other documents needed for certification of whole loans or certification for inclusion in an MBS such as
  • powers of attorney, and

  • interest rate buydown agreements

  For mortgages not registered in MERS, original, unrecorded assignments of the mortgages to Fannie Mae (or corresponding documents for co-op share loans, if applicable)

See E-2-01, Required Custodial Documents for additional documentation requirements.

 

Release of Custodial Documents

The document custodian must not release custodial documents for either whole loans or MBS loans unless it receives a written request (including in electronic form) containing substantially the same information as required by Request for Release/Return of Documents (Form 2009).

 

Transfer and Recertification of Custodial Documents

The servicer of any Fannie Mae loan may transfer related custodial documents to any document custodian with which it has executed a Master Custodial Agreement (Form 2017). The servicer must send a request to Fannie Mae’s Custodian Oversight team and include the name of the transferor and transferee custodians and the list of loans requested for transfer (see E-1-03, List of Contacts). Fannie Mae will provide approval for the transfer, which the servicer will be responsible for providing to the transferee and transferor document custodians. The servicer must make appropriate arrangements for the safe transfer of the custodial documents to the new custodian’s facilities and for the payment of all costs related to the transfer.

Recertification of custodial documents is required when there is a transfer of

  • documents by the existing servicer to a new document custodian, or

  • servicing (whether or not there is a change in document custodian).

If a transferee servicer does not want to use the same document custodian that has been holding custodial documents for loans included in a servicing transfer, it must inform Fannie Mae of the change in document custodian arrangements when it sends the Request for Approval of Servicing or Subservicing Transfer (Form 629). The transferee servicer should not submit a custodial agreement executed by the new document custodian(s) until after it receives notification that the servicing transfer has been approved.

The transferor servicer must provide the existing document custodian and the new document custodian with a data file that provides certain loan-level information for each loan for which custodial documents are being transferred. The servicer must include the documentation in a separate loan file for each loan being transferred. When the servicer sends individual files, it should band (or box) them together with the trial balance to ensure that the new document custodian can associate the documents with what is delivered in each box.

Have You Tried Ask Poli?

Poli knows. Just ask.

Ask Poli features exclusive Q&As and
more—plus official Selling & Servicing
Guide
content.

Try Ask Poli

Related Articles


AskPoli

Customers Recommend Ask Poli

If you have additional questions, Fannie Mae customers can visit Ask Poli to get information from other Fannie Mae published sources.

Guide Resources

For a comprehensive list of resources such as access forms, announcements, lender letters, notices and more.

Visit Selling and Servicing Guide Communications and Forms

X
Having Issues with Seeing this Page Correctly?

Use Firefox or Chrome   How to do a hard refresh in Internet Explorer
We recommend that you use the latest version of FireFox or Chrome.

Download Firefox
Download Chrome
  A hard refresh will clear the browsers cache for a specific page and force the most recent version of a page.
    Hold the Ctrl key and press the F5 key.
     

Email Us
If you still have Technical Support questions, feel free to emailAsk_Poli@fanniemae.com.