Selling Guide

Published May 05, 2021

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What are acceptable nonstandard payment options?

Nonstandard Payment Collection Options

A nonstandard payment collection option is a payment option that permits the borrower to make loan payments on a schedule other than a monthly basis. If the nonstandard payment collection option terms are included in the loan documents, then the loan is ineligible for delivery to Fannie Mae.

Lenders may offer nonstandard payment collection plans as part of a separate agreement; however, the loan is eligible for delivery to Fannie Mae only under the following conditions:

  • the agreement must not impact the terms and conditions of the mortgage note, nor the reporting or remittance of payments to Fannie Mae;
  • the agreement must be cancelable by the borrower without cost; and
  • the loan must be identifiable by the lender such that the information can be provided to Fannie Mae upon request.

For additional information, see B2-1.5-02, Loan Eligibility.

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