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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C3-2-04, Mandatory MBS Commitments (12/06/2016)


This topic contains information on obtaining and fulfilling mandatory commitments to sell loans under an MBS execution, including:


A lender must obtain an MBS commitment before it can deliver mortgages into a single lender MBS pool or a Fannie Majors. The commitment evidences an agreement between Fannie Mae and a lender to buy and sell, respectively, mortgages for inclusion in a particular MBS pool. These contracts set forth the terms and conditions for delivery of specified mortgages for MBS. When a lender enters into a mandatory MBS commitment to sell loans to Fannie Mae, the lender agrees to sell a certain volume of loans having a specified set of loan parameters to Fannie Mae, and Fannie Mae provides the lender with guaranty fee pricing for such mortgage loans for delivery under MBS execution.

Mandatory MBS Committing Process

To deliver MBS loans to Fannie Mae a lender must obtain a mandatory MBS commitment using Fannie Mae’s MBS committing application, a free Web-based application available to subscribers approved for MBS execution. The lender’s agreement to use Pricing & Execution (PE)-MBS in accordance with the applicable requirements is part of the Lender Contract. For more information and terms of use applicable to the PE-MBS application, see Fannie Mae’s website.

Lenders can obtain commitments on any weekday, with the exception of bond market observed holidays as defined by the Securities Industry and Financial Markets Association (SIFMA). Lenders can also obtain commitments for delivery in a future MBS issue month for all mortgage products for which pricing is offered through the MBS committing application.

Fannie Mae confirmed its acceptance of the lender’s request for a mandatory commitment by electronically transmitting a commitment confirmation to the lender. Lenders should contact the Capital Markets Pricing and Sales Desk if they experience any problems receiving a commitment confirmation (see E-1-03, List of Contacts).

Access to Guaranty Fee Pricing

Lenders obtain current guaranty fee pricing specific to their institution by accessing Fannie Mae’s MBS committing application. If the lender wants to request pricing for a mortgage product in an issue month that is not available in the MBS committing application, then the lender must contact its Fannie Mae customer account team or the Capital Markets Pricing and Sales Desk.

Negotiated Commitments

Lenders that want to sell loans to Fannie Mae that contain unique eligibility and underwriting considerations not permissible for delivery via a standard commitment may request a negotiated commitment. Lenders should contact their Fannie Mae customer account team for details.

MBS Commitment Rolls and Pair-Offs

MBS commitments are for mandatory delivery by the lender. If the lender is unable to meet the terms of the commitment, the lender must take the action in the MBS committing application to pair-off or roll the outstanding balance of the commitment before the last business day of the issue month applicable to that commitment. Fannie Mae may charge lenders for lender-executed or lender-requested rolls or pair-offs for mandatory commitments. These fees, if charged, are drafted from the lender’s designated account.

Fannie Mae may pair-off the outstanding balance of a commitment on a lender’s behalf if the lender fails to pair-off or roll the outstanding balance into the following issue month by last business day of the issue month of the related commitment.

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