Selling Guide

Published August 5, 2020

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C3-7-04, Delivering MBS Pool Data and Documents (05/01/2019)

Introduction

This topic includes specifics on pool data and documentation delivery requirements, including:

 

Required Documents for MBS Pool Loans

See E-2-01, Required Custodial Documents for a list of mortgage documents that should be included in the document submission package for all loans.

 

General MBS Pool Delivery Requirements

A lender must deliver the mortgage document submission package to the document custodian at the same time it transmits the loan delivery data to Fannie Mae. The submission package must be sent to the assigned document custodian and addressed according to the instructions provided by that custodian. The custodian must then complete the required loan certification prior to pool closing, which must occur before Fannie Mae issues the related securities.

The lender must allow sufficient processing time between the time it submits its loan delivery data and the document submission package and the time it wants the securities to be issued in book-entry form.

For additional information on the eligibility criteria for document custodians, see the RDC guide. For a complete list of active document custodians, refer to Fannie Mae's Active Document Custodians.

 

MBS Pool Data Delivery Requirements

When a lender transmits its loan delivery data, it must include a Delivery Schedule (Form 2014) for MBS pools. Form 2014 identifies the parties to which the securities are to be issued. If the lender markets and sells the securities before it submits its pool documentation to Fannie Mae, it must provide instructions related to the delivery of the securities on this form. Special instructions for preparing Form 2014 are necessary for MBS delivered using the early funding option As Soon As Pooled Sale.

The lender enters loan data into Loan Delivery. Data should include the Financial Institution Number (FIN) of the applicable document custodian. When submitting loan delivery data to Fannie Mae, the lender represents and warrants that:

  • the data is correct,

  • each loan listed is to be transferred to Fannie Mae on the book-entry delivery date of the related securities, and

  • the loans will be delivered and serviced in accordance with the terms of the MBS commitment and Fannie Mae’s Guides.

For information about specific FIN codes, see Loan Delivery Data Requirements.

Lenders delivering into Fannie Majors must include the Fannie Majors pool and CUSIP number in their deliveries. A lender may submit data for mortgages in the same Fannie Majors at different times and on different days of the month, as long as all of the mortgages submitted are the same product type and have the same remittance cycle and servicer.

Fannie Mae must have received the lender’s loan delivery data for a specific MBS pool transaction by the time it receives the document custodian’s electronic certification for the pool. Loan delivery data is sent electronically to the document custodian and Fannie Mae at the same time, via Loan Delivery.

If the lender fails to deliver the required delivery data for any specific MBS pool transaction to Fannie Mae, Fannie Mae may terminate the related MBS commitment by giving the lender written notice of the termination. Fannie Mae will telephone the lender in advance to inform it that a written termination notification is being sent.

 

MBS Pool Document Delivery Requirements

The lender must have a custodial arrangement for each MBS pool transaction it delivers to Fannie Mae. The seller must add the document custodian to its profile within the Loan Delivery application. In addition, the seller must submit the FIN code for the document custodian in the delivery file. The FIN code allows the data to be routed to the proper document custodian. Failure to specify the proper FIN may result in a delay of certification and/or MBS pool securitization. However, if an MBS pool contains one or more ASAP Plus loans, all loans within the pool must be certified by the custodian who certified the ASAP Plus delivery. See ASAP Plus Loan Deliveries and Redeliveries as ASAP Plus Pools below, for additional details.

Once the lender has the applicable Master Custodial Agreement (Form 2017) on file with Fannie Mae for each of the different document custodians it uses, the lender will not need to advise Fannie Mae about the specific custodial arrangement for specific MBS pools when they are delivered. See A3-3-04, Document Custodians for additional information.

When a lender delivers loans into an MBS, it must send documentation on each mortgage to its document custodian for certification and retention of physical custody, from that point forward, pending successful completion of the loan acquisition transaction. The seller should ensure that the mortgage document submission package is submitted to its overnight carrier (with instructions for first morning delivery) the same day that the seller submits the loan data to Fannie Mae for purchase. Loan data delivered by the seller to Fannie Mae will be certified the next business day provided the documents have been delivered to the document custodian via first morning delivery, and there are no discrepancies and no unresolved lien issues. See E-1-03, List of Contacts.

When the document custodian receives the mortgage document submission package, it will review the related mortgage documentation to verify all of the required documents have been received and are in order. The document custodian will then work with the lender to correct any certification data or document errors. Lenders can opt-in to receive email notices through Loan Delivery when data or document discrepancies are noted during certification. Lenders then have the option to accept or decline data changes the custodian proposes as a result of a discrepancy on the note and the data they provided. The lender must work with the custodian to ensure all discrepancies are resolved.

If there are no document or data-related errors, the document custodian will transmit a certification to Fannie Mae.

 

As Soon As Pooled Plus Loan Deliveries and Redeliveries as As Soon As Pooled Plus Pools

In addition to the instructions above in MBS Pool Document Delivery Requirements, the following requirements also pertain to As Soon As Pooled Plus loan deliveries and redeliveries.

If sellers opt to redeliver an As Soon As Pooled Plus loan as a whole loan execution to Fannie Mae, they must redeliver the loan to Fannie Mae via Loan Delivery. When an As Soon As Pooled Plus loan is redelivered as a whole loan, sellers must include the FIN code upon redelivery. Failure to specify the proper code may result in a delay of certification and/or purchase of the loan.

If sellers opt to redeliver an As Soon As Pooled Plus loan as an MBS execution to Fannie Mae, they should redeliver the loan to Fannie Mae via Loan Delivery.

If an MBS pool contains one or more As Soon As Pooled Plus loans, all ASAP Plus loans within the pool must be certified by the same document custodian who certified the ASAP Plus loan. In addition, the seller must transmit all of the loans in the pool with the same document custodian FIN code. The seller will need to add the document custodian to its profile within the Loan Delivery application.

Failure to specify the proper FIN code may result in a delay of certification and/or purchase of the loan.

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