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C2-2-05, Whole Loan Purchasing Process (10/04/2023)

This topic provides information on the process Fannie Mae uses to notify the lender (and the servicer, if the lender is not servicing the loan) of a whole loan purchase, including:

Notification to Lender of Purchases of Regularly Amortizing Mortgages

Lenders can access the following documents in Fannie Mae Connect:

  • a seller’s Purchase Advice to detail Fannie Mae’s disbursement of the purchase proceeds, and

  • a report to summarize the lender’s purchases for each whole loan commitment.

Servicers can obtain a Purchase Advice to provide the information necessary for its accounting records for the mortgages that it is servicing on behalf of a lender.

Contents of the Purchase Advice

The Purchase Advice will contain the following information:

  • each loan, identified by a Fannie Mae loan number (which the servicer should enter into its records immediately because it must be used in reporting all subsequent activity related to the mortgage to Fannie Mae);

  • details about the loan purchase, including loan information, price adjustments, and purchase proceeds; and

  • a report with the applicable payee code for each wire transfer request.

The Purchase Advice will be available on the business day Fannie Mae funds the purchase proceeds.

Reconciliation of Purchase Advices and After Sale Corrections to Whole Loan Disbursements

The lender should examine each Purchase Advice it receives and reconcile the advice to its books and records to ensure that any transfer of funds is properly credited to the lender’s designated bank.

Fannie Mae expects lenders to have appropriate controls and procedures in place to perform timely and accurate reconciliations of the transfers of funds for all whole loan deliveries.

The lender must submit a post-purchase adjustment request to provide notice of any error, omission, or irregularity in the transfer of funds or in processing the request for the repetitive transfer within 30 days of the date of the Purchase Advice. Otherwise, Fannie Mae will assume that the information on its Purchase Advice is correct.

If the lender believes the amount disbursed is incorrect, it can request an adjustment by following the instructions provided in Seller/Servicer-Initiated Post-Purchase Adjustments.

The request must include the following:

  • the lender’s nine-digit Fannie Mae seller/servicer number,

  • the ten-digit Fannie Mae loan number,

  • the Post-Purchase Adjustment Request form, and

  • applicable documentation.

See Seller/Servicer-Initiated Post-Purchase Adjustments in C1-2-02, Loan Data and Documentation Delivery RequirementsC1-2-02, Loan Data and Documentation Delivery Requirements for additional information.


Submission of Mortgage Record Change to HUD for FHA Mortgage Purchases

After the lender receives notification that Fannie Mae has purchased a regularly amortizing FHA loan for its portfolio, the lender must complete a Mortgage Record Change (HUD Form 92080) and submit it to HUD through FHA Connection.

For notifications to FHA, lenders will also need to include Fannie Mae’s Mortgagee Number 950010999 on the form. Only the first five digits of this number are required if submitting the HUD form through FHA Connection.

Note: Fannie Mae is not currently purchasing FHA loans.

Recent Related Announcements

The table below provides references to recently issued Announcements that are related to this topic.

Announcements Issue Date
Announcement SEL-2023-09 October 04, 2023
Announcement SEL-2022-04 May 04, 2022
Announcement SEL-2021-01 February 03, 2021
Announcement SEL-2019-09 December 04, 2019