| MBS or cash Multifamily Trading Desk trades |
- If the initial Rate Lock PeriodRate Lock PeriodTime from Rate Lock execution through the Settlement Date.
was 90 days or less, you must
- request Multifamily Trading DeskMultifamily Trading DeskTeam that quotes interest rate pricing for a Mortgage Loan and can be contacted at (888) 889-1118.
approval, and
- agree to pay any Rate Lock Extension Fee per the Pricing MemoPricing MemoApplicable DUS Pricing Memo or non-DUS Pricing Memo communicating pricing for various products and features.
.
- If an extension would cause the total Rate Lock PeriodRate Lock PeriodTime from Rate Lock execution through the Settlement Date.
to exceed:
- 90 days, you must collect the additional required Minimum Good Faith DepositMinimum Good Faith DepositAmount you are required to collect when originating a Mortgage Loan per Part IV, Chapter 2: Rate Lock and Committing, Section 203.02: Minimum Good Faith Deposit.
; or
- 180 days, you must obtain Fannie Mae Deal TeamFannie Mae Deal TeamTeam responsible for reviewing Pre-Review Mortgage Loans, waivers, etc.
approval before seeking the extension and collect the additional required Minimum Good Faith DepositMinimum Good Faith DepositAmount you are required to collect when originating a Mortgage Loan per Part IV, Chapter 2: Rate Lock and Committing, Section 203.02: Minimum Good Faith Deposit.
.
- After you agree to pay the Rate Lock Extension Fee, the Rate LockRate LockAgreement between you and the Investor containing the terms of the Lender-Arranged Sale or Multifamily Trading Desk trade of the Mortgage Loan and the MBS terms and conditions relating to the underlying MBS, if applicable, which may be documented via a recorded telephone conversation.
expiration date will be changed to a date that
- was mutually agreed to, and
- is not more than 30 days after the original Rate LockRate LockAgreement between you and the Investor containing the terms of the Lender-Arranged Sale or Multifamily Trading Desk trade of the Mortgage Loan and the MBS terms and conditions relating to the underlying MBS, if applicable, which may be documented via a recorded telephone conversation.
expiration date.
|
| Lender-Arranged Sales |
If you negotiate a Rate LockRate LockAgreement between you and the Investor containing the terms of the Lender-Arranged Sale or Multifamily Trading Desk trade of the Mortgage Loan and the MBS terms and conditions relating to the underlying MBS, if applicable, which may be documented via a recorded telephone conversation.
expiration date extension with the Third Party MBS InvestorThird Party MBS InvestorMBS Investor for an MBS Mortgage Loan that is not the Multifamily Trading Desk.
:
- You must notify the Fannie Mae Deal TeamFannie Mae Deal TeamTeam responsible for reviewing Pre-Review Mortgage Loans, waivers, etc.
of the new Rate LockRate LockAgreement between you and the Investor containing the terms of the Lender-Arranged Sale or Multifamily Trading Desk trade of the Mortgage Loan and the MBS terms and conditions relating to the underlying MBS, if applicable, which may be documented via a recorded telephone conversation.
expiration date and any required interest rate adjustment.
- The extension must not
- exceed 30 days after the original Rate LockRate LockAgreement between you and the Investor containing the terms of the Lender-Arranged Sale or Multifamily Trading Desk trade of the Mortgage Loan and the MBS terms and conditions relating to the underlying MBS, if applicable, which may be documented via a recorded telephone conversation.
expiration date, or
- cause the total Rate Lock PeriodRate Lock PeriodTime from Rate Lock execution through the Settlement Date.
to exceed 180 days.
If an extension causes the total Rate Lock PeriodRate Lock PeriodTime from Rate Lock execution through the Settlement Date.
to exceed 90 days, you must collect the additional required Minimum Good Faith DepositMinimum Good Faith DepositAmount you are required to collect when originating a Mortgage Loan per Part IV, Chapter 2: Rate Lock and Committing, Section 203.02: Minimum Good Faith Deposit.
.
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