Operating Procedures
You must coordinate with Fannie MaeFannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!!
to ensure the following conversion activities occur.
| You must... |
Fannie MaeFannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!!
will... |
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- Issue a new fixed rate MBS Pool after completing the conversion process.
- Deliver the converted fixed rate Mortgage Loan to Fannie Mae under the new confirmed Commitment.
- Ensure the MBS trade has a Book-Entry Date no later than:
- the 17th day of the month of the Conversion Effective Date for an MBS ARM Loan or SARM Loan; or
- the 10th day of the month of the Conversion Effective Date for a Cash ARM Loan or SARM Loan.
- Deposit the funds from the MBS trade into your applicable P&I Custodial Account.
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- Issue the new fixed rate MBSMBSMortgage-Backed Security
.
- For a variable rate Cash Mortgage LoanCash Mortgage LoanMortgage Loan purchased by Fannie Mae in exchange for cash.
, place it into the MBSMBSMortgage-Backed Security
trade assignment account.
- Transfer the MBSMBSMortgage-Backed Security
to the MBS InvestorMBS InvestorFor MBS Mortgage Loans, either a Third Party MBS Investor for Lender-Arranged Sales, or the Multifamily Trading Desk.
per your instruction on either the 10th or the 17th day of the month (as applicable) of the Conversion Effective Date.
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