- pay off an existing first mortgage (including an existing HELOC in first-lien position);
- pay off an existing construction loan and documented construction cost overruns that were incurred outside of the interim construction financing for two-closing construction-to-permanent loans. (These construction cost overruns must be paid directly to the builder at closing.); or
- pay for construction costs to build the home for single-closing construction-to-permanent loans, which may include paying off an existing lot lien.
- the borrower acquired the property through an inheritance or was legally awarded the property (such as through a divorce, separation, or dissolution of a domestic partnership); or
- the property was previously owned by an inter vivos revocable trust and the borrower is the primary beneficiary of the trust.
Additional Requirements for Limited Cash–Out Refinance Transactions with LTV, CLTV, or HCLTV Ratios of 95.01 – 97%
If the LTV, CLTV, or HCLTV ratio exceeds 95% for a limited cash-out transaction, the following requirements also apply.
- the lender’s servicing system,
- the current servicer (if the lender is not the servicer),
- Fannie Mae’s Loan Lookup tool, or
- any other source as confirmed by the lender.
The lender must inform DU that Fannie Mae owns the existing mortgage using the Owner of Existing Mortgage field in the online loan application before submitting the loan to DU.
Note: This requirement does not apply if the CLTV exceeds 95% only due to a Community Seconds loan.
Note: The CLTV ratio can be up to 105% if the subordinate lien is a Community Seconds loan.
Note: High-balance and ARM loans are not permitted.
Ineligible Transactions
When the following conditions exist, the transaction is ineligible as a limited cash-out refinance and must be treated as a cash-out refinance:
- no outstanding first lien on the subject property (except for single-closing construction-to-permanent transactions, which are eligible as a limited cash-out out refinance even though there is not an outstanding lien on the subject property);
- the proceeds are used to pay off a subordinate lien that was not used to purchase the property (other than the exceptions for paying off PACE loans and other debt used for energy-related improvements, described above);
- the borrower finances the payment of real estate taxes that are more than 60 days delinquent for the subject property in the loan amount; and
- a short-term refinance mortgage loan that combines a first mortgage and a non-purchase-money subordinate mortgage into a new first mortgage or any refinance of that loan within six months.
Acceptable Uses
The following are acceptable in conjunction with a limited cash-out refinance transaction:
- modifying the interest rate and/or term for existing mortgages;
- paying off the existing first mortgage (which may include additional amounts required to pay off the loan, such as prepayment penalties, a deferred balance resulting from completion of a prior loss mitigation solution, and late fees);
- paying for construction costs to build a home for a single-closing construction-to-permanent transaction, which may include paying off an existing lot lien;
- paying off the construction loan and documented construction cost overruns for a two-closing construction-to-permanent loan;
- financing the payment of closing costs, points, and prepaid items. With the exception of real estate taxes that are more than 60 days delinquent the borrower can include real estate taxes in the new loan amount provided
- the real estate taxes must be paid in full through the transaction, and
- payment for the taxes must be disbursed to the taxing authority through the closing transaction, with no funds used for the taxes disbursed to the borrower;
Cash Back to the Borrower
As noted above, the borrower may receive a small amount of cash back in a limited cash-out refinance transaction. The lender may also refund the borrower for the overpayment of fees and charges due to federal or state laws or regulations. Refunds such as these are not included in the maximum cash back limitation, provided that
- the settlement statement clearly identifies the refund, and
- the loan file includes documentation to support the amount and reason for the refund.
This applies to standard limited cash-out refinance transactions. For high LTV refinance transactions, see B5-7-01, High LTV Refinance Loan and Borrower EligibilityB5-7-01, High LTV Refinance Loan and Borrower Eligibility .
Note: These refunds may also be applied as a principal balance curtailment in accordance with B2-1.5-05, Principal CurtailmentsB2-1.5-05, Principal Curtailments .
Documentation Requirements
To treat a transaction as a limited cash-out refinance transaction, the lender must document that all proceeds of the existing subordinate lien were used to fund part of the subject property purchase price or pay for permissible energy-related expenses. Written confirmation must be maintained in the mortgage file.
The following are acceptable forms of documentation:
- a copy of the settlement statement for the purchase of the property;
- a copy of the title policy from the purchase transaction that identifies the subordinate financing;
- other documentation from the purchase transaction that indicates that a subordinate lien was used to purchase the subject property; or
- for energy-related expenses, copies of invoices or receipts to evidence funds were used for energy improvements. A copy of an energy report is required in many cases. See B5-3.3-01, HomeStyle Energy for Improvements on Existing PropertiesB5-3.3-01, HomeStyle Energy for Improvements on Existing Properties , for additional information.
Existing Subordinate Liens That Will Not Be Paid Off
When a new limited cash-out refinance transaction will not satisfy existing subordinate liens, the existing liens must be clearly subordinate to the new refinance mortgage. The refinance mortgage must meet Fannie Mae’s eligibility criteria for mortgages that are subject to subordinate financing.
New Subordinate Financing
When a borrower obtains new subordinate financing with the refinancing of a first mortgage loan, Fannie Mae treats the transaction as a limited cash-out refinance provided the first mortgage loan meets the eligibility criteria for a limited cash-out refinance transaction.
Note: It is acceptable for borrowers to obtain cash from the proceeds of the new subordinate mortgage.
Refinances to Buy Out An Owner’s Interest
A transaction that requires one owner to buy out the interest of another owner (for example, as a result of a divorce settlement or dissolution of a domestic partnership) is considered a limited cash-out refinance if the secured property was jointly owned for at least 12 months preceding the disbursement date of the new mortgage loan.
All parties must sign a written agreement that states the terms of the property transfer and the proposed disposition of the proceeds from the refinance transaction. Except in the case of recent inheritance of the subject property, documentation must be provided to indicate that the security property was jointly owned by all parties for at least 12 months preceding the disbursement date of the new mortgage loan.
Borrowers who acquire sole ownership of the property may not receive any of the proceeds from the refinancing. The party buying out the other party’s interest must be able to qualify for the mortgage pursuant to Fannie Mae’s underwriting guidelines.
Exceptions to Limited Cash-Out Refinance Requirements for High Loan-to-Value Refinance Loans
See Chapter B5-7: High Loan-to-Value Refinance Option, for modifications to the standard limited cash-out refinance requirements for high LTV loan transactions.
Recent Related AnnouncementsThe table below provides references to recently issued Announcements that are related to this topic.
Announcements Issue Date Announcement SEL-2023-06 July 05, 2023 Announcement SEL-2023-05 June 07, 2023 Announcement SEL-2022-05 June 01, 2022 Announcement SEL-2020-03 June 03, 2020 Announcement SEL-2019-07 August 07, 2019 
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(Published: Sept 04 2024)
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- Part A Doing Business with Fannie Mae
- Subpart A1, Approval Qualification
- Chapter A1-1, Application and Approval of Seller/Servicer
- A1-1-01, Application and Approval of Seller/Servicer
- Chapter A2-1, Contractual Obligations for Sellers/Servicers
- A2-1-01, Contractual Obligations for Sellers/Servicers
- A2-1-02, Nature of Mortgage Transaction
- A2-1-03, Indemnification for Losses
- A2-2-01, Representations and Warranties Overview
- A2-2-02, Delivery Information and Delivery-Option Specific Representations and Warranties
- A2-2-03, Document Warranties
- A2-2-04, Limited Waiver and Enforcement Relief of Representations and Warranties
- A2-2-05, Invalidation of Limited Waiver of Representations and Warranties
- A2-2-06, Representations and Warranties on Property Value
- A2-2-07, Life-of-Loan Representations and Warranties
- Section A2-3.1, Lender Breach of Contract
- A2-3.1-01, Lender Breach of Contract
- A2-3.1-02, Sanctions, Suspensions, and Terminations
- A2-3.2-01, Loan Repurchases and Make Whole Payments Requested by Fannie Mae
- A2-3.2-02, Enforcement Relief for Breaches of Certain Representations and Warranties Related to Underwriting and Eligibility
- A2-3.2-03, Remedies Framework
- A2-3.3-01, Compensatory Fees
- Section A2-4.1, Establishment, Ownership, and Retention of Loan Files and Records
- A2-4.1-01, Establishing Loan Files
- A2-4.1-02, Ownership and Retention of Loan Files and Records
- A2-4.1-03, Electronic Records, Signatures, and Transactions
- A2-4.1-04, Notarization Standards
- A2-5-01, Fannie Mae Trade Name and Trademarks
- Chapter A3-1, Fannie Mae’s Technology Products
- A3-1-01, Fannie Mae’s Technology Products
- A3-2-01, Compliance With Laws
- A3-2-02, Responsible Lending Practices
- A3-3-01, Outsourcing of Mortgage Processing and Third-Party Originations
- A3-3-02, Concurrent Servicing Transfers
- A3-3-03, Other Servicing Arrangements
- A3-3-04, Document Custodians
- A3-3-05, Custody of Mortgage Documents
- A3-4-01, Confidentiality of Information
- A3-4-02, Data Quality and Integrity
- A3-4-03, Preventing, Detecting, and Reporting Mortgage Fraud
- A3-5-01, Fidelity Bond and Errors and Omissions Coverage Provisions
- A3-5-02, Fidelity Bond Policy Requirements
- A3-5-03, Errors and Omissions Policy Requirements
- A3-5-04, Reporting Fidelity Bond and Errors and Omissions Events
- Chapter A4-1, Maintaining Seller/Servicer Eligibility: Overview
- A4-1-01, Maintaining Seller/Servicer Eligibility
- A4-1-02, Submission of Financial Statements and Reports
- A4-1-03, Report of Changes in the Seller/Servicer’s Organization
- A4-1-04, Submission of Irrevocable Limited Powers of Attorney
- Subpart B1, Loan Application Package
- Chapter B1-1, Application Package Documentation
- B1-1-01, Contents of the Application Package
- B1-1-02, Blanket Authorization Form
- B1-1-03, Allowable Age of Credit Documents and Federal Income Tax Returns
- Chapter B2-1, Mortgage Eligibility
- Section B2-1.1, Occupancy Types
- B2-1.1-01, Occupancy Types
- B2-1.2-01, Loan-to-Value (LTV) Ratios
- B2-1.2-02, Combined Loan-to-Value (CLTV) Ratios
- B2-1.2-03, Home Equity Combined Loan-to-Value (HCLTV) Ratios
- B2-1.2-04, Subordinate Financing
- B2-1.3-01, Purchase Transactions
- B2-1.3-02, Limited Cash-Out Refinance Transactions
- B2-1.3-03, Cash-Out Refinance Transactions
- B2-1.3-04, Prohibited Refinancing Practices
- B2-1.3-05, Payoff of Installment Land Contract Requirements
- B2-1.4-01, Fixed-Rate Loans
- B2-1.4-02, Adjustable-Rate Mortgages (ARMs)
- B2-1.4-03, Convertible ARMs
- B2-1.4-04, Temporary Interest Rate Buydowns
- B2-1.5-01, Loan Limits
- B2-1.5-02, Loan Eligibility
- B2-1.5-03, Legal Requirements
- B2-1.5-04, Escrow Accounts
- B2-1.5-05, Principal Curtailments
- B2-2-01, General Borrower Eligibility Requirements
- B2-2-02, Non–U.S. Citizen Borrower Eligibility Requirements
- B2-2-03, Multiple Financed Properties for the Same Borrower
- B2-2-04, Guarantors, Co-Signers, or Non-Occupant Borrowers on the Subject Transaction
- B2-2-05, Inter Vivos Revocable Trusts
- B2-2-06, Homeownership Education and Housing Counseling
- B2-2-07, First-Generation Homebuyer Loans
- B2-3-01, General Property Eligibility
- B2-3-02, Special Property Eligibility and Underwriting Considerations: Factory-Built Housing
- B2-3-03, Special Property Eligibility and Underwriting Considerations: Leasehold Estates
- B2-3-04, Special Property Eligibility Considerations
- B2-3-05, Properties Affected by a Disaster
- Chapter B3-1, Manual Underwriting
- B3-1-01, Comprehensive Risk Assessment
- B3-2-01, General Information on DU
- B3-2-02, DU Validation Service
- B3-2-03, Risk Factors Evaluated by DU
- B3-2-04, DU Documentation Requirements
- B3-2-05, Approve/Eligible Recommendations
- B3-2-06, Approve/Ineligible Recommendations
- B3-2-07, Refer with Caution Recommendations
- B3-2-08, Out of Scope Recommendations
- B3-2-09, Erroneous Credit Report Data
- B3-2-10, Accuracy of DU Data, DU Tolerances, and Errors in the Credit Report
- B3-2-11, DU Underwriting Findings Report
- Section B3-3.1, Employment and Other Sources of Income
- B3-3.1-01, General Income Information
- B3-3.1-02, Standards for Employment Documentation
- B3-3.1-03, Base Pay (Salary or Hourly), Bonus, and Overtime Income
- B3-3.1-04, Commission Income
- B3-3.1-05, Secondary Employment Income (Second Job and Multiple Jobs) and Seasonal Income
- B3-3.1-06, Requirements and Uses of IRS IVES Request for Transcript of Tax Return Form 4506-C
- B3-3.1-07, Verbal Verification of Employment
- B3-3.1-08, Rental Income
- B3-3.1-09, Other Sources of Income
- B3-3.1-10, Income Calculator
- B3-3.2-01, Underwriting Factors and Documentation for a Self-Employed Borrower
- B3-3.2-02, Business Structures
- B3-3.2-03, IRS Forms Quick Reference
- B3-3.3-01, General Information on Analyzing Individual Tax Returns
- B3-3.3-02, Income Reported on IRS Form 1040
- B3-3.3-03, Income or Loss Reported on IRS Form 1040, Schedule C
- B3-3.3-04, Income or Loss Reported on IRS Form 1040, Schedule D
- B3-3.3-05, Income or Loss Reported on IRS Form 1040, Schedule E
- B3-3.3-06, Income or Loss Reported on IRS Form 1040, Schedule F
- B3-3.3-07, Income or Loss Reported on IRS Form 1065 or IRS Form 1120S, Schedule K-1
- B3-3.4-01, Analyzing Partnership Returns for a Partnership or LLC
- B3-3.4-02, Analyzing Returns for an S Corporation
- B3-3.4-03, Analyzing Returns for a Corporation
- B3-3.4-04, Analyzing Profit and Loss Statements
- B3-3.5-01, Income and Employment Documentation for DU
- B3-3.5-02, Income from Rental Property in DU
- Section B3-4.1, General Asset Requirements
- B3-4.1-01, Minimum Reserve Requirements
- B3-4.1-02, Interested Party Contributions (IPCs)
- B3-4.1-03, Types of Interested Party Contributions (IPCs)
- B3-4.1-04, Virtual Currency
- B3-4.2-01, Verification of Deposits and Assets
- B3-4.2-02, Depository Accounts
- B3-4.2-03, Individual Development Accounts
- B3-4.2-04, Pooled Savings (Community Savings Funds)
- B3-4.2-05, Foreign Assets
- B3-4.3-01, Stocks, Stock Options, Bonds, and Mutual Funds
- B3-4.3-02, Trust Accounts
- B3-4.3-03, Retirement Accounts
- B3-4.3-04, Personal Gifts
- B3-4.3-05, Gifts of Equity
- B3-4.3-06, Grants and Lender Contributions
- B3-4.3-07, Disaster Relief Grants or Loans
- B3-4.3-08, Employer Assistance
- B3-4.3-09, Earnest Money Deposit
- B3-4.3-10, Anticipated Sales Proceeds
- B3-4.3-11, Trade Equity
- B3-4.3-12, Rent-Related Credits
- B3-4.3-13, Sweat Equity
- B3-4.3-14, Bridge/Swing Loans
- B3-4.3-15, Borrowed Funds Secured by an Asset
- B3-4.3-16, Credit Card Financing and Reward Points
- B3-4.3-17, Personal Unsecured Loans
- B3-4.3-18, Sale of Personal Assets
- B3-4.3-19, Cash Value of Life Insurance
- B3-4.3-20, Anticipated Savings and Cash-on-Hand
- B3-4.3-21, Borrower's Earned Real Estate Commission
- B3-4.4-01, DU Asset Verification
- B3-4.4-02, Requirements for Certain Assets in DU
- Section B3-5.1, Credit Scores
- B3-5.1-01, General Requirements for Credit Scores
- B3-5.1-02, Determining the Credit Score for a Mortgage Loan
- B3-5.2-01, Requirements for Credit Reports
- B3-5.2-02, Types of Credit Reports
- B3-5.2-03, Accuracy of Credit Information in a Credit Report
- B3-5.3-01, Number and Age of Accounts
- B3-5.3-02, Payment History
- B3-5.3-03, Previous Mortgage Payment History
- B3-5.3-04, Inquiries: Recent Attempts to Obtain New Credit
- B3-5.3-05, Credit Utilization
- B3-5.3-06, Authorized Users of Credit
- B3-5.3-07, Significant Derogatory Credit Events — Waiting Periods and Re-establishing Credit
- B3-5.3-08, Extenuating Circumstances for Derogatory Credit
- B3-5.3-09, DU Credit Report Analysis
- B3-5.4-01, Eligibility Requirements for Loans with Nontraditional Credit
- B3-5.4-02, Number and Types of Nontraditional Credit References
- B3-5.4-03, Documentation and Assessment of a Nontraditional Credit History
- B3-6-01, General Information on Liabilities
- B3-6-02, Debt-to-Income Ratios
- B3-6-03, Monthly Housing Expense for the Subject Property
- B3-6-04, Qualifying Payment Requirements
- B3-6-05, Monthly Debt Obligations
- B3-6-06, Qualifying Impact of Other Real Estate Owned
- B3-6-07, Debts Paid Off At or Prior to Closing
- B3-6-08, DU: Requirements for Liability Assessment
- Chapter B4-1, Property Assessment and Valuation
- Section B4-1.1, General Appraisal Requirements
- B4-1.1-01, Definition of Market Value
- B4-1.1-02, Lender Responsibilities
- B4-1.1-03, Appraiser Selection Criteria
- B4-1.1-04, Unacceptable Appraisal Practices
- B4-1.1-05, Disclosure of Information to Appraisers
- B4-1.1-06, Uniform Appraisal Dataset (UAD) and the Uniform Collateral Data Portal (UCDP)
- B4-1.2-01, Appraisal Report Forms and Exhibits
- B4-1.2-02, Desktop Appraisals
- B4-1.2-03, Hybrid Appraisals
- B4-1.2-04, Appraisal Age and Use Requirements
- B4-1.2-05, Requirements for Verifying Completion and Postponed Improvements
- B4-1.3-01, Review of the Appraisal Report
- B4-1.3-02, Subject and Contract Sections of the Appraisal Report
- B4-1.3-03, Neighborhood Section of the Appraisal Report
- B4-1.3-04, Site Section of the Appraisal Report
- B4-1.3-05, Improvements Section of the Appraisal Report
- B4-1.3-06, Property Condition and Quality of Construction of the Improvements
- B4-1.3-07, Sales Comparison Approach Section of the Appraisal Report
- B4-1.3-08, Comparable Sales
- B4-1.3-09, Adjustments to Comparable Sales
- B4-1.3-10, Cost and Income Approach to Value
- B4-1.3-11, Valuation Analysis and Reconciliation
- B4-1.3-12, Appraisal Quality Matters
- B4-1.4-01, Factory-Built Housing: Manufactured Housing
- B4-1.4-02, Factory-Built Housing: Modular, Prefabricated, Panelized, or Sectional Housing
- B4-1.4-03, Condo Appraisal Requirements
- B4-1.4-04, Co-op Appraisal Requirements
- B4-1.4-05, Leasehold Interests Appraisal Requirements
- B4-1.4-06, Community Land Trust Appraisal Requirements
- B4-1.4-07, Mixed-Use Property Appraisal Requirements
- B4-1.4-08, Environmental Hazards Appraisal Requirements
- B4-1.4-09, Special Assessment or Community Facilities Districts Appraisal Requirements
- B4-1.4-10, Value Acceptance (Appraisal Waiver)
- B4-1.4-11, Value Acceptance + Property Data
- Section B4-2.1, General Project Standards
- B4-2.1-01, General Information on Project Standards
- B4-2.1-02, Waiver of Project Review
- B4-2.1-03, Ineligible Projects
- B4-2.1-04, Environmental Hazard Assessments
- B4-2.1-05, Unacceptable Environmental Hazards
- B4-2.1-06, Remedial Actions for Environmental Hazard Assessments Below Standards
- B4-2.2-01, Limited Review Process
- B4-2.2-02, Full Review Process
- B4-2.2-03, Full Review: Additional Eligibility Requirements for Units in New and Newly Converted Condo Projects
- B4-2.2-04, Geographic-Specific Condo Project Considerations
- B4-2.2-05, FHA-Approved Condo Review Eligibility
- B4-2.2-06, Project Eligibility Review Service (PERS)
- B4-2.2-07, Projects with Special Considerations and Project Eligibility Waivers
- B4-2.3-01, Eligibility Requirements for Units in PUD Projects
- B4-2.3-02, Co-op Project Eligibility
- B4-2.3-03, Legal Requirements for Co-op Projects
- B4-2.3-04, Loan Eligibility for Co-op Share Loans
- B4-2.3-05, Geographic-Specific Co-op Project Considerations
- Chapter B5-1, High-Balance Mortgage Loans
- B5-1-01, High-Balance Mortgage Loan Eligibility and Underwriting
- B5-1-02, High-Balance Pricing, Mortgage Insurance, Special Feature Codes, and Delivery Limitations
- B5-2-01, Manufactured Housing
- B5-2-02, Manufactured Housing Loan Eligibility
- B5-2-03, Manufactured Housing Underwriting Requirements
- B5-2-04, Manufactured Housing Pricing, Mortgage Insurance, and Loan Delivery Requirements
- B5-2-05, Manufactured Housing Legal Considerations
- Section B5-3.1, Conversion of Construction-to-Permanent Financing
- B5-3.1-01, Conversion of Construction-to-Permanent Financing: Overview
- B5-3.1-02, Conversion of Construction-to-Permanent Financing: Single-Closing Transactions
- B5-3.1-03, Conversion of Construction-to-Permanent Financing: Two-Closing Transactions
- B5-3.2-01, HomeStyle Renovation Mortgages
- B5-3.2-02, HomeStyle Renovation Mortgages: Loan and Borrower Eligibility
- B5-3.2-03, HomeStyle Renovation Mortgages: Collateral Considerations
- B5-3.2-04, HomeStyle Renovation Mortgages: Costs and Escrow Accounts
- B5-3.2-05, HomeStyle Renovation Mortgages: Completion Certification
- B5-3.2-06, HomeStyle Renovation: Renovation Contract, Renovation Loan Agreement, and Lien Waiver
- B5-3.3-01, HomeStyle Energy for Improvements on Existing Properties
- B5-3.4-01, Property Assessed Clean Energy Loans
- Section B5-4.1, General Requirements of Texas Section 50(a)(6) Loans
- B5-4.1-01, Texas Section 50(a)(6) Loans
- B5-4.1-02, Texas Section 50(a)(6) Loan Eligibility
- B5-4.1-03, Texas Section 50(a)(6) Loan Underwriting, Collateral, and Closing Considerations
- B5-4.1-04, Texas Section 50(a)(6) Loan Delivery and Servicing Considerations
- B5-4.2-01, Native American Conventional Lending Initiative (NACLI)
- B5-4.2-02, Disaster-Related Limited Cash-Out Refinance Flexibilities
- B5-4.2-03, Loans Secured by HomePath Properties
- Section B5-5.1, Community Seconds
- B5-5.1-01, Community Seconds Loans
- B5-5.1-02, Community Seconds Loan Eligibility
- B5-5.1-03, Community Seconds: Shared Appreciation Transactions
- B5-5.2-01, Loans With Resale Restrictions: General Information
- B5-5.2-02, Loans with Resale Restrictions: Eligibility, Collateral and Delivery Requirements
- B5-5.3-01, Shared Equity Overview
- B5-5.3-02, Shared Equity Transactions: General Requirements
- B5-5.3-03, Shared Equity Transactions: Eligibility, Underwriting and Collateral Requirements
- B5-5.3-04, Massachusetts Resale Restriction Loan Eligibility Requirements
- B5-6-01, HomeReady Mortgage Loan and Borrower Eligibility
- B5-6-02, HomeReady Mortgage Underwriting Methods and Requirements
- B5-6-03, HomeReady Mortgage Loan Pricing, Mortgage Insurance, and Special Feature Codes
- B5-7-01, High LTV Refinance Loan and Borrower Eligibility
- B5-7-02, High LTV Refinance Underwriting, Documentation, and Collateral Requirements for the New Loan
- B5-7-03, High LTV Refinance Alternative Qualification Path
- B5-7-04, High LTV Refinance Representations and Warranties
- B5-7-05, High LTV Refinance Pricing, Mortgage Insurance, and Special Feature Codes
- Chapter B6-1, Government Insured and Guaranteed Mortgages
- B6-1-01, General Government Mortgage Loan Requirements
- B6-1-02, Eligible FHA-Insured Mortgage Loans
- B6-1-03, Eligible VA-Guaranteed Mortgages
- B6-1-04, Eligible HUD-Guaranteed Section 184 Mortgages
- B6-1-05, Eligible RD-Guaranteed Mortgages
- Chapter B7-1, Mortgage Insurance/Loan Guaranty
- B7-1-01, Provision of Mortgage Insurance
- B7-1-02, Mortgage Insurance Coverage Requirements
- B7-1-03, Lender-Purchased Mortgage Insurance
- B7-1-04, Financed Borrower-Purchased Mortgage Insurance
- B7-1-05, Government Mortgage Loan Guaranty or Insurance
- B7-2-01, Provision of Title Insurance
- B7-2-02, Title Insurer Requirements
- B7-2-03, General Title Insurance Coverage
- B7-2-04, Special Title Insurance Coverage Considerations
- B7-2-05, Title Exceptions and Impediments
- B7-2-06, Attorney Title Opinion Letter Requirements
- B7-3-01, General Property Insurance Requirements for All Property Types
- B7-3-02, Property Insurance Requirements for One-to Four-Unit Properties
- B7-3-03, Master Property Insurance Requirements for Project Developments
- B7-3-04, Individual Property Insurance Requirements for a Unit in a Project Development
- B7-3-05, Additional Insurance Requirements
- B7-3-06, Flood Insurance Requirements for All Property Types
- B7-3-07, Evidence of Property Insurance
- B7-3-08, Mortgagee Clause, Named Insured, and Notice of Cancellation Requirements
- B7-4-01, General Liability Insurance Requirements for Project Developments
- B7-4-02, Fidelity/Crime Insurance Requirements for Project Developments
- Chapter B8-1, General Information on Legal Documents
- B8-1-01, Publication of Legal Documents
- B8-2-01, Security Instruments for Conventional Mortgages
- B8-2-02, Special-Purpose Security Instruments
- B8-2-03, Signature Requirements for Security Instruments
- B8-3-01, Notes for Conventional Mortgages
- B8-3-02, Special Note Provisions and Language Requirements
- B8-3-03, Signature Requirements for Notes
- B8-3-04, Note Endorsement
- B8-4-01, Riders and Addenda
- B8-5-01, General Information on Special-Purpose Legal Documents
- B8-5-02, Inter Vivos Revocable Trust Mortgage Documentation and Signature Requirements
- B8-5-03, HomeStyle Renovation Mortgage Documentation Requirements
- B8-5-04, Sample Legal Documents
- B8-5-05, Requirements for Use of a Power of Attorney
- B8-6-01, Authorized Use of Intervening and Blanket Assignments
- B8-7-01, Mortgage Electronic Registration Systems (MERS), Inc.
- B8-8-01, General Information on eMortgages
- B8-8-02, Requirements for Creating, Closing, and Correcting eNotes
- Subpart C1, General Information on Execution Options and Loan Delivery
- Chapter C1-1, Execution Options Overview
- C1-1-01, Execution Options
- C1-2-01, General Information on Delivering Loan Data and Documents
- C1-2-02, Loan Data and Documentation Delivery Requirements
- C1-2-03, Ownership of Mortgage Loans Prior to Purchase or Securitization and Third-Party Security Interests
- C1-2-04, Delivering eMortgages to Fannie Mae
- C1-2-05, Delivering Green MBS to Fannie Mae
- C1-2-06, Bailee Letters
- C1-3-01, General Information on Remittance Types
- Chapter C2-1, Mandatory and Best Efforts Commitments to Sell Whole Loans
- Section C2-1.1, Mandatory Commitments to Sell Whole Loans
- C2-1.1-01, Mandatory Commitment Process
- C2-1.1-02, General Information about Mandatory Commitment Pricing and Fees
- C2-1.1-03, Mandatory Commitment Terms, Amounts, Periods and Other Requirements
- C2-1.1-04, Mandatory Commitment Extensions and Pair-Offs
- C2-1.1-05, Servicing Fees
- C2-1.1-06, Accrued Interest Payments for Regularly Amortizing Mortgages
- C2-1.1-07, Standard ARM and Converted ARM Resale Commitments
- C2-1.2-01, Best Efforts Commitment Process
- C2-1.2-02, Best Efforts Commitment Pricing, Periods, and Fees
- C2-1.2-03, Best Efforts Commitment Terms, Amounts, and Other Requirements
- C2-1.3-01, Servicing Marketplace
- C2-2-01, General Requirements for Good Delivery of Whole Loans
- C2-2-02, Documentation Requirements for Whole Loan Deliveries
- C2-2-03, General Information on Whole Loan Purchasing Policies
- C2-2-04, Timing of Distribution of Whole Loan Purchase Proceeds
- C2-2-05, Whole Loan Purchasing Process
- C2-2-06, Authorization to Transfer Funds
- C2-2-07, Purchase Payee Codes
- Chapter C3-1, MBS Program Overview
- C3-1-01, General Information About Fannie Mae’s MBS Program
- C3-1-02, Preparing to Pool Loans into MBS
- C3-2-01, Determining Eligibility for Loans Pooled into MBS
- C3-2-02, Selecting a Servicing Option
- C3-2-03, MBS Remittance Type and Selecting a Remittance Cycle
- C3-2-04, Mandatory MBS Commitments
- C3-3-01, Determining and Remitting Guaranty Fees
- C3-3-02, Accessing Buyup and Buydown Ratios and Calculating Payments or Charges
- C3-3-03, Buying Up and Buying Down the Guaranty Fee for MBS
- C3-4-01, Term-Related Fixed-Rate Mortgage Pooling Parameters
- C3-5-01, Creating Weighted-Average ARM MBS
- C3-5-02, Calculating the Weighted-Average Pool Accrual Rates for ARM Flex Pools Using a Fixed MBS Margin
- C3-5-03, Calculating the Weighted-Average Pool Accrual Rates for ARM Flex Pools Using a Weighted-Average MBS Margin
- C3-5-04, Pooling ARMs with a Conversion Option
- C3-5-05, Commingling ARMs in MBS
- C3-6-01, Parameters for Pooling Loans Into Fannie Majors
- C3-7-01, Establishing an MBS Trading Account
- C3-7-02, Initiating an MBS Sale
- C3-7-03, Making Good Delivery
- C3-7-04, Delivering MBS Pool Data and Documents
- C3-7-05, Confirming Presettlement Information
- C3-7-06, Settling the Trade
- C3-7-07, Sale of Fannie Mae Securities to Third Parties
- Subpart D1, Lender QC Process
- Chapter D1-1, Lender Quality Control Process
- D1-1-01, Lender Quality Control Programs, Plans, and Processes
- D1-1-02, Lender Quality Control Staffing and Outsourcing of the Quality Control Process
- D1-2-01, Lender Prefunding Quality Control Review Process
- D1-3-01, Lender Post-Closing Quality Control Review Process
- D1-3-02, Lender Post-Closing Quality Control Review of Approval Conditions, Underwriting Decisions, and Documentation
- D1-3-03, Lender Post-Closing Quality Control Review of Data Integrity
- D1-3-04, Lender Post-Closing Quality Control Review of Appraisers, Appraisals, Property Data Collectors, and Property Data Collection
- D1-3-05, Lender Post-Closing Quality Control Review of Closing Documents
- D1-3-06, Lender Post-Closing Quality Control Reporting, Record Retention, and Audit
- Chapter D2-1, General Information on Fannie Mae QC Process
- D2-1-01, General Information on Fannie Mae QC Reviews
- D2-1-02, Fannie Mae QC File Request and Submission Requirements
- D2-1-03, Outcomes of Fannie Mae QC Reviews
- D2-1-04, Identifying and Remedying Origination Defects Under the Remedies Framework
- Chapter E-1, Selling Guide Resources
- E-1-01, References to Fannie Mae's Website
- E-1-02, List of Contacts
- E-1-03, List of Lender Contracts
- E-2-01, Required Custodial Documents
- E-2-02, Suggested Format for Phase I Environmental Hazard Assessments
- E-2-03, Revocable Trust Rider (Sample Language)
- E-2-04, Signature Requirements for Mortgages to Inter Vivos Revocable Trusts
- E-2-05, Servicing Marketplace — Mortgage Loan Servicing Purchase and Sale Agreement
- E-2-06, Correcting Errors in eNotes
- E-2-07, Description of eNote Header, Footer, and eNote Clause
- E-3-01, Acronyms and Glossary of Defined Terms: A
- E-3-02, Acronyms and Glossary of Defined Terms: B
- E-3-03, Acronyms and Glossary of Defined Terms: C
- E-3-04, Acronyms and Glossary of Defined Terms: D
- E-3-05, Acronyms and Glossary of Defined Terms: E
- E-3-06, Acronyms and Glossary of Defined Terms: F
- E-3-07, Acronyms and Glossary of Defined Terms: G
- E-3-08, Acronyms and Glossary of Defined Terms: H
- E-3-09, Acronyms and Glossary of Defined Terms: I
- E-3-10, Acronyms and Glossary of Defined Terms: J
- E-3-11, Acronyms and Glossary of Defined Terms: K
- E-3-12, Acronyms and Glossary of Defined Terms: L
- E-3-13, Acronyms and Glossary of Defined Terms: M
- E-3-14, Acronyms and Glossary of Defined Terms: N
- E-3-15, Acronyms and Glossary of Defined Terms: O
- E-3-16, Acronyms and Glossary of Defined Terms: P
- E-3-17, Acronyms and Glossary of Defined Terms: Q
- E-3-18, Acronyms and Glossary of Defined Terms: R
- E-3-19, Acronyms and Glossary of Defined Terms: S
- E-3-20, Acronyms and Glossary of Defined Terms: T
- E-3-21, Acronyms and Glossary of Defined Terms: U
- E-3-22, Acronyms and Glossary of Defined Terms: V
- E-3-23, Acronyms and Glossary of Defined Terms: W
- E-3-24, Acronyms and Glossary of Defined Terms: X
- E-3-25, Acronyms and Glossary of Defined Terms: Y
- E-3-26, Acronyms and Glossary of Defined Terms: Z
- Chapter D1-1, Lender Quality Control Process
- Section C2-1.1, Mandatory Commitments to Sell Whole Loans
- Chapter C1-1, Execution Options Overview
- Section B4-1.1, General Appraisal Requirements
- Section B2-1.1, Occupancy Types
- Chapter B1-1, Application Package Documentation
- Chapter A1-1, Application and Approval of Seller/Servicer
- Subpart A1, Approval Qualification