FNMA Selling Guide A2-2-01 — Representations and Warranties Overview

fnma-sel-a2-2-01

FNMA Selling Guide A2-2-01 sets the foundational framework for representations and warranties [LENDER] makes to Fannie Mae when selling loans or delivering pools for MBS — the rep/warranty persistence beyond sale and beyond MSSC termination, the independence of each warranty, the limited "lender knowledge" carveouts for warranties 10/11/17 of MSSC Section IV.A, and the public-record deemed-knowledge rule. Fills the FNMA-Selling-Guide library gap; foundational for any post-sale repurchase / indemnification analysis.

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source:
  type: regulation
  id: fnma-sel-a2-2-01
  authority: FNMA Selling Guide A2-2-01 — Representations and Warranties Overview
  description: |
    FNMA Selling Guide A2-2-01 sets the foundational framework for
    representations and warranties [LENDER] makes to Fannie Mae when
    selling loans or delivering pools for MBS — the rep/warranty
    persistence beyond sale and beyond MSSC termination, the independence
    of each warranty, the limited "lender knowledge" carveouts for
    warranties 10/11/17 of MSSC Section IV.A, and the public-record
    deemed-knowledge rule. Fills the FNMA-Selling-Guide library gap;
    foundational for any post-sale repurchase / indemnification analysis.
obligations:
  - id: fnma-sel-a2-2-01-warranties-made-at-delivery-survive
    canonical_id: fnma-sel-a2-2-01-warranties-made-at-delivery-survive
    section: FNMA Selling Guide A2-2-01 — Selling reps & warranties made at delivery; survive sale + MSSC termination
    description: |
      [LENDER] makes all selling representations and warranties to Fannie
      Mae AS OF the date [LENDER] transfers mortgage loans to Fannie Mae,
      and those reps and warranties continue to survive: (1) the sale of
      mortgage loans to Fannie Mae or delivery of pools for Fannie Mae
      MBS; (2) any subsequent resale of the mortgage loans by Fannie Mae;
      and (3) termination of the MSSC and any other Lender Contract
      agreement — unless Fannie Mae expressly releases [LENDER] in
      writing. [LENDER]'s liability for breach therefore persists beyond
      its active selling relationship with FNMA.
    type: do
    audit_question: Does [LENDER]'s post-delivery record retention and reserve methodology reflect that selling reps and warranties survive sale, resale, and MSSC termination — and that no FNMA written release has been received for prior-sold loans?
    program_review: Does the program's post-delivery record retention and reserve methodology reflect that selling reps/warranties are made as of transfer and survive sale, resale, and MSSC termination unless FNMA gives a written release?
    file_review: Review retention and reserve methodology; confirm it treats prior-sold loans as carrying surviving R&W absent a written FNMA release. The compliance person judges adequacy of the reserve posture.
    judgment: true
    feeds: []
    workflow_phase: post_close_qc
    owner_role: compliance_officer
    secondary_owner_role: chief_risk_officer
    cadence: continuous
    consequence: Repurchase demands, indemnification claims, or other Lender Contract remedies can be enforced post-MSSC-termination.
    tags:
      - round-d
      - regulator-direct
      - fnma
      - selling-guide
      - representations-and-warranties
      - reps-and-warranties-survival
      - promoted
    primary_source:
      tier: 1
      authority: FNMA Selling Guide A2-2-01 — Representations and Warranties Overview
      source_class: fnma-guide
      source_url: https://singlefamily.fanniemae.com/media/document/pdf/selling-guide
      snapshot_id: 5f7b8b79da595d76
      fetched_at: '2026-05-25T14:09:57Z'
      content_hash: sha256:placeholder-snapshot-content-hash-from-source-json
      paragraph_quote: |
        All selling representations and warranties are made to Fannie Mae as of the date a lender transfers mortgage loans to Fannie Mae and continue and survive:
      drafter_attestation: |
        Copied verbatim from snapshot 5f7b8b79da595d76 (FNMA Selling Guide
        May 6, 2026 edition). A2-2-01 reps-and-warranties-survival
        operative chapeau. The 3 enumerated survival cases + "unless
        Fannie Mae expressly releases in writing" paraphrased in description.
    auditor_minimum_evidence:
      derivation: snapshot_extract
      derivation_source:
        snapshot_id: 5f7b8b79da595d76
        paragraph_quote: All selling representations and warranties are made to Fannie Mae as of the date a lender transfers mortgage l
        page_or_section: FNMA Selling Guide A2-2-01
        fetched_at: '2026-05-25T14:09:57Z'
      pathway_selection_kind: parallel_satisfaction
      pathways:
        - pathway_id: csh-amep-fnma-sel-a2-2-01-as-of-delivery
          name: R&W are made as of the delivery date — delivery-date-frozen representations
          evidence_items:
            - evidence_id: csh-ev-fnma-sel-a2-2-01-delivery-data-frozen
              kind: record
              description: Per-loan delivery-data snapshot capturing every fact represented to FNMA AS OF the delivery date — credit, income, asset, property, occupancy. Snapshot is archived and immutable to support delivery-date-frozen R&W defense.
              retention_rule_ref: reg-z-1026.25
              examiner_question_ref: FNMA Servicer Review §A2-2.a
              cite_verified: false
        - pathway_id: csh-amep-fnma-sel-a2-2-01-independence
          name: Each R&W is made INDEPENDENTLY of every other — no aggregated-defense allowed
          evidence_items:
            - evidence_id: csh-ev-fnma-sel-a2-2-01-per-rep-defense
              kind: record
              description: Per-rep audit trail showing each individual representation (eligibility, accuracy, no-fraud, conformance, etc.) is independently verifiable from delivery-date data — [LENDER] cannot rely on overall-soundness-of-loan to defend a specific failed R&W.
              retention_rule_ref: reg-z-1026.25
              examiner_question_ref: FNMA Servicer Review §A2-2.b
              cite_verified: false
        - pathway_id: csh-amep-fnma-sel-a2-2-01-not-limited-to-knowledge
          name: R&W are NOT limited to lender's knowledge — strict-liability framework
          evidence_items:
            - evidence_id: csh-ev-fnma-sel-a2-2-01-no-knowledge-defense-attestation
              kind: document
              description: '[LENDER]''s R&W governance policy expressly acknowledging that selling reps are NOT limited to matters of which [LENDER] had knowledge (except where the rep specifically references knowledge) — operates as strict-liability framework.'
              retention_rule_ref: reg-z-1026.25
              examiner_question_ref: FNMA Servicer Review §A2-2.c
              cite_verified: false
      pathway_selection_logic: |
        All three pathways must be satisfied in parallel — they describe three independent properties of FNMA selling R&W that [LENDER] must consistently maintain. (A) delivery-date freeze; (B) per-rep independence; (C) no-knowledge-limitation. These are not selectable defenses; they are layered legal characteristics of FNMA selling reps.
    promoted_at: '2026-05-25T18:02:36+00:00'
    promoted_from: fnma-sel-a2-2-01-roundd-v1.yaml
  - id: fnma-sel-a2-2-01-each-warranty-independent
    canonical_id: fnma-sel-a2-2-01-each-warranty-independent
    section: FNMA Selling Guide A2-2-01 — Each warranty independent
    description: |
      [LENDER] makes EACH representation and warranty set forth in the
      Lender Contract SEPARATELY and INDEPENDENTLY from every other
      warranty for a specific mortgage. Breach of one warranty does not
      depend on or limit breach analysis of any other warranty;
      conversely, satisfaction of one warranty does not cure or release
      [LENDER] from another.
    type: do
    audit_question: Does [LENDER]'s reps-and-warranties review process evaluate each warranty in the Lender Contract independently, with no cross-warranty offset or substitution?
    program_review: Does the program's R&W review evaluate each Lender Contract warranty separately and independently, with no cross-warranty offset or substitution?
    file_review: Review the R&W review process; confirm warranties are assessed independently with no offset.
    judgment: false
    feeds: []
    workflow_phase: post_close_qc
    owner_role: compliance_officer
    secondary_owner_role: legal_counsel
    cadence: per-warranty-event
    consequence: Multi-warranty breaches compound; resolution of one warranty does not release [LENDER] from another.
    tags:
      - round-d
      - regulator-direct
      - fnma
      - selling-guide
      - representations-and-warranties
      - independent-warranties
      - promoted
    primary_source:
      tier: 1
      authority: FNMA Selling Guide A2-2-01 — Representations and Warranties Overview
      source_class: fnma-guide
      source_url: https://singlefamily.fanniemae.com/media/document/pdf/selling-guide
      snapshot_id: 5f7b8b79da595d76
      fetched_at: '2026-05-25T14:09:57Z'
      content_hash: sha256:placeholder-snapshot-content-hash-from-source-json
      paragraph_quote: |
        makes each representation and warranty set forth in the Lender Contract separately and independently from every other warranty it makes for a
      drafter_attestation: |
        Copied verbatim from snapshot 5f7b8b79da595d76. A2-2-01 each-
        warranty-independent operative clause. Quote truncated before
        the U+FB01 fi-ligature in "speciﬁc" to maintain substring-match
        purity against the PDF extraction.
    promoted_at: '2026-05-25T18:02:36+00:00'
    promoted_from: fnma-sel-a2-2-01-roundd-v1.yaml
  - id: fnma-sel-a2-2-01-warranties-not-limited-to-knowledge
    canonical_id: fnma-sel-a2-2-01-warranties-not-limited-to-knowledge
    section: FNMA Selling Guide A2-2-01 — Warranties not limited to lender knowledge (with limited exceptions)
    description: |
      Selling representations and warranties are NOT limited to matters
      of which [LENDER] had knowledge — except for the specific MSSC
      Section IV.A Warranties numbered 10, 11, and 17 (which are
      violated only if [LENDER] had knowledge of the untruth or, acting
      as a prudent lender, should have known through due diligence).
      Warranty 17's prudent-lender limitation does NOT in any way limit
      Warranty 1 (mortgage meets all applicable Lender Contract
      requirements). Lenders are DEEMED TO KNOW matters that are of
      public record.
    type: do
    audit_question: Does [LENDER]'s pre-sale QC verification (including title search, property record checks, and other public-record-deemed-knowledge sources) reflect that warranty 1 (Lender-Contract compliance) is not subject to a knowledge limitation?
    program_review: Does the program's pre-sale QC (title search, property-record checks, other public-record-deemed-knowledge sources) reflect that warranties are not knowledge-limited — except MSSC Warranties 10/11/17 — and that Warranty 17's prudent-lender limit does not limit Warranty 1?
    file_review: Review pre-sale QC verification; confirm public-record-deemed-knowledge sources are checked and Warranty 1 is treated as not knowledge-limited. The compliance person judges whether due diligence met the prudent-lender standard for 10/11/17.
    judgment: true
    feeds: []
    workflow_phase: post_close_qc
    owner_role: compliance_officer
    secondary_owner_role: post_closing_specialist
    cadence: per-sale
    consequence: Lack-of-knowledge defense fails for warranty 1 and most other warranties; due-diligence-by-prudent-lender standard applies even to limited exceptions.
    tags:
      - round-d
      - regulator-direct
      - fnma
      - selling-guide
      - representations-and-warranties
      - knowledge-standard
      - public-record-deemed-knowledge
      - promoted
    primary_source:
      tier: 1
      authority: FNMA Selling Guide A2-2-01 — Representations and Warranties Overview
      source_class: fnma-guide
      source_url: https://singlefamily.fanniemae.com/media/document/pdf/selling-guide
      snapshot_id: 5f7b8b79da595d76
      fetched_at: '2026-05-25T14:09:57Z'
      content_hash: sha256:placeholder-snapshot-content-hash-from-source-json
      paragraph_quote: |
        Representations and warranties are not limited to matters of which the lender had knowledge, except for the
      drafter_attestation: |
        Copied verbatim from snapshot 5f7b8b79da595d76. A2-2-01 not-limited-
        to-knowledge operative chapeau. Warranties 10/11/17 exceptions +
        public-record deemed-knowledge rule paraphrased in description.
    promoted_at: '2026-05-25T18:02:36+00:00'
    promoted_from: fnma-sel-a2-2-01-roundd-v1.yaml
_promotion_history:
  - promoted_at: '2026-05-25T18:02:36+00:00'
    candidate_path: obligations\_remediation\round-d-investor-guides\fnma-sel-a2-2-01-roundd-v1.yaml
    candidates_promoted: 3
    candidates_skipped_existing: 0

Verbatim regulatory text (3)

Verbatim provisions from FNMA Selling Guide A2-2-01 — Representations and Warranties Overview — each quote is a verified substring of the regulator-published source snapshot, not retyped. Quoted for reference; this is not legal advice. The operational layer (P&P updates, prompts) lives in the regulation update kits.

FNMA Selling Guide A2-2-01 — Selling reps & warranties made at delivery; survive sale + MSSC termination

All selling representations and warranties are made to Fannie Mae as of the date a lender transfers mortgage loans to Fannie Mae and continue and survive:

Source: FNMA Selling Guide A2-2-01 — Representations and Warranties Overview · source URL · snapshot 5f7b8b79da595d76

FNMA Selling Guide A2-2-01 — Each warranty independent

makes each representation and warranty set forth in the Lender Contract separately and independently from every other warranty it makes for a

Source: FNMA Selling Guide A2-2-01 — Representations and Warranties Overview · source URL · snapshot 5f7b8b79da595d76

FNMA Selling Guide A2-2-01 — Warranties not limited to lender knowledge (with limited exceptions)

Representations and warranties are not limited to matters of which the lender had knowledge, except for the

Source: FNMA Selling Guide A2-2-01 — Representations and Warranties Overview · source URL · snapshot 5f7b8b79da595d76