Fannie Mae Selling Guide C1-2-02 — Loan Data and Documentation Delivery Requirements

Fannie Mae Selling Guide C1-2-02 — Loan Data and Documentation Delivery Requirements

C1-2-02, Loan Data and Documentation Delivery Requirements (10/04/2023) Introduction This topic provides information on the loan data lenders must deliver to make good delivery, including: Electronic Submission via Loan Delivery Loan Delivery Application Resources Seller/Servicer-Initiated Post-Purchase Adjustments Special Feature Codes Documentation Requirements Delivery of the Fannie Mae Loan Number to the Document Custodian Additional Required Electronic Submissions Electronic Submission via Loan Delivery Data for all loans must be electronically transmitted to Fannie Mae using Loan Delivery. Loan Delivery is a web- based application that allows lenders to deliver whole loans for purchase and MBS loans for securitization to Fannie Mae. Lenders can import loan and pool data, perform edits to facilitate error-free delivery, transfer loans Published May 6, 2026 932 between commitments (or pools), track the status of loan deliveries, generate reports, and export loan and pool data back to the lender’s organization. Loans may only be submitted and purchased in Loan Delivery if they are clear of all fatal edits. Loans are subject to all fatal edits in Loan Delivery throughout the submission, loan documentation certification and acquisition purchase process. If a loan encounters a fatal edit, the fatal edit must be resolved for Fannie Mae to acquire the loan. Loan Delivery Application Resources For information regarding the Uniform Loan Delivery Dataset (ULDD) and the data delivery requirements, access the ULDD page on Fannie Mae’s website. The Fannie Mae Implementation Guide for Loan Delivery Data, Appendix D: Fannie Mae XML Data Reference, provides a listing of the ULDD required and conditionally required data fields, as well as field definitions and implementation notes. For additional guidance on ULDD, refer to the following resources available on the ULDD page: Frequently Asked Questions, ULDD Specification, and General and Technical Implementation Resources. Resources specific to the Loan Delivery application that support the delivery of the ULDD data can be found on the Loan Delivery page on Fannie Mae’s website. This page includes links to various resources, including: Loan Delivery Release Notes, Loan Delivery Business Rules Dictionary, and Loan Delivery Job Aids and User Guide (in Help & Training). Seller/Servicer-Initiated Post-Purchase Adjustments Lenders must notify Fannie Mae when they determine there are discrepancies in the data attributes submitted to Fannie Mae at loan delivery and their loan records, they did not submit housing goal attributes at loan delivery, or the property address has been rezoned. Lenders must follow the post-purchase adjustment process to resolve these matters. For additional information and instructions, see Fannie Mae's website. Also, see C2-2-05, Whole Loan Purchasing Process for additional information about reconciling the Purchase Advice and after sale corrections. Lenders must submit data corrections within 18 months of the loan's acquisition date to be considered for repricing of loan-level price adjustments (LLPAs). A minimum $100 requirement per loan (credit or debit) is also required. The 18-month lookback period does not apply to the drafting or collection of repurchase alternative fees. Fannie Mae, in its sole discretion, may adjust the minimum dollar amount and lookback period at any time. Special Feature Codes Published May 6, 2026 933 Lenders must include specific special feature code(s) (investor feature identifier) as part of the delivery data when delivering certain loans. Fannie Mae auto-derives certain special feature codes based on other data submitted. Auto-derived special feature codes are not required to be included in the lender’s delivery data. For a list of special feature codes, including those that are auto-derived, see Special Feature Codes. If a lender fails to identify (or incorrectly identifies on a consistent basis) any applicable special feature code(s) when they submit loans that require these codes in fulfillment of a whole loan commitment or for inclusion in an MBS pool, Fannie Mae may impose a compensatory fee. The amount of the fee will be based on: the lender’s overall performance, the lender’s explanation for their failure to comply, previous instances of noncompliance, the amount of any previous compensatory fee, and any other factors Fannie Mae deems relevant. For additional information about delivery of special feature codes, see the Special Feature Code section of the Loan Delivery/ULDD Job Aids. Documentation Requirements Documentation requirements will differ based on the type of loans being delivered to Fannie Mae. For additional details, see C2-2-01, General Requirements for Good Delivery of Whole Loans, C2-2-02, Documentation Requirements for Whole Loan Deliveries, and C3-7-04, Delivering MBS Pool Data and Documents, respectively. See the Fannie Mae Requirements for Document Custodians (RDC guide) for document delivery and certification requirements. Delivery of the Fannie Mae Loan Number to the Document Custodian The lender is responsible for ensuring that the document custodian receives the Fannie Mae loan number for every loan within 30 days of loan certification. The lender must respond within three business days to any request from the document custodian to provide the Fannie Mae loan number following the certification of the related mortgage loan. Additional Required Electronic Submissions Appraisal Data Lenders must electronically submit certain appraisal reports through the UCDP prior to the delivery of the loan. See B4-1.1-06, Uniform Appraisal Dataset (UAD) and the Uniform Collateral Data Portal (UCDP) for details on these requirements. Uniform Closing Dataset (UCD) The UCD is a common industry dataset that allows information on the Closing Disclosure to be transmitted electronically to Fannie Mae. Lenders are required to electronically submit a UCD XML file of the loan to Fannie Mae and receive a “Successful” status from the UCD collection solution prior to the delivery of the loan. The Published May 6, 2026 934 UCD XML file must contain the borrower data and the PDF of the borrower Closing Disclosure. Lenders must submit the UCD XML file for all conventional loans, regardless of whether the TILA/Regulation Z Rule requires the Closing Disclosure, including non-owner-occupied property loans. For additional information on the UCD data requirements, refer to the UCD Delivery Specification. 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-2021-05 June 02, 2021 Announcement SEL-2021-01 February 03. 2021 Announcement SEL-2019-09 December 04, 2019 C1-2-03, Ownership of Mortgage Loans Prior to Purchase or Securitization and Third-Party Security Interests (04/06/2022) Introduction This topic provides information on the following: Mortgage Loan Certification Overview Control of Mortgage Notes During the Loan Certification Processes Ownership Interest and Title to Mortgage Notes Conflicts Regarding Rights in Mortgages Mortgage Loan Certification Overview The Fannie Mae certification processes for whole loan and MBS deliveries are designed to assure Fannie Mae and the marketplace that all mortgage loans purchased or securitized by Fannie Mae conform to Fannie Mae’s requirements and are not subject to any liens or claims of any third parties. Therefore, it is in Fannie Mae’s interest that liens and claims in and to such notes are properly resolved as part of the loan pooling, certification, and acquisition processes. Published May 6, 2026 935 It is critical to Fannie Mae’s purchase or securitization of mortgage loans that Fannie Mae receives good delivery of loans that conform to Fannie Mae’s requirements and, if applicable, meet the characteristics attributed to them in MBS disclosures. Therefore, Fannie Mae requires that mortgage sellers deliver mortgage documents to document custodians for review and certification prior to Fannie Mae’s purchase or securitization of the loans. Document custodians must review all documents to ensure that all of the required documentation has been received and conform to Fannie Mae’s requirements. Fannie Mae will not purchase whole loans or issue MBS until after it has received the document custodian’s certification. The certification will state that the custodian has examined and maintains physical custody and control of the required documents for the mortgages. Control of Mortgage Notes During the Loan Certification Processes Fannie Mae recognizes that possession of notes is an important element of a note owner’s or secured lender’s protection of its rights. However, the nature of the whole loan purchase and MBS pooling and securitization processes requires that Fannie Mae, through its document custodian, obtains control of the notes as part of the certification review process and maintains control through the completion of the purchase or securitization process. Fannie Mae cannot purchase whole loans or permit pools to close and securities to be issued without being assured of continued control of the underlying notes. Fannie Mae does not assert that it obtains ownership or title to the notes during the certification processes until such time as the purchase proceeds (cash or securities) for the certified loans are remitted pursuant to the terms of the purchase or securitization transaction. Any modifications or revisions to the terms of the notes or further physical movement of the notes during these processes are restricted; the certified documents must be “locked down” under the document custodian’s control prior to Fannie Mae’s remittance of the purchase proceeds. Fannie Mae recognizes that the legal rights of the mortgage seller delivering the notes (or, as applicable, of its warehouse lender) are unaffected by the certification processes until Fannie Mae has remitted purchase proceeds. Ownership Interest and Title to Mortgage Notes Effective upon the remittance of the purchase proceeds, Fannie Mae and/or its MBS trusts obtains and holds ownership and title to the notes and the notes will then be held by the document custodian on behalf of Fannie Mae. If the transaction fails to close as contemplated by the contract between Fannie Mae and the mortgage seller and purchase proceeds are not wired, Fannie Mae claims no ownership interest in the notes and requires that the document custodian return the notes to the mortgage seller or its warehouse lender, as applicable. Conflicts Regarding Rights in Mortgages If Fannie Mae becomes aware of any issues in which the rights of another party might impair its unqualified title to any mortgages that are delivered to Fannie Mae (including but not limited to a bailee letter), then Fannie Mae will not be required to deliver the related purchase proceeds in accordance with the lender’s delivery instructions until the issue is resolved to Fannie Mae’s satisfaction and Fannie Mae receives adequate assurances that it will have unqualified title to the mortgages. Fannie Mae will not be responsible for the consequences of any delay in the delivery of the proceeds that results from its having to resolve an issue related to title to the mortgages. Published May 6, 2026 936 Fannie Mae has established procedures for resolving title issues presented by its receipt of a bailee letter. See C1-2-06, Bailee Letters for lender requirements and Fannie Mae’s Requirements for Document Custodians (RDC guide) for document custodian requirements. These processes are intended solely to verify the accuracy of certain loan information delivered by the mortgage seller (and not to benefit any third party). These procedures do not apply when the same corporate entity is both the warehouse lender claiming an interest and the document custodian because, by its execution of Fannie Mae’s Master Custodial Agreement, (Form 2017), the lender releases any interest it may have in the mortgage notes when it takes possession of them as Fannie Mae’s document custodian. Recent Related Announcements The table below provides a reference to recently issued Announcements that are related to this topic. Announcements Issue Date Announcement SEL-2022-03 April 06, 2022

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