If a BNYM data error is detected in MBS Pool`s mortgage deliveries, the lender must submit an MBS correction to the credit delivery request. BNYM verifies the MBS correction to ensure that the new data values match the corresponding mortgage document. In the absence of document errors, BNYM Fannie Mae submits certification through the document certification application. In order to ensure timely delivery, the seller should ensure that the mortgage deposit package is sent to its host on the same day that the seller transmits the credit data to Fannie Mae for purchase (with delivery instructions on the first morning). The credit data transmitted by the seller to Fannie Mae is authenticated the next business day, provided that the documents were delivered to BNYM on the first morning and there is no deviation. If the financial assessment is included in the minimum criteria, the seller or supplier must immediately notify their consultant Fannie Mae Servicing and send an email notification to Fannie Mae`s monitoring and monitoring service (see E-1-03, contact list). Fannie Mae will decide whether to allow the documents to be maintained with the custodian of current documents or whether they are transferred to an acceptable repository of documents. Any custody contract must be proven by the execution of a Master Custodial Agreement (form 2017). The 2017 form includes loan filing terms for both full loans and MBS loans. The seller/service provider sends the completed form in 2017 to the custodian of documents for execution. After receipt, the document administrator will send the ancillary documents to the seller/service for finalization. Once the documentation and onboarding is complete, Fannie Mae and the document manager complete the 2017 form.
A copy of the fully executed 2017 form is returned to the Seller/Servicer for its registrations. Note: BNYM does not certify any credit for a seller/service provider until it has received a copy of the 2010 form and the required ancillary documents. To avoid financing delays, the seller/service provider must complete and return the 2010 form and related documents within 15 days of receiving the transition package: Currently, Fannie Mae does not require the seller/service provider to perform a conservatory custody if he uses Fannie Mae as a document administrator. However, since conservation is now done with a third party, Fannie Mae will require sellers/portfolio providers to complete a destination guarantee master guard contract (form 2010). The 2010 form includes certification and retention for both portfolio mortgages and MBS pool mortgages. a quarterly audit of the financial rating of the document manager (or the ratings of its parent company or subsidiary, if the custodian is not a regulated institution). Fannie Mae continues to look for ways to offer Fannie Mae lenders a quality certification and custody service for portfolio and mbs pool mortgages. To this end, Fannie Mae recently reviewed its existing certification and conservation services and made the decision to no longer offer certification and safety services.