source:
  type: guide
  id: fnma-sel-c3-2-04
  authority: Fannie Mae Selling Guide C3-2-04 — Mandatory MBS Commitments
  description: Fannie Mae Selling Guide C3-2-04 — Mandatory MBS Commitments.
  coverage_tier: operative
obligations:
- id: fnma-sel-c3-2-04-full
  canonical_id: fnma-sel-c3-2-04-full
  section: Fannie Mae Selling Guide C3-2-04 — Mandatory MBS Commitments
  type: do
  tags:
  - regulator-direct
  - fnma
  - selling-guide
  - corpus-expansion
  - tier-operative
  primary_source:
    tier: 1
    authority: Fannie Mae Selling Guide C3-2-04 — Mandatory MBS Commitments
    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: sha256:98cf85a02861bbe84914a0e339b327c8fc131869a8a573882007bbeea60c5701
    paragraph_quote: 'C3-2-04, Mandatory MBS Commitments (12/06/2016) Introduction
      This topic contains information on obtaining and fulﬁlling mandatory commitments
      to sell loans under an MBS execution, including: Overview Mandatory MBS Committing
      Process Access to Guaranty Fee Pricing Negotiated Commitments MBS Commitment
      Rolls and Pair-Oﬀs Overview Published May 6, 2026 988 A lender must obtain an
      MBS commitment before it can deliver mortgages into a single lender MBS pool
      or a Fannie Majors. The commitment evidences an agreement between Fannie Mae
      and a lender to buy and sell, respectively, mortgages for inclusion in a particular
      MBS pool. These contracts set forth the terms and conditions for delivery of
      speciﬁed mortgages for MBS. When a lender enters into a mandatory MBS commitment
      to sell loans to Fannie Mae, the lender agrees to sell a certain volume of loans
      having a speciﬁed set of loan parameters to Fannie Mae, and Fannie Mae provides
      the lender with guaranty fee pricing for such mortgage loans for delivery under
      MBS execution. Mandatory MBS Committing Process To deliver MBS loans to Fannie
      Mae a lender must obtain a mandatory MBS commitment using Fannie Mae’s MBS committing
      application, a free Web-based application available to subscribers approved
      for MBS execution. The lender’s agreement to use Pricing & Execution (PE)-MBS
      in accordance with the applicable requirements is part of the Lender Contract.
      For more information and terms of use applicable to the PE-MBS application,
      see Fannie Mae’s website. Lenders can obtain commitments on any weekday, with
      the exception of bond market observed holidays as deﬁned by the Securities Industry
      and Financial Markets Association (SIFMA). Lenders can also obtain commitments
      for delivery in a future MBS issue month for all mortgage products for which
      pricing is oﬀered through the MBS committing application. Fannie Mae conﬁrmed
      its acceptance of the lender’s request for a mandatory commitment by electronically
      transmitting a commitment conﬁrmation to the lender. Lenders should contact
      the Capital Markets Pricing and Sales Desk if they experience any problems receiving
      a commitment conﬁrmation (see E-1-02, List of Contacts). Access to Guaranty
      Fee Pricing Lenders obtain current guaranty fee pricing speciﬁc to their institution
      by accessing Fannie Mae’s MBS committing application. If the lender wants to
      request pricing for a mortgage product in an issue month that is not available
      in the MBS committing application, then the lender must contact its Fannie Mae
      customer account team or the Capital Markets Pricing and Sales Desk. Negotiated
      Commitments Lenders that want to sell loans to Fannie Mae that contain unique
      eligibility and underwriting considerations not permissible for delivery via
      a standard commitment may request a negotiated commitment. Lenders should contact
      their Fannie Mae customer account team for details. MBS Commitment Rolls and
      Pair-Oﬀs MBS commitments are for mandatory delivery by the lender. If the lender
      is unable to meet the terms of the commitment, the lender must take the action
      in the MBS committing application to pair-oﬀ or roll the outstanding balance
      of the commitment before the last business day of the issue month applicable
      to that commitment. Fannie Mae may charge lenders for lender-executed or lender-requested
      rolls or pair-oﬀs for mandatory commitments. These fees, if charged, are drafted
      from the lender’s designated account. Published May 6, 2026 989 Fannie Mae may
      pair-oﬀ the outstanding balance of a commitment on a lender’s behalf if the
      lender fails to pair- oﬀ or roll the outstanding balance into the following
      issue month by last business day of the issue month of the related commitment.
      Recent Related Announcements There are no recently issued Announcements related
      to this topic. Chapter C3-3, MBS Guaranty Fees and Guaranty Fee Buyups and Buydowns
      Introduction Lenders must pay Fannie Mae a guaranty fee remittance each month
      as compensation for the lender’s right to participate in the MBS program. This
      chapter provides information on guaranty fees and the requirements associated
      with buying the fee up or down.'
  judgment: false
