source:
  type: guide
  id: fnma-sel-c2-2-01
  authority: Fannie Mae Selling Guide C2-2-01 — General Requirements for Good Delivery
    of Whole Loans
  description: Fannie Mae Selling Guide C2-2-01 — General Requirements for Good Delivery
    of Whole Loans.
  coverage_tier: operative
obligations:
- id: fnma-sel-c2-2-01-full
  canonical_id: fnma-sel-c2-2-01-full
  section: Fannie Mae Selling Guide C2-2-01 — General Requirements for Good Delivery
    of Whole Loans
  type: do
  tags:
  - regulator-direct
  - fnma
  - selling-guide
  - corpus-expansion
  - tier-operative
  primary_source:
    tier: 1
    authority: Fannie Mae Selling Guide C2-2-01 — General Requirements for Good Delivery
      of Whole Loans
    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: 'C2-2-01, General Requirements for Good Delivery of Whole Loans
      (08/07/2018) Introduction This topic provides Fannie Mae’s requirements for
      good delivery of whole loans, including: Deﬁnition of Whole Loan Good Delivery
      Amortization Schedule Requirements for Whole Loans Limitations on High-Balance
      Whole Loan Deliveries Whole Loan Good Delivery Amounts Overdeliveries of Whole
      Loan Commitments Extending and Pairing-Out of Whole Loan Commitments Deﬁnition
      of Whole Loan Good Delivery To receive funding for loans delivered in fulﬁllment
      of a mandatory, best eﬀorts, or converted ARM resale commitment, lenders must
      make “good delivery,” meaning the loans delivered must meet all of Fannie Mae’s
      underwriting and legal criteria and satisfy the terms of the original commitment.
      Fannie Mae’s good delivery requirements are not met unless: the applicable error-free
      mortgage documents and data reach the Fannie Mae-approved document custodian
      no later than the ﬁrst morning delivery, the day prior to the expiration date
      of the commitment; the data reﬂected on the Loan Schedules pass all of the Fannie
      Mae purchasing edits; the aggregate unpaid principal balance of all mortgages
      delivered under the commitment at least equals Fannie Mae’s minimum required
      delivery amount (but does not exceed the maximum delivery amount on the expiration
      day of the commitment); and the aggregate unpaid principal balance of all mortgages
      delivered under the commitment does not exceed Fannie Mae''s delivery limits
      for loans with nonstandard characteristics, such as high-balance loans. To make
      good delivery on a best eﬀorts commitment, the information concerning the loan
      that is delivered must match the key data elements speciﬁed in Fannie Mae’s
      whole loan committing application. Amortization Schedule Requirements for Whole
      Loans For whole loans delivered to Fannie Mae, the ﬁrst payment date must be
      no later than two months from the ﬁnal disbursement date of the loan proceeds.
      In the case of a single-close construction-to-permanent loan, the two month
      period begins at the time of the conversion to permanent ﬁnancing. The following
      table provides an example of this requirement. Published May 6, 2026 964 If
      the ﬁnal disbursement date occurs in... Then the ﬁrst payment date must be no
      later than... January March February April November January Limitations on High-Balance
      Whole Loan Deliveries The following outlines key whole loan requirements: In
      the whole loan committing application, high-balance 10-, 15-, 20-, and 30-year
      fully amortizing ﬁxed- rate mortgage loans are eligible for delivery under standard
      whole loan mandatory commitments, as long as the high-balance loans do not comprise
      more than 10% of the aggregate unpaid principal balance of the commitment. If
      the delivery of a high-balance mortgage loan causes the lender to exceed the
      10% limitation, the lender is required to deliver the mortgage loan against
      a high-balance whole loan commitment. High-balance products are available in
      the whole loan committing application for this purpose. Note: 10–year fully
      amortizing ﬁxed-rate high-balance mortgage loans are delivered under a 15–year
      high-balance commitment and 20–year fully amortizing ﬁxed-rate high-balance
      mortgage loans are delivered under a 30–year high-balance commitment. The 10%
      limitation does not apply in the whole loan committing application to high-balance
      mortgage loans originated with non-TBA-eligible products (for example, ARMs)
      which may be delivered against standard conforming whole loan commitments, with
      no restriction on concentration. For best eﬀorts commitments in the whole loan
      committing application, 15–year and 30–year fully amortizing ﬁxed-rate high-balance
      mortgage loans must be delivered under 15–year or 30–year high- balance commitments,
      respectively. High-balance mortgage loans with 10– or 20–year ﬁxed-rate terms
      or non-TBA-eligible products (such as ARMs) are not accommodated for best eﬀorts
      commitments. See B5-1-01, High-Balance Mortgage Loan Eligibility and Underwriting
      and B5-1-02, High-Balance Pricing, Mortgage Insurance, Special Feature Codes,
      and Delivery Limitations for additional information about high- balance mortgage
      loans. Whole Loan Good Delivery Amounts To make good delivery on a mandatory
      commitment, lenders must deliver loans for which the total UPB does not fall
      below the greater of $10,000 or 2.5% of the original commitment amount. The
      minimum required delivery amount is an amount that will not fall below the original
      commitment amount by more than the greater of $10,000 or 2.5% of the original
      commitment amount, unless a lender requests a partial pair-oﬀ of a commitment.
      If that occurs, the minimum required delivery amount will be reduced to $50
      below Published May 6, 2026 965 the revised commitment amount. The maximum delivery
      amount is an amount that will not exceed the original commitment amount by more
      than the greater of $10,000 or 2.5% of the original commitment amount, unless
      a lender requests an overdelivery. If a lender requests an overdelivery, the
      maximum required delivery amount will be $50 above the revised commitment amount.
      Overdeliveries of Whole Loan Commitments Lenders may request permission via
      the whole loan committing application for mandatory commitments or by contacting
      the Capital Markets Pricing and Sales Desk (see E-1-02, List of Contacts) during
      regular business hours to over deliver, or deliver a total UPB that exceeds
      the maximum delivery amount. The maximum overdelivery amount is 25% of the original
      commitment amount. For example, on an original commitment amount of $150,000,
      the maximum overdelivery amount is an additional $37,500 (25% of $150,000).
      In this example, the total delivered against the commitment cannot exceed $187,550
      ($150,000 + $37,500 + $50). After an overdelivery occurs, the maximum delivery
      tolerance level decreases to $50 above the new commitment amount. For commitments
      for which the overdelivery calculation (based on 25% of the original commitment
      amount) is less than $10,000, the high tolerance level becomes the maximum amount
      the lender can deliver. Fannie Mae generally bases its decision on whether an
      overdelivery price adjustment will be due based on the movement in market prices
      between the date the commitment was originally obtained and the date on which
      Fannie Mae approved the overdelivery. If a price adjustment is due, Fannie Mae
      will draft an overdelivery price adjustment from the lender’s designated account
      on the following business day. Extending and Pairing-Out of Whole Loan Commitments
      For information about extending and pairing-out of whole loan commitments, see
      C2-1.1-04, Mandatory Commitment Extensions and Pair-Oﬀs. Recent Related Announcements
      There are no recently issued Announcements related to this topic.'
  judgment: false
