source:
  type: guide
  id: fnma-sel-c3-7-06
  authority: Fannie Mae Selling Guide C3-7-06 — Settling the Trade
  description: Fannie Mae Selling Guide C3-7-06 — Settling the Trade.
  coverage_tier: operative
obligations:
- id: fnma-sel-c3-7-06-full
  canonical_id: fnma-sel-c3-7-06-full
  section: Fannie Mae Selling Guide C3-7-06 — Settling the Trade
  type: do
  tags:
  - regulator-direct
  - fnma
  - selling-guide
  - corpus-expansion
  - tier-operative
  primary_source:
    tier: 1
    authority: Fannie Mae Selling Guide C3-7-06 — Settling the Trade
    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: 'C3-7-06, Settling the Trade (05/05/2021) Introduction This topic
      provides information concerning buying an MBS from or selling the MBS to the
      Sales Desk, including: Published May 6, 2026 1029 Turnaround Times for MBS Pool
      Deliveries Distribution of Securities “Due Bill” for MBS Pool Settlements Multiple
      Warehouse Lenders Rejection of a Wire Transfer/Change of Wire Transfer Instructions
      Loan- and Pool-Level Information Available after Pool Closing Turnaround Times
      for MBS Pool Deliveries The following turnaround times apply to the elapsed
      time between Fannie Mae’s receipt of the lender’s error- free loan delivery
      data, Fannie Mae’s receipt of the document custodian’s certiﬁcation that the
      lender submitted a complete and accurate pool submission package, MBS disclosure
      data publishing, and Fannie Mae’s book- entry delivery of the securities. Note:
      The names of the days of the week are used as an example only. If processing
      type is And lender’s error-free transmission is received by: And custodian’s
      certiﬁcation is received by: Then, disclosure data is published by: Then, book-
      entry delivery of securities will be by: Single-Issue Pool 1 6:00 p.m. (ET)
      on Monday 10:30 a.m. (ET) on Tuesday 6:30 a.m. (ET) on Wednesday Thursday (4
      business days) Fannie Majors 1 6:00 p.m. (ET) on Monday 10:30 a.m. (ET) on Tuesday
      6:30 a.m. (ET) on Wednesday Wednesday (3 business days) If the pool is being
      delivered into a TBA trade, all TBA good delivery guidelines (per SIFMA) apply.
      These guidelines require the seller of MBS to provide the prospectus and the
      prospectus supplement at least 48 hours prior to TBA settlement. If Fannie Mae
      cannot meet a lender’s speciﬁed book-entry date, Fannie Mae will not be responsible
      for any direct, indirect, or consequential damages that the lender incurs because
      of the delayed book-entry delivery. See C3-7-07, Sale of Fannie Mae Securities
      to Third Parties for additional information. Distribution of Securities When
      Fannie Mae accepts an MBS pool submission for securitization, it issues a security
      backed by the mortgages in the pool and delivers it electronically through the
      Federal Reserve Book-Entry System to an account in an institution that the lender
      speciﬁes. The lender’s book-entry delivery date may be the same date as settlement,
      but must not be later than the last day of the month in which the pool issue
      date occurs. “Due Bill” for MBS Pool Settlements Published May 6, 2026 1030
      A due bill is a document that the seller of a security issues to the purchaser
      of the security to enable the purchaser to redeem principal and interest the
      seller receives after the record date. If the settlement occurs before the record
      date, but the delivery and payment on the trade will occur between the record
      date and a subsequent “payable” date, then the due bill should accompany the
      securities. If the delivery and payment occur after the payable date, then a
      postdated check for the amount of P&I the purchaser is due, which will serve
      as the due bill until the postdated date of the check, must accompany the securities.
      When securities are transferred over the Federal Reserve’s book-entry system,
      a Fedwire message is an acceptable substitute for the check. Due bill or Fedwire
      messages are valid for 60 days. The purchaser may submit a due bill or Fedwire
      message to the seller for payment as soon as pool factors are available. As
      long as the request for payment is presented three or more days before a “payable”
      date, the seller will pay the purchaser the amount on the “payable” date. If
      the purchaser requests payment after that, the seller has three days from the
      date of the due bill or Fedwire message is presented in which to pay the purchaser.
      Multiple Warehouse Lenders Currently, Fannie Mae can only link one warehouse
      lender to each document custodian the lender uses for its MBS pool deliveries.
      Therefore, if a lender that uses only one document custodian, and assembles
      pools involving more than one warehouse lender (or uses diﬀerent warehouse lenders
      for some MBS pools), the lender will need to designate one warehouse lender
      to represent the interests of the other warehouse lenders it uses. The other
      warehouse lenders must execute written agreements that: give the designated
      warehouse lender the authority to represent them for those mortgages in MBS
      pools in which they have an interest; and obligate the designated warehouse
      lender to take the steps necessary to ensure that they receive securities equal
      to their interests in the mortgages in the MBS pools, when appropriate. Rejection
      of a Wire Transfer/Change of Wire Transfer Instructions If a Fannie Mae wire
      transfer is rejected by a depository institution or by the Federal Reserve Bank
      of New York, Fannie Mae will contact the lender for veriﬁcation of the instructions
      and request that it update any information that resulted in the rejection. To
      change wire transfer instructions, the lender may modify its Delivery Schedule
      (Form 2014) any time prior to 6:00 p.m. (Eastern time) on the business day preceding
      the designated book-entry delivery date, except when the lender is using an
      early funding option or delivers a loan under a bailee letter. See C3-7-02,
      Initiating an MBS Sale for additional information. If a change will aﬀect the
      lender’s warehouse lender, the lender should contact the warehouse lender. If
      the warehouse lender disagrees with the lender’s initial wire transfer instructions
      or any subsequent changes the lender makes to them, the warehouse lender should
      contact the lender. Fannie Mae will not compensate the lender or warehouse lender
      for any losses, costs, expenses, or damages it or another party incurs as a
      result of Fannie Mae’s adherence to the lender’s instructions. Published May
      6, 2026 1031 Loan- and Pool-Level Information Available after Pool Closing The
      table below summarizes the types and locations of MBS pool-related information
      that is available after the MBS pool is closed. Information Type/Report Location
      Loan Numbers: The servicer of the MBS mortgages should enter the Fannie Mae
      loan numbers into its records immediately since they must be used in reporting
      all subsequent activity related to the mortgages to Fannie Mae Fannie Mae Loan
      Numbers export in Loan Delivery and the Fannie Mae Loan Numbers for MBS in the
      Loan Delivery category of Fannie Mae Connect Final Schedule of Mortgages showing
      pool-level and loan-level characteristics, pools closed, and a history of its
      closed pools MBS Final Schedule of Mortgages (Seller Version) or MBS Final Schedule
      of Mortgages (Servicer Version) in the Loan Delivery category of Fannie Mae
      Connect Guaranty fee buyup and buydown ratio, pool proceeds and other pool-level
      and loan-level characteristics. A lender may download this report and use it
      to verify all of the information for closed MBS pools. Buy Up/Buy Down Report
      in the Pricing & Execution category of Fannie Mae Connect Publishing of MBS
      pool and loan data and prospectus supplement PoolTalk The last day to submit
      single and Fannie Majors pools is 6:00 p.m. (ET) on the ﬁfth to last business
      day before the end of the month. 1 Recent Related Announcements The table below
      provides references to recently issued Announcements that are related to this
      topic. Announcements Issue Date Announcement SEL-2021-04 May 05, 2021 Announcement
      SEL-2019-09 December 04, 2019 Published May 6, 2026 1032 Announcements Issue
      Date Announcement SEL-2019-04 May 01, 2019'
  judgment: false
