source:
  type: guide
  id: fnma-sel-c2-1.1-03
  authority: Fannie Mae Selling Guide C2-1.1-03 — Mandatory Commitment Terms, Amounts,
    Periods and Other Requirements
  description: Fannie Mae Selling Guide C2-1.1-03 — Mandatory Commitment Terms, Amounts,
    Periods and Other Requirements.
  coverage_tier: operative
obligations:
- id: fnma-sel-c2-1.1-03-full
  canonical_id: fnma-sel-c2-1.1-03-full
  section: Fannie Mae Selling Guide C2-1.1-03 — Mandatory Commitment Terms, Amounts,
    Periods and Other Requirements
  type: do
  tags:
  - regulator-direct
  - fnma
  - selling-guide
  - corpus-expansion
  - tier-operative
  primary_source:
    tier: 1
    authority: Fannie Mae Selling Guide C2-1.1-03 — Mandatory Commitment Terms, Amounts,
      Periods and Other Requirements
    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: 'C2-1.1-03, Mandatory Commitment Terms, Amounts, Periods and
      Other Requirements (07/05/2023) Introduction This topic identiﬁes the requirements
      for loans delivered against a whole loan commitment, including: Required Common
      Loan Attributes Commitment Amounts Commitment Periods Borrower Payment Status
      Requirements Assignments, Sales and Transfers of Whole Loans Negotiated Commitments
      Required Common Loan Attributes All loans delivered against a whole loan commitment
      must share certain common attributes. These include: Published May 6, 2026 948
      Product type — See Mortgage Products for information about products eligible
      for sale to Fannie Mae. Mortgage type — Conventional or government Lien type
      — First mortgages Amortization type — Fixed-rate or adjustable-rate Mortgage
      term — 10-, 15-, 20-, or 30-year. Lenders may commit to deliver loans with nonstandard
      amortization terms or loans that exceed the maximum number of months for a given
      term by selecting the next highest amortization schedule available in Fannie
      Mae’s whole loan committing application, regardless of pricing option. ARM plan
      number, if applicable Remittance type Commitment Amounts Lenders may enter into
      multiple commitments but may not exceed $200 million in aggregate commitment
      volume per day. Lenders seeking permission to exceed this amount must contact
      the Capital Markets Pricing and Sales Desk (see E-1-02, List of Contacts). Lenders
      exceeding the limit without Fannie Mae approval may be required to pair oﬀ their
      commitment(s) at the lender''s expense. There is no minimum commitment amount
      for mandatory whole loan commitments. Note that commitments are issued in multiples
      of $1. Commitment Periods Commitments to deliver most loan products can be taken
      for 1 to 90 days. Lenders should be sure to choose a commitment period that
      allows suﬃcient time after loan closing for the fulﬁllment of the lender’s shipping
      and delivery requirements. (See C2-2-01, General Requirements for Good Delivery
      of Whole Loans, and C2-2-02, Documentation Requirements for Whole Loan Deliveries,
      for details.) Commitments are based on calendar days but must expire on a business
      day. Lenders can track the status of their commitments in Fannie Mae’s whole
      loan committing application. Borrower Payment Status Requirements The table
      below provides the requirements for payment status for loans delivered to Fannie
      Mae. Transaction Type Payment Status 12 or fewer months old at the time of delivery
      The borrower must not have had any 30-day delinquencies since the loan was originated.
      Published May 6, 2026 949 Transaction Type Payment Status More than one year
      old at the time of delivery The borrower must not have any 30-day delinquencies
      in the 12-month period that precedes the lender’s delivery of the loan to Fannie
      Mae. Assumed The payment status requirement applies to the current borrower.
      However, for a seasoned loan, if the current borrower has owned the property
      less than 12 months, the time period is reduced to the number of months that
      they have owned the property. Assignments, Sales and Transfers of Whole Loans
      By submitting a whole loan to Fannie Mae as a whole loan delivery, the lender
      represents, warrants, and agrees that all right, title, and interest in the
      mortgage is sold, transferred, set over, and otherwise conveyed by the lender
      to Fannie Mae as of the date of Fannie Mae’s funding of the purchase proceeds.
      A lender may deliver a loan that has been originated by another lender. However,
      the selling lender must make all of the warranties speciﬁed in Fannie Mae’s
      Contract as if it were the originator. In such cases, the selling lender must
      be aware of all matters related to the loan that were known to the originating
      lender. The lender may not assign Fannie Mae’s whole loan commitments except
      to obtain construction ﬁnancing or interim ﬁnancing under a “warehouse” line
      of credit. If the construction or warehouse lender intends to use the commitment
      or contract to deliver mortgages to Fannie Mae on its own behalf, it must be
      an approved Fannie Mae lender. It also must notify the lender’s Fannie Mae customer
      account team of the assignment before it delivers a loan to Fannie Mae. 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. A variance between
      Fannie Mae and the lender is required when the lender is delivering whole loans
      via a negotiated commitment. Lenders should contact their Fannie Mae customer
      account team for details. Recent Related Announcements The table below provides
      references to recently issued Announcements that are related to this topic.
      Announcements Issue Date Announcement SEL-2023-06 July 05, 2023 Published May
      6, 2026 950 Announcements Issue Date Announcement SEL-2020-04 August 05, 2020
      Announcement SEL-2019-01 February 06, 2019'
  judgment: false
