source:
  type: guide
  id: fnma-sel-c1-2-02
  authority: Fannie Mae Selling Guide C1-2-02 — Loan Data and Documentation Delivery
    Requirements
  description: Fannie Mae Selling Guide C1-2-02 — Loan Data and Documentation Delivery
    Requirements.
  coverage_tier: operative
obligations:
- id: fnma-sel-c1-2-02-full
  canonical_id: fnma-sel-c1-2-02-full
  section: Fannie Mae Selling Guide C1-2-02 — Loan Data and Documentation Delivery
    Requirements
  type: do
  tags:
  - regulator-direct
  - fnma
  - selling-guide
  - corpus-expansion
  - tier-operative
  primary_source:
    tier: 1
    authority: Fannie Mae Selling Guide C1-2-02 — Loan Data and Documentation Delivery
      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: 'C1-2-02, Loan Data and Documentation Delivery Requirements (10/04/2023)
      Introduction This topic provides information on the loan data lenders must deliver
      to make good delivery, including: Electronic Submission via Loan Delivery Loan
      Delivery Application Resources Seller/Servicer-Initiated Post-Purchase Adjustments
      Special Feature Codes Documentation Requirements Delivery of the Fannie Mae
      Loan Number to the Document Custodian Additional Required Electronic Submissions
      Electronic Submission via Loan Delivery Data for all loans must be electronically
      transmitted to Fannie Mae using Loan Delivery. Loan Delivery is a web- based
      application that allows lenders to deliver whole loans for purchase and MBS
      loans for securitization to Fannie Mae. Lenders can import loan and pool data,
      perform edits to facilitate error-free delivery, transfer loans Published May
      6, 2026 932 between commitments (or pools), track the status of loan deliveries,
      generate reports, and export loan and pool data back to the lender’s organization.
      Loans may only be submitted and purchased in Loan Delivery if they are clear
      of all fatal edits. Loans are subject to all fatal edits in Loan Delivery throughout
      the submission, loan documentation certiﬁcation and acquisition purchase process.
      If a loan encounters a fatal edit, the fatal edit must be resolved for Fannie
      Mae to acquire the loan. Loan Delivery Application Resources For information
      regarding the Uniform Loan Delivery Dataset (ULDD) and the data delivery requirements,
      access the ULDD page on Fannie Mae’s website. The Fannie Mae Implementation
      Guide for Loan Delivery Data, Appendix D: Fannie Mae XML Data Reference, provides
      a listing of the ULDD required and conditionally required data ﬁelds, as well
      as ﬁeld deﬁnitions and implementation notes. For additional guidance on ULDD,
      refer to the following resources available on the ULDD page: Frequently Asked
      Questions, ULDD Speciﬁcation, and General and Technical Implementation Resources.
      Resources speciﬁc to the Loan Delivery application that support the delivery
      of the ULDD data can be found on the Loan Delivery page on Fannie Mae’s website.
      This page includes links to various resources, including: Loan Delivery Release
      Notes, Loan Delivery Business Rules Dictionary, and Loan Delivery Job Aids and
      User Guide (in Help & Training). Seller/Servicer-Initiated Post-Purchase Adjustments
      Lenders must notify Fannie Mae when they determine there are discrepancies in
      the data attributes submitted to Fannie Mae at loan delivery and their loan
      records, they did not submit housing goal attributes at loan delivery, or the
      property address has been rezoned. Lenders must follow the post-purchase adjustment
      process to resolve these matters. For additional information and instructions,
      see Fannie Mae''s website. Also, see C2-2-05, Whole Loan Purchasing Process
      for additional information about reconciling the Purchase Advice and after sale
      corrections. Lenders must submit data corrections within 18 months of the loan''s
      acquisition date to be considered for repricing of loan-level price adjustments
      (LLPAs). A minimum $100 requirement per loan (credit or debit) is also required.
      The 18-month lookback period does not apply to the drafting or collection of
      repurchase alternative fees. Fannie Mae, in its sole discretion, may adjust
      the minimum dollar amount and lookback period at any time. Special Feature Codes
      Published May 6, 2026 933 Lenders must include speciﬁc special feature code(s)
      (investor feature identiﬁer) as part of the delivery data when delivering certain
      loans. Fannie Mae auto-derives certain special feature codes based on other
      data submitted. Auto-derived special feature codes are not required to be included
      in the lender’s delivery data. For a list of special feature codes, including
      those that are auto-derived, see Special Feature Codes. If a lender fails to
      identify (or incorrectly identiﬁes on a consistent basis) any applicable special
      feature code(s) when they submit loans that require these codes in fulﬁllment
      of a whole loan commitment or for inclusion in an MBS pool, Fannie Mae may impose
      a compensatory fee. The amount of the fee will be based on: the lender’s overall
      performance, the lender’s explanation for their failure to comply, previous
      instances of noncompliance, the amount of any previous compensatory fee, and
      any other factors Fannie Mae deems relevant. For additional information about
      delivery of special feature codes, see the Special Feature Code section of the
      Loan Delivery/ULDD Job Aids. Documentation Requirements Documentation requirements
      will diﬀer based on the type of loans being delivered to Fannie Mae. For additional
      details, see C2-2-01, General Requirements for Good Delivery of Whole Loans,
      C2-2-02, Documentation Requirements for Whole Loan Deliveries, and C3-7-04,
      Delivering MBS Pool Data and Documents, respectively. See the Fannie Mae Requirements
      for Document Custodians (RDC guide) for document delivery and certiﬁcation requirements.
      Delivery of the Fannie Mae Loan Number to the Document Custodian The lender
      is responsible for ensuring that the document custodian receives the Fannie
      Mae loan number for every loan within 30 days of loan certiﬁcation. The lender
      must respond within three business days to any request from the document custodian
      to provide the Fannie Mae loan number following the certiﬁcation of the related
      mortgage loan. Additional Required Electronic Submissions Appraisal Data Lenders
      must electronically submit certain appraisal reports through the UCDP prior
      to the delivery of the loan. See B4-1.1-06, Uniform Appraisal Dataset (UAD)
      and the Uniform Collateral Data Portal (UCDP) for details on these requirements.
      Uniform Closing Dataset (UCD) The UCD is a common industry dataset that allows
      information on the Closing Disclosure to be transmitted electronically to Fannie
      Mae. Lenders are required to electronically submit a UCD XML ﬁle of the loan
      to Fannie Mae and receive a “Successful” status from the UCD collection solution
      prior to the delivery of the loan. The Published May 6, 2026 934 UCD XML ﬁle
      must contain the borrower data and the PDF of the borrower Closing Disclosure.
      Lenders must submit the UCD XML ﬁle for all conventional loans, regardless of
      whether the TILA/Regulation Z Rule requires the Closing Disclosure, including
      non-owner-occupied property loans. For additional information on the UCD data
      requirements, refer to the UCD Delivery Speciﬁcation. Recent Related Announcements
      The table below provides references to recently issued Announcements that are
      related to this topic. Announcements Issue Date Announcement SEL-2023-09 October
      04, 2023 Announcement SEL-2021-05 June 02, 2021 Announcement SEL-2021-01 February
      03. 2021 Announcement SEL-2019-09 December 04, 2019 C1-2-03, Ownership of Mortgage
      Loans Prior to Purchase or Securitization and Third-Party Security Interests
      (04/06/2022) Introduction This topic provides information on the following:
      Mortgage Loan Certiﬁcation Overview Control of Mortgage Notes During the Loan
      Certiﬁcation Processes Ownership Interest and Title to Mortgage Notes Conﬂicts
      Regarding Rights in Mortgages Mortgage Loan Certiﬁcation Overview The Fannie
      Mae certiﬁcation processes for whole loan and MBS deliveries are designed to
      assure Fannie Mae and the marketplace that all mortgage loans purchased or securitized
      by Fannie Mae conform to Fannie Mae’s requirements and are not subject to any
      liens or claims of any third parties. Therefore, it is in Fannie Mae’s interest
      that liens and claims in and to such notes are properly resolved as part of
      the loan pooling, certiﬁcation, and acquisition processes. Published May 6,
      2026 935 It is critical to Fannie Mae’s purchase or securitization of mortgage
      loans that Fannie Mae receives good delivery of loans that conform to Fannie
      Mae’s requirements and, if applicable, meet the characteristics attributed to
      them in MBS disclosures. Therefore, Fannie Mae requires that mortgage sellers
      deliver mortgage documents to document custodians for review and certiﬁcation
      prior to Fannie Mae’s purchase or securitization of the loans. Document custodians
      must review all documents to ensure that all of the required documentation has
      been received and conform to Fannie Mae’s requirements. Fannie Mae will not
      purchase whole loans or issue MBS until after it has received the document custodian’s
      certiﬁcation. The certiﬁcation will state that the custodian has examined and
      maintains physical custody and control of the required documents for the mortgages.
      Control of Mortgage Notes During the Loan Certiﬁcation Processes Fannie Mae
      recognizes that possession of notes is an important element of a note owner’s
      or secured lender’s protection of its rights. However, the nature of the whole
      loan purchase and MBS pooling and securitization processes requires that Fannie
      Mae, through its document custodian, obtains control of the notes as part of
      the certiﬁcation review process and maintains control through the completion
      of the purchase or securitization process. Fannie Mae cannot purchase whole
      loans or permit pools to close and securities to be issued without being assured
      of continued control of the underlying notes. Fannie Mae does not assert that
      it obtains ownership or title to the notes during the certiﬁcation processes
      until such time as the purchase proceeds (cash or securities) for the certiﬁed
      loans are remitted pursuant to the terms of the purchase or securitization transaction.
      Any modiﬁcations or revisions to the terms of the notes or further physical
      movement of the notes during these processes are restricted; the certiﬁed documents
      must be “locked down” under the document custodian’s control prior to Fannie
      Mae’s remittance of the purchase proceeds. Fannie Mae recognizes that the legal
      rights of the mortgage seller delivering the notes (or, as applicable, of its
      warehouse lender) are unaﬀected by the certiﬁcation processes until Fannie Mae
      has remitted purchase proceeds. Ownership Interest and Title to Mortgage Notes
      Eﬀective upon the remittance of the purchase proceeds, Fannie Mae and/or its
      MBS trusts obtains and holds ownership and title to the notes and the notes
      will then be held by the document custodian on behalf of Fannie Mae. If the
      transaction fails to close as contemplated by the contract between Fannie Mae
      and the mortgage seller and purchase proceeds are not wired, Fannie Mae claims
      no ownership interest in the notes and requires that the document custodian
      return the notes to the mortgage seller or its warehouse lender, as applicable.
      Conﬂicts Regarding Rights in Mortgages If Fannie Mae becomes aware of any issues
      in which the rights of another party might impair its unqualiﬁed title to any
      mortgages that are delivered to Fannie Mae (including but not limited to a bailee
      letter), then Fannie Mae will not be required to deliver the related purchase
      proceeds in accordance with the lender’s delivery instructions until the issue
      is resolved to Fannie Mae’s satisfaction and Fannie Mae receives adequate assurances
      that it will have unqualiﬁed title to the mortgages. Fannie Mae will not be
      responsible for the consequences of any delay in the delivery of the proceeds
      that results from its having to resolve an issue related to title to the mortgages.
      Published May 6, 2026 936 Fannie Mae has established procedures for resolving
      title issues presented by its receipt of a bailee letter. See C1-2-06, Bailee
      Letters for lender requirements and Fannie Mae’s Requirements for Document Custodians
      (RDC guide) for document custodian requirements. These processes are intended
      solely to verify the accuracy of certain loan information delivered by the mortgage
      seller (and not to beneﬁt any third party). These procedures do not apply when
      the same corporate entity is both the warehouse lender claiming an interest
      and the document custodian because, by its execution of Fannie Mae’s Master
      Custodial Agreement, (Form 2017), the lender releases any interest it may have
      in the mortgage notes when it takes possession of them as Fannie Mae’s document
      custodian. Recent Related Announcements The table below provides a reference
      to recently issued Announcements that are related to this topic. Announcements
      Issue Date Announcement SEL-2022-03 April 06, 2022'
  judgment: false
