source:
  type: guide
  id: fnma-svc-c-2.3-03
  authority: Fannie Mae Servicing Guide C-2.3-03 — Repurchasing Converted MBS Mortgage
    Loans and Redelivering Them to Fannie Mae
  description: Fannie Mae Servicing Guide C-2.3-03 — Repurchasing Converted MBS Mortgage
    Loans and Redelivering Them to Fannie Mae.
  coverage_tier: operative
obligations:
- id: fnma-svc-c-2.3-03-full
  canonical_id: fnma-svc-c-2.3-03-full
  section: Fannie Mae Servicing Guide C-2.3-03 — Repurchasing Converted MBS Mortgage
    Loans and Redelivering Them to Fannie Mae
  type: do
  tags:
  - regulator-direct
  - fnma
  - servicing-guide
  - corpus-expansion
  - tier-operative
  primary_source:
    tier: 1
    authority: Fannie Mae Servicing Guide C-2.3-03 — Repurchasing Converted MBS Mortgage
      Loans and Redelivering Them to Fannie Mae
    source_class: fnma-guide
    source_url: https://singlefamily.fanniemae.com/media/document/pdf/servicing-guide
    snapshot_id: cf63a82bbb4adfba
    fetched_at: '2026-05-22T23:53:19Z'
    content_hash: sha256:89df66c43baad07f8a8dd9d224492fff7d15e8839edba02ad0e74c7e50fe5da3
    paragraph_quote: C-2.3-03, Repurchasing Converted MBS Mortgage Loans and Redelivering
      Them to Fannie Mae (11/12/2014) If the borrower exercises the conversion option
      for an ARM that is in an MBS pool, the servicer must repurchase the mortgage
      loan from the pool in the month preceding the month the mortgage loan begins
      to accrue interest at the new ﬁxed rate. The servicer must have received all
      executed conversion documents before it repurchases the mortgage loan. After
      the servicer repurchases the converted mortgage loan from the MBS pool, it must
      determine whether it is able to redeliver the converted mortgage loan to Fannie
      Mae using the post-conversion disposition option speciﬁed at delivery. The servicer
      must follow the procedures in Repurchasing Converted MBS Mortgage Loans and
      Redelivering Published May 13, 2026 226 Them to Fannie Mae in F-1-01, Servicing
      ARM Loans for detailed instructions. Recent Related Announcements There are
      no recently issued Announcements related to this topic. Chapter C-3, Remitting
      and Accounting Introduction This chapter describes requirements related to remitting
      and accounting.
  judgment: false
