source:
  type: regulation
  id: fnma-sel-a2-2-01
  authority: "FNMA Selling Guide A2-2-01 — Representations and Warranties Overview"
  description: "FNMA Selling Guide A2-2-01 sets the foundational framework for\nrepresentations and warranties [LENDER] makes to Fannie Mae when\nselling loans or delivering pools for MBS — the rep/warranty\npersistence beyond sale and beyond MSSC termination, the independence\nof each warranty, the limited \"lender knowledge\" carveouts for\nwarranties 10/11/17 of MSSC Section IV.A, and the public-record\ndeemed-knowledge rule. Fills the FNMA-Selling-Guide library gap;\nfoundational for any post-sale repurchase / indemnification analysis.\n"
obligations:
- id: fnma-sel-a2-2-01-warranties-made-at-delivery-survive
  canonical_id: fnma-sel-a2-2-01-warranties-made-at-delivery-survive
  section: "FNMA Selling Guide A2-2-01 — Selling reps & warranties made at delivery; survive sale + MSSC termination"
  description: "[LENDER] makes all selling representations and warranties to Fannie\nMae AS OF the date [LENDER] transfers mortgage loans to Fannie Mae,\nand those reps and warranties continue to survive: (1) the sale of\nmortgage loans to Fannie Mae or delivery of pools for Fannie Mae\nMBS; (2) any subsequent resale of the mortgage loans by Fannie Mae;\nand (3) termination of the MSSC and any other Lender Contract\nagreement — unless Fannie Mae expressly releases [LENDER] in\nwriting. [LENDER]'s liability for breach therefore persists beyond\nits active selling relationship with FNMA.\n"
  type: do
  audit_question: "Does [LENDER]'s post-delivery record retention and reserve methodology reflect that selling reps and warranties survive sale, resale, and MSSC termination — and that no FNMA written release has been received for prior-sold loans?"
  workflow_phase: post_close_qc
  owner_role: compliance_officer
  secondary_owner_role: chief_risk_officer
  cadence: continuous
  consequence: Repurchase demands, indemnification claims, or other Lender Contract remedies can be enforced post-MSSC-termination.
  tags:
  - round-d
  - regulator-direct
  - fnma
  - selling-guide
  - representations-and-warranties
  - reps-and-warranties-survival
  - promoted
  primary_source:
    tier: 1
    authority: "FNMA Selling Guide A2-2-01 — Representations and Warranties Overview"
    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:placeholder-snapshot-content-hash-from-source-json
    paragraph_quote: 'All selling representations and warranties are made to Fannie Mae as of the date a lender transfers mortgage loans to Fannie Mae and continue and survive:

      '
    drafter_attestation: 'Copied verbatim from snapshot 5f7b8b79da595d76 (FNMA Selling Guide

      May 6, 2026 edition). A2-2-01 reps-and-warranties-survival

      operative chapeau. The 3 enumerated survival cases + "unless

      Fannie Mae expressly releases in writing" paraphrased in description.

      '
  promoted_at: '2026-05-25T18:02:36+00:00'
  promoted_from: fnma-sel-a2-2-01-roundd-v1.yaml
  auditor_minimum_evidence:
    derivation: snapshot_extract
    derivation_source:
      snapshot_id: 5f7b8b79da595d76
      paragraph_quote: "All selling representations and warranties are made to Fannie Mae as of the date a lender transfers mortgage l"
      page_or_section: "FNMA Selling Guide A2-2-01"
      fetched_at: '2026-05-25T14:09:57Z'
    pathway_selection_kind: parallel_satisfaction
    pathways:
    - pathway_id: csh-amep-fnma-sel-a2-2-01-as-of-delivery
      name: "R&W are made as of the delivery date — delivery-date-frozen representations"
      evidence_items:
      - evidence_id: csh-ev-fnma-sel-a2-2-01-delivery-data-frozen
        kind: record
        description: "Per-loan delivery-data snapshot capturing every fact represented to FNMA AS OF the delivery date — credit, income, asset, property, occupancy. Snapshot is archived and immutable to support delivery-date-frozen R&W defense."
        retention_rule_ref: reg-z-1026.25
        examiner_question_ref: "FNMA Servicer Review §A2-2.a"
    - pathway_id: csh-amep-fnma-sel-a2-2-01-independence
      name: "Each R&W is made INDEPENDENTLY of every other — no aggregated-defense allowed"
      evidence_items:
      - evidence_id: csh-ev-fnma-sel-a2-2-01-per-rep-defense
        kind: record
        description: "Per-rep audit trail showing each individual representation (eligibility, accuracy, no-fraud, conformance, etc.) is independently verifiable from delivery-date data — [LENDER] cannot rely on overall-soundness-of-loan to defend a specific failed R&W."
        retention_rule_ref: reg-z-1026.25
        examiner_question_ref: "FNMA Servicer Review §A2-2.b"
    - pathway_id: csh-amep-fnma-sel-a2-2-01-not-limited-to-knowledge
      name: "R&W are NOT limited to lender's knowledge — strict-liability framework"
      evidence_items:
      - evidence_id: csh-ev-fnma-sel-a2-2-01-no-knowledge-defense-attestation
        kind: document
        description: "[LENDER]'s R&W governance policy expressly acknowledging that selling reps are NOT limited to matters of which [LENDER] had knowledge (except where the rep specifically references knowledge) — operates as strict-liability framework."
        retention_rule_ref: reg-z-1026.25
        examiner_question_ref: "FNMA Servicer Review §A2-2.c"
    pathway_selection_logic: |
      All three pathways must be satisfied in parallel — they describe three independent properties of FNMA selling R&W that [LENDER] must consistently maintain. (A) delivery-date freeze; (B) per-rep independence; (C) no-knowledge-limitation. These are not selectable defenses; they are layered legal characteristics of FNMA selling reps.
  program_review: Does the program's post-delivery record retention and reserve methodology reflect that selling reps/warranties are made as of transfer and survive sale, resale, and MSSC termination unless FNMA gives a written release?
  file_review: Review retention and reserve methodology; confirm it treats prior-sold loans as carrying surviving R&W absent a written FNMA release. The compliance person judges adequacy of the reserve posture.
  judgment: true
- id: fnma-sel-a2-2-01-each-warranty-independent
  canonical_id: fnma-sel-a2-2-01-each-warranty-independent
  section: "FNMA Selling Guide A2-2-01 — Each warranty independent"
  description: '[LENDER] makes EACH representation and warranty set forth in the

    Lender Contract SEPARATELY and INDEPENDENTLY from every other

    warranty for a specific mortgage. Breach of one warranty does not

    depend on or limit breach analysis of any other warranty;

    conversely, satisfaction of one warranty does not cure or release

    [LENDER] from another.

    '
  type: do
  audit_question: Does [LENDER]'s reps-and-warranties review process evaluate each warranty in the Lender Contract independently, with no cross-warranty offset or substitution?
  workflow_phase: post_close_qc
  owner_role: compliance_officer
  secondary_owner_role: legal_counsel
  cadence: per-warranty-event
  consequence: Multi-warranty breaches compound; resolution of one warranty does not release [LENDER] from another.
  tags:
  - round-d
  - regulator-direct
  - fnma
  - selling-guide
  - representations-and-warranties
  - independent-warranties
  - promoted
  primary_source:
    tier: 1
    authority: "FNMA Selling Guide A2-2-01 — Representations and Warranties Overview"
    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:placeholder-snapshot-content-hash-from-source-json
    paragraph_quote: 'makes each representation and warranty set forth in the Lender Contract separately and independently from every other warranty it makes for a

      '
    drafter_attestation: "Copied verbatim from snapshot 5f7b8b79da595d76. A2-2-01 each-\nwarranty-independent operative clause. Quote truncated before\nthe U+FB01 fi-ligature in \"speciﬁc\" to maintain substring-match\npurity against the PDF extraction.\n"
  promoted_at: '2026-05-25T18:02:36+00:00'
  promoted_from: fnma-sel-a2-2-01-roundd-v1.yaml
  program_review: Does the program's R&W review evaluate each Lender Contract warranty separately and independently, with no cross-warranty offset or substitution?
  file_review: Review the R&W review process; confirm warranties are assessed independently with no offset.
  judgment: false
- id: fnma-sel-a2-2-01-warranties-not-limited-to-knowledge
  canonical_id: fnma-sel-a2-2-01-warranties-not-limited-to-knowledge
  section: "FNMA Selling Guide A2-2-01 — Warranties not limited to lender knowledge (with limited exceptions)"
  description: "Selling representations and warranties are NOT limited to matters\nof which [LENDER] had knowledge — except for the specific MSSC\nSection IV.A Warranties numbered 10, 11, and 17 (which are\nviolated only if [LENDER] had knowledge of the untruth or, acting\nas a prudent lender, should have known through due diligence).\nWarranty 17's prudent-lender limitation does NOT in any way limit\nWarranty 1 (mortgage meets all applicable Lender Contract\nrequirements). Lenders are DEEMED TO KNOW matters that are of\npublic record.\n"
  type: do
  audit_question: Does [LENDER]'s pre-sale QC verification (including title search, property record checks, and other public-record-deemed-knowledge sources) reflect that warranty 1 (Lender-Contract compliance) is not subject to a knowledge limitation?
  workflow_phase: post_close_qc
  owner_role: compliance_officer
  secondary_owner_role: post_closing_specialist
  cadence: per-sale
  consequence: Lack-of-knowledge defense fails for warranty 1 and most other warranties; due-diligence-by-prudent-lender standard applies even to limited exceptions.
  tags:
  - round-d
  - regulator-direct
  - fnma
  - selling-guide
  - representations-and-warranties
  - knowledge-standard
  - public-record-deemed-knowledge
  - promoted
  primary_source:
    tier: 1
    authority: "FNMA Selling Guide A2-2-01 — Representations and Warranties Overview"
    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:placeholder-snapshot-content-hash-from-source-json
    paragraph_quote: 'Representations and warranties are not limited to matters of which the lender had knowledge, except for the

      '
    drafter_attestation: 'Copied verbatim from snapshot 5f7b8b79da595d76. A2-2-01 not-limited-

      to-knowledge operative chapeau. Warranties 10/11/17 exceptions +

      public-record deemed-knowledge rule paraphrased in description.

      '
  promoted_at: '2026-05-25T18:02:36+00:00'
  promoted_from: fnma-sel-a2-2-01-roundd-v1.yaml
  program_review: Does the program's pre-sale QC (title search, property-record checks, other public-record-deemed-knowledge sources) reflect that warranties are not knowledge-limited — except MSSC Warranties 10/11/17 — and that Warranty 17's prudent-lender limit does not limit Warranty 1?
  file_review: Review pre-sale QC verification; confirm public-record-deemed-knowledge sources are checked and Warranty 1 is treated as not knowledge-limited. The compliance person judges whether due diligence met the prudent-lender standard for 10/11/17.
  judgment: true
_promotion_history:
- promoted_at: '2026-05-25T18:02:36+00:00'
  candidate_path: obligations\_remediation\round-d-investor-guides\fnma-sel-a2-2-01-roundd-v1.yaml
  candidates_promoted: 3
  candidates_skipped_existing: 0
