source:
  type: guide
  id: fnma-sel-b5-1-02
  authority: Fannie Mae Selling Guide B5-1-02 — High-Balance Pricing, Mortgage Insurance,
    Special Feature Codes, and Delivery Limitations
  description: Fannie Mae Selling Guide B5-1-02 — High-Balance Pricing, Mortgage Insurance,
    Special Feature Codes, and Delivery Limitations.
  coverage_tier: operative
obligations:
- id: fnma-sel-b5-1-02-full
  canonical_id: fnma-sel-b5-1-02-full
  section: Fannie Mae Selling Guide B5-1-02 — High-Balance Pricing, Mortgage Insurance,
    Special Feature Codes, and Delivery Limitations
  type: do
  tags:
  - regulator-direct
  - fnma
  - selling-guide
  - corpus-expansion
  - tier-operative
  primary_source:
    tier: 1
    authority: Fannie Mae Selling Guide B5-1-02 — High-Balance Pricing, Mortgage Insurance,
      Special Feature Codes, and Delivery Limitations
    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: 'B5-1-02, High-Balance Pricing, Mortgage Insurance, Special Feature
      Codes, and Delivery Limitations (02/01/2023) Introduction This topic contains
      information about the following aspects of high-balance mortgage loans, including:
      Pricing/Loan-Level Price Adjustments Mortgage Insurance Requirements Delivery
      Data Requirements Including Special Feature Codes High-Balance Whole Loan and
      MBS Delivery Limitations Pricing/Loan-Level Price Adjustments Live pricing options
      are provided for high-balance mortgage loan transactions in Fannie Mae’s whole
      loan committing application. Speciﬁc additional LLPAs apply to all high-balance
      mortgage loans, whether delivered under whole loan commitments or MBS contracts.
      High-balance mortgage loans are also subject to all other applicable LLPAs.
      All price adjustments are cumulative. For details, see the Loan-Level Price
      Adjustment (LLPA) Matrix. Mortgage Insurance Requirements Mortgage insurance
      coverage is required for high-balance mortgage loans with LTV ratios greater
      than 80%. Financed borrower-purchased mortgage insurance is permitted; however,
      the maximum gross LTV (after the inclusion of the ﬁnanced premium) cannot exceed
      95%. Delivery Data Requirements Including Special Feature Codes The lender must
      report SFC 808 when delivering a high-balance loan to Fannie Mae, except for
      government loans and unless otherwise instructed. All other applicable SFCs
      must also be reported as required for the transaction. High-Balance Whole Loan
      and MBS Delivery Limitations Fannie Mae''s requirements regarding delivery limitations
      for nonstandard loans apply to high-balance mortgage loans. For details see
      C2-2-01, General Requirements for Good Delivery of Whole Loans, and C3-2-01,
      Determining Eligibility for Loans Pooled into MBS. Furthermore, lenders may
      deliver high-balance mortgage loans into a Fannie Majors TBA-eligible pool.
      For details, see C3-6-01, Parameters for Pooling Loans Into Fannie Majors. Recent
      Related Announcements The table below provides references to recently issued
      Announcements that are related to this topic. Published May 6, 2026 701 Announcements
      Issue Date Announcement SEL-2023-01 February 01, 2023 Announcement SEL-2022-03
      April 06, 2022 Chapter B5-2, Manufactured Housing Introduction This chapter
      describes the requirements for originating and underwriting mortgage loans secured
      by manufactured housing.'
  judgment: false
