source:
  type: guide
  id: fnma-sel-c3-7-07
  authority: Fannie Mae Selling Guide C3-7-07 — Sale of Fannie Mae Securities to Third
    Parties
  description: Fannie Mae Selling Guide C3-7-07 — Sale of Fannie Mae Securities to
    Third Parties.
  coverage_tier: operative
obligations:
- id: fnma-sel-c3-7-07-full
  canonical_id: fnma-sel-c3-7-07-full
  section: Fannie Mae Selling Guide C3-7-07 — Sale of Fannie Mae Securities to Third
    Parties
  type: do
  tags:
  - regulator-direct
  - fnma
  - selling-guide
  - corpus-expansion
  - tier-operative
  primary_source:
    tier: 1
    authority: Fannie Mae Selling Guide C3-7-07 — Sale of Fannie Mae Securities to
      Third Parties
    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: 'C3-7-07, Sale of Fannie Mae Securities to Third Parties (05/05/2021)
      Introduction This topic contains information on the sale of Fannie Mae securities
      to third parties, including: Sale of Fannie Mae Securities to Third Parties
      Overview Required Disclosure Materials Standard Delivery Alternative Website
      Delivery Indemniﬁcation Against Losses Sale of Fannie Mae Securities to Third
      Parties Overview The lender must provide each purchaser of a security a copy
      of the most recent Fannie Mae MBS Prospectus when it enters into a contract
      to sell the security. If the security purchaser requests an original printed
      version of the Prospectus, Prospectus Supplement, or Supplement to Prospectus
      Supplement, the lender must honor the request in a timely manner. Electronic
      versions of these documents are available at Mortgage-Backed Securities. Copies
      of the prospectus and the related prospectus supplement may be obtained by writing
      to Trust Agreement and Prospectus Requests or by calling the Fannie Mae Delivery
      and Custody Helpline (see E-1-02, List of Contacts). Typically, the prospectus
      supplement is available no later than two business days before settlement of
      the related issuance of certiﬁcates. If a newly issued pool has already been
      sold to a third party for future settlement, the lender is responsible for ensuring
      they abide by all rules related to the trade. This includes providing all necessary
      disclosure documents as deﬁned by the relevant trade agreement with the counterparty.
      Required Disclosure Materials The lender must provide the required disclosure
      documentation (described below) to a purchaser or prospective purchaser, as
      applicable. The lender will have two options to provide this disclosure: the
      lender must follow either the Standard Delivery option or the Alternative Website
      Delivery option, each as described below. The lender’s sale of securities—including
      any that Fannie Mae delivers based on the lender’s instructions on the Published
      May 6, 2026 1033 Delivery Schedule (Form 2014) — also must comply with applicable
      securities disclosure and settlement requirements, including those set forth
      below under either the Standard Delivery option or the Alternative Website Delivery
      option. For any trade, TBA or otherwise, the required disclosure consists of
      both the Single-Family Prospectus and the Prospectus Supplement applicable to
      the MBS program. Standard Delivery The lender must provide the required disclosure
      materials to each purchaser (that is, a party that enters into an agreement
      to purchase the security) at the time the lender enters into a contract for
      the purchase and sale of that security or to an oﬀeree (that is, prospective
      purchaser) that requests the oﬀering documentation. The required disclosure
      materials are to be provided in a manner agreed to by the lender and the purchaser
      of a security. This may include electronic delivery or mailing of a hard copy.
      The materials are available on Fannie Mae''s website. The lender also may obtain
      them by contacting the Fixed-Income Investor Helpline (see E-1-02, List of Contacts).
      On request, Fannie Mae will provide these documents to the lender as electronic
      read-only ﬁles by transmitting the ﬁles to the lender’s email address or by
      other electronic means. Alternative Website Delivery Another option to provide
      the required disclosure documentation is via Fannie Mae’s website. Under this
      option, the lender informs the purchaser or oﬀeree of a security, as applicable,
      that the required disclosure materials are available on Fannie Mae’s website.
      If the lender selects this Alternative Website Delivery option, the lender must
      ﬁrst deliver or cause to be delivered the following: a Notice of Oﬀering to
      each oﬀeree of a security that requests the oﬀering documentation (that is,
      the MBS Prospectus and the Prospectus Supplement for that security); and a Notice
      of Sale to each purchaser of a security at the time the purchaser enters into
      a contract with the lender for the purchase of the security. The Notice of Oﬀering
      means a notice (including an electronic notice) prepared by the lender to oﬀerees
      of securities. The Notice of Oﬀering must: state that the oﬀering documentation
      is or will be available at Mortgage-Backed Securities on Fannie Mae’s website,
      state that the information about Fannie Mae incorporated by reference into the
      oﬀering documentation is available at Mortgage-Backed Securities, explain how
      to access the oﬀering documentation and the documents incorporated by reference
      from the website, state that the oﬀeree has the right to request a printed copy
      of the oﬀering documentation, and explain the procedure for requesting a printed
      copy of the oﬀering documentation. The Notice of Sale means a notice (including
      an electronic notice) prepared by the lender to purchasers of securities. The
      Notice of Sale must: Published May 6, 2026 1034 state that the sale was made
      pursuant to the oﬀering documentation, state that the oﬀering documentation
      is or will be available at Mortgage-Backed Securities, state that the information
      about Fannie Mae incorporated by reference into the oﬀering documentation is
      available at Mortgage-Backed Securities, explain how to access the oﬀering documentation
      and the documents incorporated by reference from Mortgage-Backed Securities,
      state that the oﬀeree has the right to request a printed copy of the oﬀering
      documentation, and explain the procedure for requesting a printed copy of the
      oﬀering documentation. Notwithstanding the Standard Delivery and Alternative
      Website Delivery options, if the purchaser or oﬀeree of a security requests
      a hardcopy version of the MBS Prospectus, Prospectus Supplement, or Supplement
      to the Prospectus Supplement, the lender must honor the request in a timely
      manner. The information in the MBS Prospectus and the Prospectus Supplement
      for that security is the only information about a pool (or the mortgage loans
      included in a pool) that a lender may disclose to the public. Indemniﬁcation
      Against Losses Lenders are subject to all indemniﬁcation obligations as described
      in A2-1-03, Indemniﬁcation for Losses. Recent Related Announcements The table
      below provides references to recently issued Announcements that are related
      to this topic. Announcement Issue Date Announcement SEL-2021-04 May 05, 2021
      Published May 6, 2026 1035 Part D, Ensuring Quality Control (QC) Introduction
      This part discusses the quality control process for lenders and Fannie Mae.
      D1, Lender QC Process This subpart describes Fannie Mae’s requirements for lender
      quality control programs and practices. D2, Fannie Mae QC Process This subpart
      describes the process Fannie Mae uses to ensure that the mortgage loans it purchases
      or securitizes meet its eligibility and underwriting requirements. Published
      May 6, 2026 1036 Subpart D1, Lender QC Process Introduction This subpart describes
      the lender’s responsibilities for ensuring that the loans sold to Fannie Mae
      meet Fannie Mae’s eligibility and underwriting requirements. It contains information
      on Fannie Mae’s requirements for establishing a quality control (QC) program,
      including documenting a QC plan, reporting structure and staﬃng, outsourcing
      of the QC process, sampling, reviewing loan ﬁles, reporting results, corrective
      action, and retaining records. Chapter D1-1, Lender Quality Control Process
      Introduction This chapter provides information on the required elements of a
      lender’s quality control (QC) program, including documentation requirements
      for a QC plan, establishing quality standards and QC processes, staﬃng and outsourcing
      of the QC process, and QC reporting requirements.'
  judgment: false
