source:
  type: guide
  id: fnma-sel-c2-2-07
  authority: Fannie Mae Selling Guide C2-2-07 — Purchase Payee Codes
  description: Fannie Mae Selling Guide C2-2-07 — Purchase Payee Codes.
  coverage_tier: operative
obligations:
- id: fnma-sel-c2-2-07-full
  canonical_id: fnma-sel-c2-2-07-full
  section: Fannie Mae Selling Guide C2-2-07 — Purchase Payee Codes
  type: do
  tags:
  - regulator-direct
  - fnma
  - selling-guide
  - corpus-expansion
  - tier-operative
  primary_source:
    tier: 1
    authority: Fannie Mae Selling Guide C2-2-07 — Purchase Payee Codes
    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: 'C2-2-07, Purchase Payee Codes (05/01/2024) Introduction This
      topic contains information on purchase payee codes, including: Entering Purchase
      Payee Codes Into Fannie Mae’s Records Changing or Deleting Purchase Payee Codes
      From Fannie Mae’s Records Entering Purchase Payee Codes Into Fannie Mae’s Records
      Lenders must specify a valid and appropriate payee code at delivery to have
      the purchase proceeds for a speciﬁc mortgage or group of mortgages transferred
      to the designated account. The following steps are required to enter a payee
      code into Fannie Mae records. Published May 6, 2026 975 Step Procedure 1. The
      lender’s authorized representative submits a Seller’s Designation of Wire Transfer
      Instructions ( Form 482) to Fannie Mae. 2. Fannie Mae will call the authorized
      representative who signed the Form 482 request to conﬁrm validity prior to processing.
      3. Fannie Mae will provide the lender’s authorized representative with the new
      payee code. 4. Fannie Mae updates the Loan Delivery application with the new
      payee code. 5. The lender informs the appropriate staﬀ (those who submit delivery
      data to Fannie Mae) regarding which payee code to use for which payee arrangement.
      Changing or Deleting Purchase Payee Codes From Fannie Mae’s Records To change
      or delete an existing payee code, lenders must submit a new Form 482. Fannie
      Mae can delete or change the payee codes that are used to identify the lender’s
      transfer arrangements at any time. If Fannie Mae intends to delete or change
      the payee codes, it will give lenders notice of its intention to do so. (Changes
      to, or deletion of, a payee code created in connection with the execution of
      a Triparty Wiring Instruction Agreement must be handled in accordance with the
      provisions of the Agreement.) The following steps are required to change or
      delete an existing payee code: Step Procedure 1. The lender’s authorized representative
      completes and submits a new Form 482. 2. Fannie Mae will call the authorized
      representative who signed the Form 482 request to conﬁrm validity prior to processing.
      3. Fannie Mae will make the requested change within three business days after
      receiving the valid and completed Form 482; however, Fannie Mae cannot guarantee
      that this will occur in time to prevent a previously authorized transfer of
      funds for a mortgage that is in its purchase pipeline or to stop a wire transfer
      that is in process. 4. Fannie Mae contacts the lender’s authorized representative
      to conﬁrm the change or deletion. Note: In emergency situations, Fannie Mae
      will delete a payee code based on the lender’s authorized Published May 6, 2026
      976 representative’s request; however, Fannie Mae cannot guarantee that it will
      be able to act quickly enough to prevent the execution of transfers that had
      been previously validated. The lender must then submit a Form 482 to conﬁrm
      the request for the deletion. Recent Related Announcements The table below provides
      references to recently issued Announcements that are related to this topic.
      Announcement Issue Date Announcement SEL-2024-03 May 01, 2024 Subpart C3, Mortgage-Backed
      Securities (MBS) Introduction This subpart describes Fannie Mae''s requirements
      for pooling mortgages that will serve as the underlying asset for MBS, which
      includes UMBS. It includes Fannie Mae''s MBS program parameters and other information
      regarding MBS commitments, guaranty and buyup and buydown fees, pooling loans
      into ﬁxed-rate and ARM MBS and Fannie Majors, and delivering and trading MBS
      and UMBS. Chapter C3-1, MBS Program Overview Introduction This chapter provides
      basic information on Fannie Mae’s MBS program and the lender’s responsibilities
      associated with pooling loans into MBS, which includes UMBS.'
  judgment: false
