source:
  type: guide
  id: fnma-sel-a2-3.2-01
  authority: Fannie Mae Selling Guide A2-3.2-01 — Loan Repurchases and Make Whole
    Payments Requested Published May 6, 2026 43 by Fannie Mae
  description: Fannie Mae Selling Guide A2-3.2-01 — Loan Repurchases and Make Whole
    Payments Requested Published May 6, 2026 43 by Fannie Mae.
  coverage_tier: operative
obligations:
- id: fnma-sel-a2-3.2-01-full
  canonical_id: fnma-sel-a2-3.2-01-full
  section: Fannie Mae Selling Guide A2-3.2-01 — Loan Repurchases and Make Whole Payments
    Requested Published May 6, 2026 43 by Fannie Mae
  type: do
  tags:
  - regulator-direct
  - fnma
  - selling-guide
  - corpus-expansion
  - tier-operative
  primary_source:
    tier: 1
    authority: Fannie Mae Selling Guide A2-3.2-01 — Loan Repurchases and Make Whole
      Payments Requested Published May 6, 2026 43 by Fannie Mae
    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: 'A2-3.2-01, Loan Repurchases and Make Whole Payments Requested
      Published May 6, 2026 43 by Fannie Mae (08/29/2017) Introduction This topic
      contains information on loan repurchases and make whole payments requested by
      Fannie Mae, including: Overview Violation of Contractual Warranty Conditions
      Requiring Repurchase Lender Response to a Demand Repurchase Resolution Payment
      of Repurchase Proceeds Redelivery of Repurchased Loans Repurchase Price Overview
      As part of its quality control (QC) system, Fannie Mae reviews mortgage loans
      that it has purchased or securitized. Fannie Mae may conduct several diﬀerent
      types of reviews, including post-purchase reviews, early payment default reviews,
      servicing reviews, and post-foreclosure reviews. During the QC reviews, Fannie
      Mae may identify a “defect”—a loan-level deﬁciency that breaches a term contained
      in the Lender Contract in eﬀect at the time of loan delivery. These reviews
      may result in loan repurchase demands, make whole payment demands, or other
      alternative remedies. Fannie Mae requires some repurchases because the terms
      under which the mortgages were purchased or securitized call for a repurchase
      under certain conditions or circumstances. Repurchases that fall into this category
      generally include, but are not limited to, Charter violations, an adjustable-rate
      mortgage in an MBS pool that has converted to a ﬁxed-rate mortgage per the borrower’s
      exercise of its option in the mortgage documents, or an MBS mortgage that has
      24 payments past due. Certain mortgage loans may be eligible for relief from
      enforcement for breaches of certain representations and warranties once the
      mortgage loan has satisﬁed the requirements described in A2-3.2-02, Enforcement
      Relief for Breaches of Certain Representations and Warranties Related to Underwriting
      and Eligibility. Eligible mortgage loans include those loans acquired by Fannie
      Mae on or after January 1, 2013. Violation of Contractual Warranty If Fannie
      Mae''s loan review determines (or Fannie Mae otherwise learns) that a mortgage
      loan did not meet Fannie Mae requirements due to violation of the Lender Contract
      or, if the “remedies framework” applies and a “signiﬁcant defect” is identiﬁed,
      Fannie Mae may require the lender to immediately repurchase the mortgage loan
      or acquired property (or Fannie Mae''s participation interest in the mortgage
      loan) or to remit a make whole payment if the property has been liquidated.
      Fannie Mae may also require repurchase or a make whole payment if any warranty
      the selling lender made is untrue and, if the remedies framework applies, qualiﬁes
      as a signiﬁcant defect, whether or not the lender had Published May 6, 2026
      44 actual knowledge of the untruth. No such repurchase (or make whole payment)
      request will be made if the warranty speciﬁcally states that a violation does
      not exist unless the lender had actual knowledge of the untruth and the lender
      has no such knowledge. A quality control loan ﬁle review or payment of loan-level
      price adjustments in no way limits Fannie Mae’s right to require a repurchase
      or a make whole payment if a warranty breach is later discovered, unless the
      mortgage loan has qualiﬁed for relief under the enforcement relief framework
      and the subsequent breach is not a breach of a life-of-loan warranty or any
      other warranty outside of Subparts B1 to B5 of the Selling Guide. Note: For
      additional information, including deﬁnitions, see D2-1-03, Outcomes of Fannie
      Mae QC Reviews, and D2-1-04, Identifying and Remedying Origination Defects Under
      the Remedies Framework. Conditions Requiring Repurchase Fannie Mae has the right
      to require a lender to repurchase a mortgage loan or an acquired property, or
      remit a make whole payment, as a result of a breach of the Lender Contract.
      For loans subject to the remedies framework, if a breach of a selling representation
      and warranty is identiﬁed, such breach must result in a signiﬁcant defect. In
      addition to repurchase for breach of warranty, lenders may be required to repurchase
      some loans because the terms under which the mortgage loans were purchased or
      securitized call for a repurchase. Unless a loan has qualiﬁed for relief from
      enforcement for breaches of certain selling representations and warranties in
      accordance with A2-3.2-02, Enforcement Relief for Breaches of Certain Representations
      and Warranties Related to Underwriting and Eligibility, a decision not to require
      repurchase at a particular time does not waive Fannie Mae''s right to demand
      repurchase at a later time, or to institute other remedies for breach of the
      Lender Contract. Fannie Mae may conduct several diﬀerent types of reviews with
      respect to a mortgage loan, including a post- purchase review, an early payment
      default review, a servicing review, or a post-foreclosure review. During the
      course of a review, Fannie Mae may identify signiﬁcant underwriting deﬁciencies,
      signiﬁcant defects, a breach of a selling representation or warranty, or a breach
      of the terms of any applicable contract provision. If any of the foregoing are
      identiﬁed, Fannie Mae may require the immediate repurchase of a mortgage loan
      or an acquired property or the remittance of a make whole payment (all of which
      fall under the deﬁnition of a “demand”) unless and until such mortgage loan
      is eligible for relief from enforcement for breaches of certain underwriting
      and eligibility representations and warranties in accordance with A2-3.2-02,
      Enforcement Relief for Breaches of Certain Representations and Warranties Related
      to Underwriting and Eligibility. In some instances, Fannie Mae may enter into
      other repurchase alternatives. See A2-3.2-03, Remedies Framework, and the Servicing
      Guide. In some instances in which the lender has breached its representations
      or warranties, Fannie Mae may allow the lender to correct the warranty violation.
      During the appeal and impasse processes, the lender has the right to correct
      a signiﬁcant defect for mortgage loans subject to the remedies framework in
      the time frame and manner required by the Lender Contract. If no time frame
      or manner for correction is identiﬁed in the Lender Contract, Published May
      6, 2026 45 the correction of the signiﬁcant defect shall be as determined by
      Fannie Mae. See Subpart D2, Fannie Mae QC Process, for additional information
      about the quality control selection and review process and timelines related
      to the remedies framework. Lender Response to a Demand When Fannie Mae requires
      a repurchase or a make whole payment because of a breach, the lender should
      work with the Fannie Mae individual or department noted on the demand to resolve
      any issues. Fannie Mae has an established appeal, impasse, management escalation,
      and Independent Dispute Resolution process (see A2-3.2-03, Remedies Framework).
      Despite the best eﬀorts of both parties, Fannie Mae and the lender may not always
      be able to reach a mutual agreement. In such cases, the lender must repurchase
      the mortgage loan, the acquired property, or Fannie Mae’s participation interest
      in the mortgage loan or the acquired property or exercise its rights under the
      appeal, impasse, and management escalation process, or the Independent Dispute
      Resolution process. Repurchase Resolution When Fannie Mae identiﬁes a defective
      mortgage, it may, in its sole discretion, impose a condition to retaining the
      loan, such as requiring the lender to agree to an alternative remedy to repurchase.
      In some cases, as permitted in the Lender Contract, Fannie Mae will issue a
      repurchase or make whole payment demand to the lender. The selling defects that
      give rise to a repurchase or make whole payment demand for loans covered by
      the remedies framework consist of errors or failures that Fannie Mae identiﬁes
      as signiﬁcant defects, as described in D2-1-03, Outcomes of Fannie Mae QC Reviews.
      This Guide contains timelines by which lenders must pay Fannie Mae the funds
      that are due in connection with a repurchase or make whole payment demand or
      other alternative remedy. If a lender delays in this or has a pattern of unresponsiveness,
      Fannie Mae may consider this a breach of contract and consider other actions
      against the lender, up to and including termination. For performing mortgage
      loans with signiﬁcant defects covered by the remedies framework, Fannie Mae
      may elect not to require immediate repurchase, but may instead oﬀer a repurchase
      alternative. The nature and severity of the ﬁndings, ﬁnancial and operational
      strength of the lender, the quality of the mortgages sold, servicing performance,
      the acceptability of the investment, and the loan payment history are some of
      the criteria that may be used by Fannie Mae in deciding whether to use this
      option. Fannie Mae may consider a lender’s counterparty status in determining
      whether a loan is retainable and to the extent that there are future obligations
      required as part of the repurchase alternative. Payment of Repurchase Proceeds
      For mortgage loans acquired by Fannie Mae prior to January 1, 2013, the lender
      must pay Fannie Mae the funds that are due in connection with a repurchase or
      make whole payment demand within 30 days (or with its next scheduled remittance
      following the completion of the 30–day period). For mortgage loans with acquisition
      dates on or after January 1, 2013, the lender must pay Fannie Mae the funds
      that are due in connection with a demand for repurchase, indemniﬁcation, or
      make whole payment within Published May 6, 2026 46 60 days after receipt of
      the demand or within such other time frame as speciﬁed by Fannie Mae unless
      an appeal is made. (For repurchase demands made on a loan that has not been
      foreclosed upon or liquidated, the payment of the repurchase price may be made
      by the lender (or servicer) with its next scheduled remittance following the
      completion of the 60–day period.) If a lender delays in this, or has a pattern
      of unresponsiveness, Fannie Mae may consider this a breach of contract and consider
      other actions against the lender, up to and including termination. Should Fannie
      Mae have to take legal action to enforce its right to require repurchase of
      a mortgage (or property), the lender will also be liable for Fannie Mae’s attorney’s
      fees, costs, and related expenses, as well as for any applicable consequential
      damages. Note: Lender or servicer responsibilities described herein may actually
      be those of the “responsible party,” as applicable. Redelivery of Repurchased
      Loans If a mortgage loan was repurchased by a lender, and the repurchased loan
      is subsequently made compliant with Fannie Mae''s current standards, the loan
      may be redelivered to Fannie Mae, at its sole and absolute discretion, on a
      negotiated basis. The lender represents and warrants that the mortgage being
      delivered is not a mortgage that was required to be repurchased by a secondary
      market investor, government-sponsored enterprise, or private institutional investor
      other than Fannie Mae for any documentation, underwriting, property valuation,
      deﬁciencies and/or issues with the property (including project eligibility if
      the property is in a condo, co-op, or PUD project), borrower credit, or other
      deﬁciencies or for any other reason. These types of mortgages are not eligible
      for delivery even if the identiﬁed defect has been corrected by the lender.
      Note: A mortgage loan that a lender repurchased from another investor or GSE
      that was delivered in error to that investor or GSE is eligible for delivery
      to Fannie Mae as long as it meets all requirements of the Selling Guide. In
      the event that a mortgage loan is deemed ineligible for redelivery to Fannie
      Mae or rejected by Fannie Mae upon redelivery, any future losses incurred after
      repurchase are the responsibility of the lender and not Fannie Mae. Repurchase
      Price Whenever Fannie Mae requires repurchase of a mortgage loan without redelivery
      to Fannie Mae’s portfolio and, at the time of the repurchase, title to the security
      property has passed to Fannie Mae (or is held for Fannie Mae, but in the name
      of the servicer pursuant to its duties as Fannie Mae''s servicer), Fannie Mae
      will require repurchase of Fannie Mae’s interest in the property, or for the
      lender to remit a make whole payment if the property has been liquidated. The
      repurchase price for a mortgage loan and the purchase price for an acquired
      property will be the same as if the lender were repurchasing the mortgage loan
      with accrued interest and other adjustments, including Fannie Mae’s property-related
      expenses such as maintenance and marketing expenses, through the date of repurchase.
      Loan-level price adjustments (LLPAs) will not be included in the repurchase
      price or make whole payment calculation; however, lenders may be eligible for
      a partial LLPA refund on certain loans that have been Published May 6, 2026
      47 repurchased. See C1-1-01, Execution Options, for additional information.
      The purchase price is not based on the market value of the property at the time
      of the purchase but on all amounts due Fannie Mae on the subject mortgage loan
      and property. When the servicer purchases the property or remits a make whole
      payment, Fannie Mae also will convey all rights as owner of the loan (e.g.,
      deﬁciency rights), if any, that Fannie Mae may still have pursuant to applicable
      state law, but Fannie Mae has no obligation to the servicer or responsible party
      to have preserved such rights. If the property has been liquidated, Fannie Mae
      will issue a demand for a make whole payment to compensate it for the losses
      it suﬀered in purchasing a defective mortgage. Recent Related Announcements
      There are no recently issued Announcements related to this topic. A2-3.2-02,
      Enforcement Relief for Breaches of Certain Representations and Warranties Related
      to Underwriting and Eligibility (08/06/2025) Introduction This topic describes
      the framework that provides lenders with relief from Fannie Mae''s enforcement
      for breaches of certain underwriting and eligibility representations and warranties
      for loans that meet speciﬁc payment history or other eligibility requirements.
      This topic contains information on the following subjects: Overview of the Enforcement
      Relief Framework Scope of Enforcement Relief of Underwriting and Eligibility
      Representations and Warranties Loans Eligible for Enforcement Relief Additional
      Eligibility Criteria for Enforcement Relief Notiﬁcation of Relief Life-of-Loan
      Representation and Warranty Exclusions Overview of the Enforcement Relief Framework
      Representations and warranties required by Fannie Mae are described in the Mortgage
      Selling and Servicing Contract, the Selling and Servicing Guides, and other
      Lender Contracts. Violation of any representation and warranty is a breach of
      the Lender Contract, entitling Fannie Mae to pursue certain remedies, including
      a loan repurchase or make whole payment demand as more fully described in A2-3.2-01,
      Loan Repurchases and Make Whole Payments Requested by Fannie Mae. For conventional
      loans that are acquired by Fannie Mae on a ﬂow basis, the lender will be relieved
      of its obligation to remedy breaches of certain underwriting and eligibility
      representations and warranties if the loan meets certain eligibility criteria
      described under Loans Eligible for Enforcement Relief below. This framework
      does not change the underlying representations and warranties the lender makes
      to Fannie Mae when selling loans; it changes whether and how Fannie Mae will
      enforce breaches Published May 6, 2026 48 of those representations after a loan
      has achieved relief under the framework. No relief will be available for breaches
      of certain “life-of-loan” representations and warranties as described in Life-of-Loan
      Representation and Warranty Exclusions below, regardless of whether a loan otherwise
      qualiﬁes for relief. The availability of the enforcement relief framework does
      not discharge lenders from the responsibility for underwriting and delivering
      quality loans in accordance with Fannie Mae''s requirements. Note: Certain components
      of the loan may qualify for individual enforcement relief outside of this framework.
      For example, a loan may qualify for enforcement relief on the borrower’s income
      at the time the loan is sold to Fannie Mae, and later obtain enforcement relief
      based on payment history. Life-of-loan exclusions will apply at all times. See
      A2-2-04, Limited Waiver and Enforcement Relief of Representations and Warranties,
      for additional information. Scope of Enforcement Relief of Underwriting and
      Eligibility Representations and Warranties With respect to an eligible loan
      (as deﬁned below), a lender will be relieved of the requirement to remedy a
      loan (such as repurchase, a make whole payment, or other repurchase alternative
      as more fully described in A2-3.2-03, Remedies Framework) if that loan violates
      Fannie Mae''s single-family underwriting and eligibility requirements described
      in the applicable parts of the Selling Guide and other Lender Contracts relating
      to: underwriting the borrower, which includes the lender''s assessment of the
      borrower''s loan terms, credit history, employment and income, assets, and other
      ﬁnancial information used for qualifying the borrower for the loan; underwriting
      the subject property, which includes the lender''s analysis of the description
      and valuation of the property to determine its adequacy as collateral for the
      mortgage transaction; and underwriting the project in which the property is
      located, which includes the lender''s analysis of the condo, co-op, or PUD project
      in accordance with Fannie Mae''s requirements. The following subparts of the
      Selling Guide are covered by the relief: Subpart B1, Loan Application Package;
      Subpart B2, Eligibility; Subpart B3, Underwriting Borrowers; Subpart B4, Underwriting
      Property; and Subpart B5, Unique Eligibility and Underwriting Considerations.
      Note: If a loan with a breach or alleged breach has achieved enforcement relief
      as provided in this topic, then the obligation to indemnify Fannie Mae is limited
      in certain respects. See A2-1-03, Indemniﬁcation for Losses, for a description
      of the continuing indemniﬁcation obligations. Loans Eligible for Enforcement
      Relief To be eligible for the representation and warranty enforcement relief,
      a loan must meet the acquisition date, payment history, Fannie Mae quality control
      (QC) review requirements, and additional eligibility requirements, each as described
      below. Published May 6, 2026 49 Loans must have been acquired by Fannie Mae
      as either: whole loans purchased on or after July 1, 2014; or mortgage loans
      delivered into MBS with pool issue dates on or after July 1, 2014. Payment History
      Requirements For all loans other than Fannie Mae high LTV reﬁnance loans: To
      be eligible for relief under the framework, if the relief is based on the borrower’s
      acceptable payment history, the relief will occur upon payment by the borrower
      of the ﬁrst 36 monthly payments due following the loan acquisition date, provided
      that the borrower had no more than two 30-day delinquencies, had no 60-day or
      greater delinquencies, and is not 30 or more days delinquent with respect to
      the 36th monthly payment. For Fannie Mae high LTV reﬁnance loans: Relief is
      based on the earlier of payment by the borrower of the ﬁrst 12 monthly payments
      due following the loan acquisition date, provided the borrower had no 30–day
      or greater delinquencies; or payment by the borrower of the ﬁrst 36 monthly
      payments due following the loan acquisition date, provided the borrower had
      no more than two 30-day delinquencies, had no 60-day or greater delinquencies,
      and is not 30 or more days delinquent with respect to the 36th monthly payment.
      Fannie Mae Full-File QC Review Under the framework, there is an alternative
      path through which loans may qualify for relief of the selling representations
      and warranties based on the satisfactory conclusion of a full-ﬁle QC review.
      This enforcement relief will occur when one of the following takes place: Fannie
      Mae completes a full-ﬁle QC review of the loan ﬁle, which includes a review
      of the credit underwriting and eligibility of the borrower, the property (including
      its value), and the project in which the property is located, if applicable,
      and determines that the loan is acceptable (that is, it is not subject to a
      repurchase demand). Fannie Mae completes the full-ﬁle QC review of the loan
      ﬁle and determines the loan is not acceptable because of a selling deﬁciency
      that the Selling or Servicing Guide speciﬁcally identiﬁes may be corrected.
      If the lender corrects such deﬁciency in the time frame and manner speciﬁed
      in the Lender Contract, relief will be eﬀective upon the satisfactory correction
      of the deﬁciency as determined by Fannie Mae through a reassessment of the loan.
      For example, if the loan ﬁle delivered to Fannie Mae did not contain the required
      veriﬁcation of income, the defect would be deemed to be corrected if the lender
      provided the missing documentation requested by Fannie Mae within the time frame
      speciﬁed. Another example of an action taken to correct a deﬁciency is rectifying
      a prior mortgage lien by producing evidence of a recorded satisfaction or release
      of such prior mortgage lien within the time frame speciﬁed. Fannie Mae completes
      the full-ﬁle QC review of the loan ﬁle and determines the loan is not acceptable
      but may be eligible for a repurchase alternative which expires or terminates
      by its terms. In this case, relief will be eﬀective upon the satisfactory expiration
      or termination of the alternative to repurchase. For example, if Fannie Mae
      determined a loan was not acceptable and, as an alternative to repurchase, Fannie
      Mae and the lender agreed that the loan would be subject to credit Published
      May 6, 2026 50 enhancement for 5 years, the loan would be relieved of the selling
      representations and warranties at the end of the 5-year period. Other possible
      alternatives to repurchase include recourse, make- whole arrangements, and certain
      split loss agreements; in each case, the repurchase alternative must satisfactorily
      expire or terminate by its terms in order for the aﬀected loan to be eligible
      for relief from the selling representations and warranties under the framework.
      Note: The requirements for obtaining relief based on a full-ﬁle QC review apply
      both to performing loans and non-performing loans. As a result, lenders may
      obtain relief through the QC path regardless of whether the loan had an acceptable
      payment history. Post-Relief Loan File and Appraisal Reviews. Fannie Mae may
      perform loan ﬁle reviews for quality assurance and audit purposes both before
      and after a loan obtains enforcement relief under the framework. However, Fannie
      Mae cannot issue a repurchase demand or seek an alternative remedy with respect
      to a deﬁciency in the underwriting of the borrower, the property, or the project
      that is relieved under the framework (such as a deﬁciency related to the LTV
      ratio or debt-to-income ratio) when that deﬁciency is discovered after the loan
      has obtained enforcement relief unless the deﬁciency qualiﬁes as breach of a
      “life-of-loan” representation and warranty. A repurchase demand or alternative
      remedy may be issued only when the deﬁciency involves one of the life-of-loan
      exclusions or another provision of the Selling Guide that is not relieved under
      the framework. Note: If, after a loan has obtained relief under the framework,
      Fannie Mae reviews an appraisal and determines that the property value used
      to calculate the LTV ratio was incorrect at the time of delivery, Fannie Mae
      will not issue a repurchase demand based solely on the fact that the newly calculated
      LTV ratio is over 80% and the loan did not have credit enhancement in place
      when it was delivered to Fannie Mae. Additional Eligibility Criteria for Enforcement
      Relief In addition to the acquisition date, payment history, or QC requirements
      described above, the following criteria must also be met for loans to qualify
      for relief: The loan must be a conventional loan sold to Fannie Mae on a ﬂow
      basis. Government-guaranteed or -insured loans are not eligible for enforcement
      relief. Non-ﬂow seasoned or loans sold in bulk may be eligible for enforcement
      relief only on a negotiated basis. (Seasoned loans that are sold to Fannie Mae
      on a ﬂow basis in accordance with the Selling Guide are eligible for enforcement
      relief.) The determination of whether the loan has an acceptable payment history
      begins on the date of the ﬁrst monthly mortgage payment due after the Fannie
      Mae acquisition date. With the exception of loans with temporary buydowns, neither
      the lender nor a third party with a ﬁnancial interest in the performance of
      the loan (such as a mortgage broker, correspondent lender, or mortgage insurer)
      can escrow or advance funds on behalf of the borrower to be used for payment
      of any principal or interest payable under the terms of the loan for the purpose
      of satisfying the payment history requirement. The loan cannot have been sold
      to Fannie Mae with any credit enhancement other than traditional primary mortgage
      insurance (i.e., lender- or borrower-paid mortgage insurance). Loans with credit
      enhancement other than traditional primary mortgage insurance may be eligible
      for enforcement relief only on a negotiated basis. Published May 6, 2026 51
      Loans not impacted by a disaster that become subject to a forbearance agreement
      are eligible for relief based on the borrower’s payment history; or, on the
      basis of a QC review of the loan ﬁle if the loan meets all other requirements.
      Loans that become subject to a repayment plan, or are otherwise modiﬁed from
      the original terms after acquisition by Fannie Mae are not eligible for relief
      based on the borrower’s payment history, but may be eligible on the basis of
      a QC review of the loan ﬁle if the loan otherwise meets all other requirements.
      Loans that become subject to a disaster-related forbearance agreement and any
      subsequent repayment plan or modiﬁcation, are eligible for relief based on the
      borrower’s payment history or on the basis of a QC review of the loan ﬁle if
      the loan otherwise meets all other requirements. See the disaster-related forbearance
      criteria below for additional requirements. With the exception of certain loans
      purchased under the terms of a long-term standby purchase commitment (LTSC),
      the loans cannot have had any delinquencies between the origination date and
      the Fannie Mae acquisition date. For loans classiﬁed as “Class 1 Mortgage Loans”
      or “Class 4 Mortgage Loans” that are purchased under an LTSC, the payment history
      requirement will be measured from the date the loan was committed under the
      LTSC structure (the 12–, 36–, or 60–month time frame will begin on the date
      the loan was committed into the LTSC). The loan must not be subject to an outstanding
      request for repurchase, repurchase alternative, or make whole payment. (See
      A2-3.2-03, Remedies Framework, for additional information.) Note: Unless otherwise
      agreed to by Fannie Mae and the lender, once a loan has qualiﬁed for the representation
      and warranty enforcement relief by compliance with the requirements above, eligibility
      for the enforcement relief is ﬁnal and irrevocable subject to the life-of-loan
      representation and warranty exclusions. Additional Eligibility Criteria for
      Loans Subject to Disaster-Related Forbearance To be eligible for relief, the
      following applies: The loan is impacted by a disaster occurring on or after
      August 25, 2017. The property or borrower’s place of employment is located in
      any county, city, or parish that is a designated FEMA-Declared Disaster Area
      eligible for Individual Assistance as result of a natural disaster. The loan
      will be eligible for relief based on payment history on the later of the applicable
      payment history period end date as required under the framework; or the date
      the loan transitions out of disaster-related forbearance and is brought current
      via a reinstatement, repayment plan, or permanent modiﬁcation. The loan must
      be brought current through a lump sum payment, payment deferral or a repayment
      plan completed as agreed. If the forbearance plan transitioned to a permanent
      modiﬁcation, the borrower must have completed the trial period plan and executed
      a permanent modiﬁcation agreement for any of the modiﬁcation options available
      through the Fannie Mae Servicing Guide. The period of time the loan is in forbearance
      “counts” toward the payment history requirement and the months in forbearance
      are not considered delinquent within the relief framework. For example, if the
      forbearance occurred during months 30-32, the loan may still be eligible for
      enforcement relief on or after the 36 th month of payment history as long as
      all other payments outside the forbearance met the requirements. Notiﬁcation
      of Relief Fannie Mae will provide lenders with reports listing those loans that
      met the eligibility requirements for relief. Published May 6, 2026 52 Life-of-Loan
      Representation and Warranty Exclusions A lender is not relieved from the enforcement
      of breaches of its representations and warranties on any loan, including eligible
      loans, with respect to the following matters even if those matters are addressed
      in Subparts B1 through B5 of the Selling Guide. With respect to each loan, a
      lender remains responsible for the life-of-loan representations and warranties
      related to the following, as more fully described in A2-2-07, Life-of-Loan Representations
      and Warranties : Fannie Mae Charter Act Matters; Misstatements, Misrepresentations,
      and Omissions; Data Inaccuracies; Clear Title/First-Lien Enforceability; Compliance
      with Laws and Responsible Lending Practices; and Acceptable Mortgage Products.
      Recent Related Announcements The table below provides references to recently
      issued Announcements that are related to this topic. Announcements Issue Date
      Announcement SEL-2025-06 August 06, 2025 Announcement SEL-2021-07 August 04,
      2021 Announcement SEL-2020-04 August 05, 2020 Announcement SEL-2019-07 August
      07, 2019'
  judgment: false
