source:
  type: guide
  id: fnma-svc-f-2-05
  authority: Fannie Mae Servicing Guide F-2-05 — Historical Yield Diﬀerential Adjustment
    Provisions
  description: Fannie Mae Servicing Guide F-2-05 — Historical Yield Diﬀerential Adjustment
    Provisions.
  coverage_tier: operative
obligations:
- id: fnma-svc-f-2-05-full
  canonical_id: fnma-svc-f-2-05-full
  section: Fannie Mae Servicing Guide F-2-05 — Historical Yield Diﬀerential Adjustment
    Provisions
  type: do
  tags:
  - regulator-direct
  - fnma
  - servicing-guide
  - corpus-expansion
  - tier-operative
  primary_source:
    tier: 1
    authority: Fannie Mae Servicing Guide F-2-05 — Historical Yield Diﬀerential Adjustment
      Provisions
    source_class: fnma-guide
    source_url: https://singlefamily.fanniemae.com/media/document/pdf/servicing-guide
    snapshot_id: cf63a82bbb4adfba
    fetched_at: '2026-05-22T23:53:19Z'
    content_hash: sha256:89df66c43baad07f8a8dd9d224492fff7d15e8839edba02ad0e74c7e50fe5da3
    paragraph_quote: 'F-2-05, Historical Yield Diﬀerential Adjustment Provisions (08/16/2017)
      Introduction This exhibit contains historical yield diﬀerential adjustment provisions.
      Historical Yield Diﬀerential Adjustment Provisions Historical Yield Diﬀerential
      Adjustment Provisions Fannie Mae''s present yield diﬀerential adjustment policy
      and a history of the various yield diﬀerential adjustment policies that may
      apply to mortgage loans are dependent on whether the mortgage loan is a ﬁxed-
      rate mortgage loan, an ARM loan, or a co-op share loan. Provisions for Fixed-Rate
      Mortgage Loans: The following table describes the historical yield diﬀerential
      adjustment policies for ﬁxed-rate mortgage loans, except for co-op share loans.
      Date of Commitment Terms of Provision June 22, 1981 to Fannie Mae investor reporting
      system conversion date 1 Gross Yield Commitment: The servicer and Fannie Mae
      each retain one-half of the ﬁrst 0.25% excess. After that, the servicer retains
      one-fourth of any other excess and Fannie Mae retains three-fourths. Net Yield
      Commitment: After the excess is reduced by a minimum servicing fee of 0.375%,
      the remaining excess is shared under the same formula as shown above. Fannie
      Mae investor reporting system date 1to present The servicer retains all excess
      yield. Provisions for ARM Loans: The following table describes the historical
      yield diﬀerential adjustment policies Published May 13, 2026 710 for ARM loans,
      except for co-op share loans. Date of Commitment Terms of Provision August 15,
      1983 to September 10, 20172 If Fannie Mae purchased the mortgage loan at par,
      the servicer retains until the ﬁrst interest rate change any excess above the
      diﬀerence between the net mortgage rate and Fannie Mae''s required yield. After
      that, the servicer may retain the amount by which the net mortgage margin3 exceeds
      Fannie Mae''s required margin. If Fannie Mae purchased the mortgage loan at
      a discount, the servicer retains until the ﬁrst interest rate change any excess
      above the diﬀerence between the net mortgage rate and Fannie Mae''s required
      yield. After that, the servicer receives no excess. On and after September 11,
      2017 For whole loans, at rate reset the lender pass-through rate must be calculated
      using the top-down method of calculation. See, 5-02, Calculations Related to
      Pass-through Rates in Fannie Mae’s Investor Reporting Manual for additional
      information regarding this calculation method. Provisions for Co-op Share Loans:
      The following table describes the historical yield diﬀerential adjustment policies
      for co-op share loans. Date of Commitment Terms of Provision May 11, 1984 through
      August 26, 1984 The servicer retains all excess yield for ARM loans. After the
      excess for a ﬁxed-rate mortgage is reduced by a minimum servicing fee of 0.375%,
      the remaining excess is shared as follows: • Fannie Mae and the servicer each
      retain one-half of the ﬁrst 0.25% excess. • After that, the servicer retains
      one-fourth of any other excess and Fannie Mae retains three-fourths. August
      27, 1984 to September 10, 2017 For both ARM loans and ﬁxed-rate mortgage loans
      , the servicer retains all excess yield. On and after September 11, 2017 For
      ARM whole loans, at rate reset the lender pass-through rate must be calculated
      using the top-down method of calculation. See, 5-02, Calculations Related to
      Pass-through Rates in Fannie Mae’s Investor Reporting Manual for additional
      information regarding this calculation method. Published May 13, 2026 711 The
      date that the mortgage seller was converted to the Fannie Mae investor reporting
      system. The dates that the Fannie Mae regional oﬃces implemented the Fannie
      Mae investor reporting system are: Atlanta, November 26, 1984; Chicago, December
      3, 1984; Dallas, December 3, 1984; Pasadena, December 10, 1984; and Philadelphia,
      November 5,1984. 1 Diﬀerent provisions apply for any interest rate-capped ARM
      plan mortgage loans delivered under commitments dated on and after February
      19, 1985. Under those provisions, the servicer retains until the ﬁrst interest
      rate change any excess above the diﬀerence between the net mortgage rate and
      Fannie Mae''s required yield. The net mortgage rate is determined by subtracting
      the 0.5% minimum servicing fee from the mortgage interest rate. Then, on each
      interest rate change date, the servicer is allowed to retain the amount by which
      the new net mortgage rate exceeds Fannie Mae''s new required PTR. The required
      PTR is determined by adding the net required margin to the index value, and
      then comparing the result to the maximum allowable required yield that was determined
      for both the per-adjustment and lifetime interest rate limitations when Fannie
      Mae purchased the mortgage. If the calculated PTR exceeds the maximum allowable
      required yield, that yield becomes the PTR 2 The net mortgage margin is determined
      by subtracting the 0.5% minimum servicing fee from the margin speciﬁed in the
      mortgage instrument. 3 Recent Related Announcements There are no recently issued
      Announcements related to this topic.'
  judgment: false
