FNMA Selling Guide A2-1-01 — Contractual Obligations for Sellers/Servicers

fnma-sel-a2-1-01

FNMA Selling Guide A2-1-01 establishes the foundational legal relationship between [LENDER] (seller/servicer) and Fannie Mae: executed MSSC (Mortgage Selling and Servicing Contract), incorporation-by-reference of the Selling Guide, Servicing Guide, Supplements, Announcements, Lender Letters; special-approval requirements for co-op share / HomeStyle Renovation / eMortgages / SMP bifurcation servicers; Lender Contract integration and non- divisibility; and joint-and-several responsibility on servicing transfers. Fills FNMA Selling A2-1 chapter gap.

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source:
  type: regulation
  id: fnma-sel-a2-1-01
  authority: FNMA Selling Guide A2-1-01 — Contractual Obligations for Sellers/Servicers
  description: |
    FNMA Selling Guide A2-1-01 establishes the foundational legal
    relationship between [LENDER] (seller/servicer) and Fannie Mae:
    executed MSSC (Mortgage Selling and Servicing Contract),
    incorporation-by-reference of the Selling Guide, Servicing Guide,
    Supplements, Announcements, Lender Letters; special-approval
    requirements for co-op share / HomeStyle Renovation / eMortgages /
    SMP bifurcation servicers; Lender Contract integration and non-
    divisibility; and joint-and-several responsibility on servicing
    transfers. Fills FNMA Selling A2-1 chapter gap.
obligations:
  - id: fnma-sel-a2-1-01-execute-mssc-and-relevant-agreements
    canonical_id: fnma-sel-a2-1-01-execute-mssc-and-relevant-agreements
    section: FNMA Selling Guide A2-1-01 — Execute MSSC and any other relevant agreements
    description: |
      Following FNMA approval, [LENDER] (seller, servicer, or
      seller/servicer) and Fannie Mae shall execute the Mortgage
      Selling and Servicing Contract (MSSC) and any other relevant
      agreements. The MSSC establishes the basic legal relationship and
      incorporates by reference the Selling Guide, Servicing Guide,
      Document Custodian Requirements, Technology Guide, the
      Information Security and Business Resiliency Supplement, the UAD
      3.6 Policy Supplement, Manuals, Announcements, Lender Letters,
      Release Notes, Notices, and directives.
    type: do
    audit_question: Can [LENDER] produce its executed MSSC and all addenda/amendments, plus evidence of acknowledgment of the documents incorporated by reference (Selling/Servicing Guides, Supplements, etc.)?
    program_review: Does the program maintain the executed MSSC and all addenda, plus acknowledgment of the documents incorporated by reference (Selling/Servicing Guides, Document Custodian Requirements, Technology Guide, Information Security & Business Resiliency Supplement, UAD 3.6 Policy Supplement, Manuals, Announcements, Lender Letters, etc.)?
    file_review: Confirm the executed MSSC and addenda are on file and that the incorporated-by-reference documents are acknowledged in the obligations inventory.
    judgment: false
    feeds: []
    workflow_phase: corporate_governance
    owner_role: chief_compliance_officer
    secondary_owner_role: general_counsel
    cadence: per-approval-and-amendment
    consequence: Without an executed MSSC, [LENDER] is not an approved FNMA seller/servicer; no FNMA business relationship.
    tags:
      - round-d
      - regulator-direct
      - fnma
      - selling-guide
      - mssc
      - lender-contract
      - promoted
    primary_source:
      tier: 1
      authority: FNMA Selling Guide A2-1-01 — Role of MSSC
      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:placeholder-snapshot-content-hash-from-source-json
      paragraph_quote: |
        both parties execute the Mortgage Selling and Servicing Contract (MSSC) and any other relevant agreements
      drafter_attestation: |
        Copied verbatim from snapshot 5f7b8b79da595d76. A2-1-01 MSSC-
        execution operative phrase.
    promoted_at: '2026-05-25T19:08:47+00:00'
    promoted_from: fnma-sel-a2-1-01-roundd-v1.yaml
  - id: fnma-sel-a2-1-01-special-approval-required-for-listed-loan-types
    canonical_id: fnma-sel-a2-1-01-special-approval-required-for-listed-loan-types
    section: FNMA Selling Guide A2-1-01 — Special approval required for co-op / HomeStyle / eMortgages / SMP bifurcation
    description: |
      [LENDER] (Sellers/servicers) may NOT sell or service the following
      loan types unless [LENDER] obtains the applicable special approval
      and executes any additional agreements required by Fannie Mae:
      co-op share loans, HomeStyle Renovation mortgages, electronic
      mortgages (eMortgages), and bifurcation servicer roles in
      Servicing Marketplace (SMP). HomeStyle Renovation approval
      additionally requires a Special Lender Approval Form (Form 1000A).
    type: refrain
    audit_question: For every loan type requiring FNMA special approval that [LENDER] has sold/serviced, can [LENDER] produce (a) the special approval documentation and (b) any required additional agreements (e.g., Form 1000A for HomeStyle Renovation)?
    program_review: Does the program account for the special-approval gate — no co-op share loans, HomeStyle Renovation, eMortgages, or SMP bifurcation servicing without the applicable FNMA special approval and any additional agreement (Form 1000A for HomeStyle Renovation)?
    file_review: For any of the listed loan types sold/serviced, confirm the special-approval documentation and any required additional agreement are on file.
    judgment: false
    feeds: []
    workflow_phase: corporate_governance
    owner_role: chief_compliance_officer
    secondary_owner_role: general_counsel
    cadence: per-special-approval-loan-type
    consequence: Selling/servicing special-approval loan types without approval is a Lender Contract breach; FNMA enforcement risk.
    tags:
      - round-d
      - regulator-direct
      - fnma
      - selling-guide
      - special-approval
      - emortgages
      - homestyle
      - promoted
    primary_source:
      tier: 1
      authority: FNMA Selling Guide A2-1-01 — Special Seller/Servicer Approval and MSSC Addendum
      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:placeholder-snapshot-content-hash-from-source-json
      paragraph_quote: |
        Sellers/servicers may not sell or service these loan types unless they obtain the applicable special approval and execute any additional agreements required by Fannie Mae.
      drafter_attestation: |
        Copied verbatim from snapshot 5f7b8b79da595d76. A2-1-01 special-
        approval-loan-types operative requirement. Enumerated list (co-op,
        HomeStyle, eMortgages, SMP bifurcation) and Form 1000A reference
        paraphrased in description.
    promoted_at: '2026-05-25T19:08:47+00:00'
    promoted_from: fnma-sel-a2-1-01-roundd-v1.yaml
  - id: fnma-sel-a2-1-01-lender-contract-single-integrated-contract
    canonical_id: fnma-sel-a2-1-01-lender-contract-single-integrated-contract
    section: FNMA Selling Guide A2-1-01 — Lender Contract is a single, integrated contract
    description: |
      The MSSC, all documents incorporated by reference (Guides,
      Supplements, Manuals, Announcements, etc.), and any other
      agreements between [LENDER] and Fannie Mae imposing additional
      obligations (commitments, variances, special requirements,
      technology agreements, collateral agreements) together form a
      single, integrated contract — the "Lender Contract". [LENDER]
      may not segregate breach analysis to a single Guide section.
    type: notice
    audit_question: Does [LENDER] manage its FNMA contractual obligations recognizing the integrated nature of the Lender Contract (MSSC + all incorporated documents + side agreements), and does it have a consolidated obligations register?
    program_review: Does the program manage FNMA obligations as a single integrated Lender Contract (MSSC + all incorporated documents + side agreements) with a consolidated obligations register, rather than segregating breach analysis to one Guide section?
    file_review: Review the consolidated obligations register; confirm it spans the MSSC, incorporated documents, and side agreements as one integrated contract.
    judgment: false
    feeds: []
    workflow_phase: corporate_governance
    owner_role: general_counsel
    secondary_owner_role: chief_compliance_officer
    cadence: continuous
    consequence: Segregated/piecemeal compliance management may miss cross-document breach exposure.
    tags:
      - round-d
      - regulator-direct
      - fnma
      - selling-guide
      - lender-contract
      - integrated-contract
      - promoted
    primary_source:
      tier: 1
      authority: 'FNMA Selling Guide A2-1-01 — Lender Contract: Integration and Non-Divisibility'
      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:placeholder-snapshot-content-hash-from-source-json
      paragraph_quote: |
        form a single, integrated contract
      drafter_attestation: |
        Copied verbatim from snapshot 5f7b8b79da595d76. A2-1-01 single-
        integrated-contract operative phrase. Quote intentionally short
        to avoid surrounding curly-quote "Lender Contract" tag; enumerated
        component documents (MSSC, Guides, Supplements, side agreements)
        paraphrased in description.
    promoted_at: '2026-05-25T19:08:47+00:00'
    promoted_from: fnma-sel-a2-1-01-roundd-v1.yaml
  - id: fnma-sel-a2-1-01-selling-servicing-cannot-be-separated
    canonical_id: fnma-sel-a2-1-01-selling-servicing-cannot-be-separated
    section: FNMA Selling Guide A2-1-01 — Selling and Servicing obligations integrated, cannot be separated
    description: |
      [LENDER]'s benefits and obligations to service loans under the
      Lender Contract are integrated and cannot be separated from the
      seller's or seller/servicer's benefits and obligations to sell
      loans under the Lender Contract. Fannie Mae relies on this
      integration in entering into and continuing to be bound by the
      Lender Contract and in consenting to a servicing transfer.
      Operationally: [LENDER] cannot, by selling the servicing rights,
      escape selling-side reps-and-warranties exposure (or vice versa).
    type: notice
    audit_question: Has [LENDER] structured its servicing-transfer due diligence and FNMA-relationship governance to recognize the inseparability of selling and servicing obligations under the Lender Contract?
    program_review: Does the program's servicing-transfer due diligence and FNMA governance recognize that selling and servicing benefits/obligations are integrated and cannot be separated — selling the servicing rights does not escape selling-side R&W exposure (or vice versa)?
    file_review: Review servicing-transfer due-diligence records; confirm they reflect the inseparability of selling and servicing obligations. The compliance person judges whether the governance adequately accounts for it.
    judgment: true
    feeds: []
    workflow_phase: corporate_governance
    owner_role: general_counsel
    secondary_owner_role: chief_compliance_officer
    cadence: per-transfer-or-amendment
    consequence: Treating selling and servicing obligations as separable can lead to under-reserving for legacy R&W exposure and FNMA-consent surprises.
    tags:
      - round-d
      - regulator-direct
      - fnma
      - selling-guide
      - lender-contract
      - non-divisibility
      - promoted
    primary_source:
      tier: 1
      authority: 'FNMA Selling Guide A2-1-01 — Lender Contract: Integration and Non-Divisibility'
      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:placeholder-snapshot-content-hash-from-source-json
      paragraph_quote: |
        are integrated and cannot be separated from
      drafter_attestation: |
        Copied verbatim from snapshot 5f7b8b79da595d76. A2-1-01 selling-
        and-servicing-cannot-be-separated operative phrase. Quote
        intentionally short to avoid surrounding U+2019 curly apostrophes
        in "seller's", "servicer's", and U+FB01 ligature in "beneﬁts".
        Full inseparability text paraphrased in description.
    promoted_at: '2026-05-25T19:08:48+00:00'
    promoted_from: fnma-sel-a2-1-01-roundd-v1.yaml
  - id: fnma-sel-a2-1-01-joint-and-several-responsibility-on-transfer
    canonical_id: fnma-sel-a2-1-01-joint-and-several-responsibility-on-transfer
    section: FNMA Selling Guide A2-1-01 — Joint-and-several responsibility on servicing transfer
    description: |
      Unless Fannie Mae otherwise agrees in writing, upon the transfer
      of servicing loans, [LENDER] (as either transferor or transferee)
      is on notice that the transferor and transferee are jointly and
      severally responsible for all selling representations, warranties,
      and obligations related to the transferred loans, including those
      that arise before delivery of the loans to Fannie Mae; AND the
      transferee is jointly and severally responsible for all servicing
      obligations and liabilities of the transferor, including those
      that arise before delivery of the loans.
    type: notice
    audit_question: For every servicing-transfer transaction [LENDER] participated in (as transferor or transferee), can [LENDER] evidence due-diligence reflecting joint-and-several R&W liability exposure (vs. assumption of clean-handoff)?
    program_review: Does the program's transfer due diligence reflect that, absent FNMA's written agreement otherwise, transferor and transferee are jointly and severally responsible for all selling reps/warranties/obligations (including pre-delivery), and the transferee for all transferor servicing obligations/liabilities (including pre-delivery)?
    file_review: For servicing-transfer transactions, review the due diligence; the compliance person judges whether it accounts for joint-and-several R&W exposure rather than assuming a clean handoff.
    judgment: true
    feeds: []
    workflow_phase: servicing-transfer
    owner_role: general_counsel
    secondary_owner_role: chief_compliance_officer
    cadence: per-servicing-transfer
    consequence: Under-pricing or under-diligencing servicing transfers ignoring joint-and-several R&W liability can leave [LENDER] holding pre-transfer breaches.
    tags:
      - round-d
      - regulator-direct
      - fnma
      - selling-guide
      - joint-and-several
      - servicing-transfer
      - promoted
    primary_source:
      tier: 1
      authority: FNMA Selling Guide A2-1-01 — General Contract Terms — Joint and Several Responsibility
      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:placeholder-snapshot-content-hash-from-source-json
      paragraph_quote: |
        the transferor and transferee are jointly and severally responsible for all selling representations, warranties, and obligations related to the transferred loans
      drafter_attestation: |
        Copied verbatim from snapshot 5f7b8b79da595d76. A2-1-01 joint-and-
        several-responsibility-on-transfer operative phrase. The
        transferee-takes-all-prior-servicing-liability sister rule and the
        "unless FNMA agrees in writing" caveat paraphrased in description.
    promoted_at: '2026-05-25T19:08:48+00:00'
    promoted_from: fnma-sel-a2-1-01-roundd-v1.yaml
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  - promoted_at: '2026-05-25T19:08:48+00:00'
    candidate_path: obligations\_remediation\round-d-investor-guides\fnma-sel-a2-1-01-roundd-v1.yaml
    candidates_promoted: 5
    candidates_skipped_existing: 0

Verbatim regulatory text (5)

Verbatim provisions from FNMA Selling Guide A2-1-01 — Contractual Obligations for Sellers/Servicers — each quote is a verified substring of the regulator-published source snapshot, not retyped. Quoted for reference; this is not legal advice. The operational layer (P&P updates, prompts) lives in the regulation update kits.

FNMA Selling Guide A2-1-01 — Execute MSSC and any other relevant agreements

both parties execute the Mortgage Selling and Servicing Contract (MSSC) and any other relevant agreements

Source: FNMA Selling Guide A2-1-01 — Role of MSSC · source URL · snapshot 5f7b8b79da595d76

FNMA Selling Guide A2-1-01 — Special approval required for co-op / HomeStyle / eMortgages / SMP bifurcation

Sellers/servicers may not sell or service these loan types unless they obtain the applicable special approval and execute any additional agreements required by Fannie Mae.

Source: FNMA Selling Guide A2-1-01 — Special Seller/Servicer Approval and MSSC Addendum · source URL · snapshot 5f7b8b79da595d76

FNMA Selling Guide A2-1-01 — Lender Contract is a single, integrated contract

form a single, integrated contract

Source: FNMA Selling Guide A2-1-01 — Lender Contract: Integration and Non-Divisibility · source URL · snapshot 5f7b8b79da595d76

FNMA Selling Guide A2-1-01 — Selling and Servicing obligations integrated, cannot be separated

are integrated and cannot be separated from

Source: FNMA Selling Guide A2-1-01 — Lender Contract: Integration and Non-Divisibility · source URL · snapshot 5f7b8b79da595d76

FNMA Selling Guide A2-1-01 — Joint-and-several responsibility on servicing transfer

the transferor and transferee are jointly and severally responsible for all selling representations, warranties, and obligations related to the transferred loans

Source: FNMA Selling Guide A2-1-01 — General Contract Terms — Joint and Several Responsibility · source URL · snapshot 5f7b8b79da595d76