Fannie Mae Selling Guide C2-2-06 — Authorization to Transfer Funds

Fannie Mae Selling Guide C2-2-06 — Authorization to Transfer Funds

C2-2-06, Authorization to Transfer Funds (05/01/2024) Introduction This topic explains how a lender authorizes Fannie Mae to transfer funds for whole loan deliveries into its designated accounts, including: Documentation Requirements Lender’s Agreement Related to the Execution of the Authorization to Transfer Funds Authorization for Repetitive Transfers Changes to or Deletion of the Authority to Transfer Funds Documentation Requirements Fannie Mae will not transfer purchase proceeds for whole loan deliveries to a lender’s designated bank account until the lender has provided Fannie Mae with an executed Certificate of Authority, Incumbency, and Specimen Signatures ( Form 360) that designates the person or persons authorized to establish, change, or delete wire Published May 6, 2026 973 transfer instructions on the lender’s behalf. Lender’s Agreement Related to the Execution of the Authorization to Transfer Funds By executing Form 360, a lender agrees that Fannie Mae is authorized to conclusively rely on the accuracy, genuineness, and good faith of any written communication related to transfer instructions that bears the signature of one of the individuals designated on Form 360; and it will be fully responsible for any and all losses incurred by Fannie Mae that result from Fannie Mae’s reliance on any instruction given to Fannie Mae by the lender’s authorized representatives or any other person who has (or obtains) access to information or documents that compromise the security of any Fannie Mae electronic fund transfer systems or processes. After Fannie Mae receives an executed Form 360 from a lender, Fannie Mae will rely on the information on that Certification until such time as the lender requests to modify or delete it. Authorization for Repetitive Transfers A repetitive transfer is one in which all aspects of the transfer, other than the date of the transfer and the amount of funds transferred, remain constant over time. A lender that wants the purchase proceeds for the whole loan deliveries that it submits over any period of time to be wired to the same account(s) and depository institution(s) must have its authorized representative(s) submit a separate Seller’s Designation of Wire Transfer Instructions ( Form 482) for each arrangement, specifying any desired transfer routing instructions, any intermediary depository institutions, and appropriate account numbers for these repetitive transfers. Fannie Mae will call the authorized representative who signed the Form 482 request to confirm validity prior to processing. assign a unique payee code to identify each of the lender’s instructions for repetitive transfers. The lender must then use this payee code to identify each whole loan delivery for which the purchase proceeds are to be wired to the designated payee. rely on the ABA routing number and the account numbers that the lender’s representative specifies on the Form 482 when it creates a payee code to identify each individual payee arrangement. Fannie Mae will make no effort to verify the accuracy of the routing number or the account numbers. Changes to or Deletion of the Authority to Transfer Funds To add, delete, or change an authorized representative, the lender must submit a new Form 360 and corporate resolution. Fannie Mae reserves the right to verify or authenticate any request for a change, but the lender cannot consider Fannie Mae’s failure to do so an act of negligence. Published May 6, 2026 974 In emergency situations, Fannie Mae may, in its sole discretion, delete the name of an authorized representative on the basis of a telephone call and/or an email request from another authorized representative; however, a revised Form 360 and a new corporate resolution must then be submitted promptly as confirmation of the change. Fannie Mae will make reasonable efforts to act quickly on requests for emergency deletions of the names of authorized representatives. Fannie Mae cannot guarantee that it will be able to act quickly enough to prevent the execution of transfers by the individuals being deleted and bears no liability for the execution of any such transfers. 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 Announcement SEL-2023-05 June 07, 2023

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