C2-2-07, Purchase Payee Codes (10/07/2026)

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.

To change or delete an existing payee code, lenders must submit a new request using the Form 482 application. 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: