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E-2-01, Required Custodial Documents (05/04/2022)

Introduction
This exhibit contains information on the custodial documents required for all mortgages.

Required Custodial Documents

Custodial documents are the legal documents pertaining to a mortgage that the document custodian takes into physical possession when Fannie Mae purchases or securitizes a mortgage.

The following mortgage documents (when applicable) are required for all mortgages.

Requirement Description
Cover letter A document that contains the following:

  • lender name and contact information;

  • lender loan number;

  • property address; and

  • a list of the documents that are being included in the submission package (documents listed below).
Note

The original note endorsed “in blank” and without recourse and there is no break in the chain of endorsements.

For MERS registered loans, the MIN should be added to the upper right-hand corner of the note and must be part of the electronic data delivery. The MIN must be registered prior to delivery.
Modifications Originals of any instruments that modify the terms and conditions of the mortgage note (such as a modification agreement or an ARM addendum).
Repair rider A Repair Rider or Addendum if a set-aside for repairs is required.
Power of attorney A copy of the applicable power of attorney, if an attorney-in-fact signed the mortgage note (or any other acceptable alternative for the mortgage note) on a borrower’s behalf. If applicable law requires an original power of attorney for enforcement or foreclosure purposes, the document custodian must hold the original rather than a copy. If applicable law requires recordation of the power of attorney, it must be recorded. The name(s) on the power of attorney must match the name(s) on the note and must be dated such that it was valid at the time the note was executed. The power of attorney must be notarized. If a power of attorney is used because the lender determines such use is required by applicable law, the lender must include a written statement that explains the circumstances.
Name affidavit A name affidavit, if the borrower signed under an “also known as (AKA) name” or used a signature that significantly differs from the typed name.
Co-op documentation All applicable documentation required by Fannie Mae for a co-op share loan in the jurisdiction in which the co-op project is located. (Contact a Fannie Mae customer account team for specific documentary requirements.)
New York CEMA For a New York mortgage transaction that uses Form 3172, the executed and original Consolidated Note, the executed and recorded original of the CEMA and all exhibits to it (or a certified copy if the original is not yet available), and all required mortgage assignments. (Delivery of the original notes listed on the CEMA’s Exhibit A (the “Gap Note” and other prior notes) to the document custodian is not required, but the lender must maintain possession of all the Exhibit A original notes. For more information about use of the CEMA, refer to the instructions that are part of the form.)
Indian guarantee certificate The Indian Loan Guarantee Certificate (HUD Form 53039), for a HUD Section 184 mortgage.
Participation loans certificate Two originals of the executed Participation Certificate (Form 638), for a delivery of a participation interest in a group of participation pool mortgages.
Facsimile signatures Facsimile signature language, as applicable. If a mortgage (or deed of trust) note is endorsed by facsimile signature, a certified copy of the endorsing entity’s corporate resolution authorizing specific officers by name or title to use facsimile signatures is acceptable. For additional requirements for the use of facsimile signatures, see B8-3-04, Note EndorsementB8-3-04, Note Endorsement.
Notes signed by trustee If the loan indicates that it is a part of a trust, it must be signed by the borrower as both the individual and trustee. The signatures can be on two separate lines or on one line, clearly indicating signature as trustee and individual.
Renovation Loan Agreement For HomeStyle Renovation loans with recourse, the model Renovation Loan Agreement (Form 3731) or its equivalent are required. See B5-3.2-06, HomeStyle Renovation: Renovation Contract, Renovation Loan Agreement, and Lien WaiverB5-3.2-06, HomeStyle Renovation: Renovation Contract, Renovation Loan Agreement, and Lien Waiver.

 

The document package must be sent via overnight mail, express delivery (first delivery time), on the same day the lender submits the loan data to Loan Delivery. Clearly label As Soon As Pooled loan packages with “ASAP.” Do not staple one document to another and do not include any mortgages, deeds of trust, title insurance policies, or appraisals.

Loan packages must be assembled in the following manner:

  • Cover letter;

  • Form 1068, Form 1069, or Form 2005, if available;

  • All loans together in one continuous stack with each individual document stapled when more than one page is present;

  • Loans must be in the exact order in which they were transmitted to Loan Delivery;

  • Each loan's documents should be placed in the following order:

    • Loan modification agreement (if applicable),

    • Note,

    • Allonge affixed to the note (if note is not blank endorsed), and

    • Other ancillary documents (power of attorney, CEMA documents, co-op documents, etc.)

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