Fannie Mae Selling Guide C2-2-07 — Purchase Payee Codes
Fannie Mae Selling Guide C2-2-07 — Purchase Payee Codes.
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Verbatim provisions from Fannie Mae Selling Guide C2-2-07 — Purchase Payee Codes — 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.
Fannie Mae Selling Guide C2-2-07 — Purchase Payee Codes
C2-2-07, Purchase Payee Codes (10/07/2026) Introduction This topic contains information on purchase payee codes, including: Entering Purchase Payee Codes Into Fannie Mae’s Records Changing or Deleting Purchase Payee Codes From Fannie Mae’s Records Entering Purchase Payee Codes Into Fannie Mae’s Records 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. Step Procedure 1. The lender submits a new request using the Seller’s Designation of Wire Transfer Instructions ( Form 482) application to Fannie Mae. 2. Fannie Mae will provide the lender with the new payee code. 3. Fannie Mae updates the Loan Delivery application with the new payee code within one business day of receiving the approved request. 4. The lender informs the appropriate staff (those who submit delivery data to Fannie Mae) regarding which payee code to use for which payee arrangement. Changing or Deleting Purchase Payee Codes From Fannie Mae’s 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: Step Procedure 1. The lender completes and submits a new request using the Form 482 application. 2. Fannie Mae will make the requested change within one business day after receiving the approved request; however, Fannie Mae cannot guarantee that this will occur in time to prevent a previously authorized transfer of funds for a mortgage that is in its purchase pipeline or to stop a wire transfer that is in process. 3. Fannie Mae contacts the lender to notify them of the change or deletion.
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Source of record: https://claudeforcompliance.com/regs/fnma-sel-c2-2-07/
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