Getting Seller/Servicer Approval from Fannie Mae

Fannie Mae is a crucial component of the modern home lending market in the United States. This government-sponsored enterprise purchases millions of loans every year on the secondary market, providing opportunities for countless families who would otherwise not be able to buy a house. As a lender, being an approved Fannie Mae servicer will likely be a one of the keys to your success. Fortunately, gaining approval is a relatively well organized process with clear steps. When you get help from our professionals, it’s even easier.

Eligibility Requirements

Before Fannie Mae will even consider accepting a new applicant, you must have at least 2 years of experience originating, selling, or servicing residential mortgages. You must also demonstrate ability to handle the type of mortgages for which your requesting approval. In addition, you’ll need to:


  • Have adequate facilities and staff for handling relevant loans
  • Be authorized to conduct business in your jurisdiction
  • Have management control and internal auditing processes in place
  • Implement policies on fidelity bonds as well as errors and admissions
  • Have a minimum net worth of $2.5 million and history of profitability


In addition to these requirements, Fannie Mae can impose additional stipulations at any time. Their philosophy is to examine the total circumstances of the applicant to see if they are a good match. At Cyberlink, we’ve helped a lot of clients meet these requirements, and we have a second nature ability when it comes to figuring out what Fannie Mae officials want.

Getting Started

Once you’ve determined that you meet all eligibility requirements, it’s time to fill out the servicer/seller application and go through the Quality Control (QC) Self-Assessment. It’s normal to have a lot of questions when going through both the application and the self assessment. Some of the language may seem confusing. For example, Fannie Mae expects lenders to calculate a target defect rate for their loans, but it may not be completely clear what that rate should be. A Fannie Mae approval consultant can help you calculate gross and net defect rates and compose plans to improve them.

Document Submission

After your initial application has been submitted and approved, you’ll be required to provide a very long list of documents that will prove you’re ready to work with Fannie Mae. Observing the full document checklist for the first time can seem daunting, but we can guide you through each item step by step and eliminate any confusion along the way. Here’s just a small sample of the items you’ll be required to submit:


  • Financial statements from the previous three years
  • Resumes from executive officers and senior management personnel
  • Insurance proof, including deductibles, coverage amounts, and expiration dates
  • Documents showing at least two warehouse lines of credit
  • An abbreviated account of the company or organization’s history and mission
  • A wide range of quality control documentation


Gathering all the needed documentation can be one of the most overwhelming aspects of the approval process. With many institutions, there are no formatting standards or common procedures, but we’re here to help get everything organized and ready to go. For example, if your disaster recovery plan isn’t complete, we’ll help you make the necessary edits or additions to ensure everything meets Fannie’s standards.

Onboarding Process

Once you’re approved, the hard part is over. Fannie Mae is interested in having a diverse partnership of sellers/servicers, and they’ll provide a lot of personalized support in the final stages of the process. Despite Fannie’s involvements, it can be helpful to seek advice and counsel from outside consultants if a particularly difficult situation arises. We’ve got the experience, knowledge, and dedication required to solve a wide range of issues.

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