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Submitting a Voluntary Repurchase Request

When circumstances warrant, servicers may find it advantageous for Fannie Mae to repurchase a portfolio loan or a pool of MBS loans. In order to initiate the process, Voluntary Repurchase Requests are now submitted in Loan Quality Connect. Fannie Mae will review the request and decide whether or not to go forward with the repurchase.

The screens for submitting voluntary repurchase requests reside under the Lender Self Report menu option. After clicking Lender Self Report, you can create and submit the Voluntary Repurchase Request, upload all supporting documentation, and track the request status. You can also keep track of Voluntary Repurchase Requests that you have started, but not yet finished. When Fannie Mae needs more information to make a decision, a document request will appear in your Lender Self Report queue and be counted in the BI cards.

Follow these steps to submit a Voluntary Repurchase Request after logging in to Loan Quality Connect:

  1. Select Lender Self Report from the left navigation menu.


    The Lender Self Report screen appears.
  2. Click Create Self Report.

    Select Create Self Report

    The Lender Self Report > Edit screen appears. It contains three sections for gathering information about the loan, the deficiency issue, and the supporting documentation. You are required to upload all relevant documentation that supports the repurchase request.

    Lender Self Report > Edit Screen
  1. To complete the loan information section:
    1. Click the radio button next to Voluntary Repurchase.
      The screen expands to show the Selling Guide's requirements for a Voluntary Repurchase Request.

      The servicer may initiate a request for Fannie Mae's approval to repurchase portfolio mortgage loans that it is servicing for a number of reasons, including when the servicer:

      • wishes to discontinue its contractual relationship with Fannie Mae, or
      • is discontinuing its overall operations and plans to place its servicing portfolio with a servicer that does not do business with Fannie Mae.
      There may be other reasons for a voluntary repurchase, such as when the servicer or responsible party:
      • plans to remove a delinquent regular servicing option mortgage loan from an MBS pool, or
      • decides to remove a mortgage loan from an MBS pool to allow an assumption of the mortgage loan, when permitted as described in Voluntary Repurchase of Certain MBS Mortgage Loans.
      Fannie Mae will only approve requests to repurchase an MBS mortgage loan for the reasons stated in this topic. Following the repurchase of any mortgage loan, losses are the responsibility and legal obligation of the responsible party. For modified mortgage loans, the responsible party must comply with all legal obligations in connection with the mortgage loan, including any legal obligation to pay a borrower any earned "pay for performance" incentive. Documentation must be attached in the e-mail to support the reason for the lender's request to voluntarily repurchase. In addition to the supporting documentation to support the reason for the lender's request to voluntarily repurchase, all voluntarily repurchase requests must include a copy of the original note. If the reason for the request is due to a modification, both copies of the original note and the modified note are required. If the supporting documentation is not provided, we are unable to open the request and are unable to process the request.
  1. Select your organization's name from the Lender drop-down menu.
  2. Select the appropriate option from the Reason Report to Fannie Mae drop-down menu.

    Reason Report to Fannie Mae: Drop-down
  3. Enter the Fannie Mae Loan Number.
  4. Enter the 9-digit Seller Number the loan was sold under into the text field labeled Seller servicer loan number.
  5. Enter the Borrower Last Name.
  6. Use the date picker to select the Note Date.

    Date Picker Tool
  7. Enter pertinent loan information in the Description text box.
  1. To complete the deficiency Information section:
  1. Click the down arrow to expand the Deficiency Issue section if it is closed.

    Opening the Deficiency Issue Section
  2. Select the deficiency Category from the drop-down menu.

    Select Deficiency Category:
  3. Select the deficiency Sub-Category from the drop-down menu.

    Select Deficiency Sub Category:
  4. Select the Defect from the drop-down menu.

    Select Defect: from the drop-down menu
  5. Click Add.

    Click Add

    The Deficiency Issue appears on the screen and the drop-down menus reset. Additional Deficiency Issues may now be added.

    Deficiency Issue Added to Screen
  6. Click Add to enter an additional defect, if needed.
  1. To complete the supporting documentation section:
  1. Click the down arrow to expand the Supporting Documentation section if it is closed.

    Click Down Arrow to Expand
  2. Select the Document Type from the drop-down menu.

    Select Document Type

Note: You may upload a loan file when submitting a Lender Self Report. The system will automatically store the submitted file and you will not need to provide the loan file again once the loan is selected for review.

  1. Click Upload.

    Click Upload
    The uploaded document information is displayed as shown below.

    Uploaded Document Information Displayed
  1. If you are unable to complete the entire request after beginning it, click Save. You will be able to open it from your Self Report queue and work on it later.

    Note: Remember that the Save button does not submit the repurchase request. You may edit and save your report as many times as you wish.

  2. If you decide that you no longer need to submit the report after you've saved it, you can delete the report in your Self Report queue at any time.
  3. When you have completed all of the fields on the screen and uploaded all the necessary documentation, click Save and Submit.

Note: Once you click Save and Submit, you will not be able to edit or add documents.

Click Save and Submit
A Confirmation screen appears.

  1. Click Proceed to finalize your Voluntary Repurchase Request submission. After clicking Proceed, you will NOT be able to make changes to the request. Therefore, if you need to change or add anything to the request, click Cancel.

    Submit Self Report Confirmation Screen

    Note: The Voluntary Repurchase Request form should NOT be submitted more than once.