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Modifying a SET Commitment

Managing Commitments Overview

The Pricing & Execution - Whole Loan™ (PE – Whole Loan™) application allows you to manage the circumstances surrounding your commitments. This job aid provides information on modifying Servicing Execution Tool™ (SET™), servicing-released commitments. For more information on managing your SET commitments, see the following job aids: Executing an Extension for a SET Commitment,  Moving a SET Best Efforts Commitment to Fallout, and  Executing a Pair-Off for SET Commitments.

 Note: The SET, servicing-released program requires additional registration and approval. For more information on the SET, servicing-released program see the Introduction to Pricing & Execution- Whole Loan (PE – Whole Loan) job aid.


You can update many of the characteristics of a SET servicing- released commitment, including the product, note rate, and commitment amount without additional fees. The PE – Whole Loan application will re-price the commitment for you when, for example, you change either the product and/or note rate. Changes to your loan data may impact your servicing-released premium pricing.

Data Change

Lenders have the ability (and, in some cases, the obligation) to modify certain attributes of their commitments to sell loans to Fannie Mae (including commitment expiration date, pass-through rate, product type, and unpaid principal balance). If there is a change in PE – Whole Loan to any loan data (including product type) on a committed loan, and the committed loan remains eligible for a best efforts or mandatory commitment, PE-Whole Loan will calculate a revised Net SRP from the Active Servicer previously identified as having the highest Net SRP, and the lender will be informed of that Active Servicer’s new bid. Lenders can choose to accept or reject that bid.

If the Active Servicer originally associated with that loan has elected not to bid on the servicing of the revised loan, the servicing will be offered to the other Active Servicers, and the lender will be advised of the name of the new Active Servicer with the highest Net SRP, and the new Net SRP. Lenders can choose to accept or reject that bid. If no other Active Servicer is interested in purchasing the servicing associated with that loan and provided the loan is eligible for commitment, the lender may either, commit the loan to Fannie Mae  while retaining the servicing; or independently arrange for a sale of the servicing to a Fannie Mae-approved servicer. Depending on the commitment execution type and/or loan status, the lender may be assessed a pair-off fee.

Changing Loan Status to Closed

You will need to modify a commitment to change the Loan Status from Committed to Closed prior to delivering your data. Your final commitment data must match your delivered data in order for the loan to be successfully purchased. For more details on updating a SET commitment's DU Casefile ID and borrower and property data, see the PE – Whole Loan Frequently Asked Questions document on the Pricing & Execution page at

Note: When making a change to the product or note rate, the new commitment pass-through rate and prices are recalculated using the market prices in effect at the time of the original commitment date. This type of change is not subject to worse-case pricing. However, when the product group changes from, for instance, a fixed rate to an adjustable rate mortgage (ARM) product or vice versa, PE – Whole Loan will return the worse-case price for the new product (the lower of the new product’s price at the time of the original commitment and its current live price).

Steps for Modifying a SET Commitment

Follow the steps to modify a SET, servicing-released commitment:

  1. Enter the Commitment ID in the Basic Search box to the left of the screen and click the Search icon.

    Note: If you are not sure of the Commitment ID, you also can access the commitment by entering your Seller Unique ID or Casefile ID into the Basic Search box. Other ways to search for a commitment include selecting any relevant commitment Pipeline views in the function menu to the left of the screen, and by using the Advanced Search option. For more information, see the Viewing Your Commitment Pipelines and Searching Commitments job aids.

  2. The Search Commitments Results screen appears. Take note of the scroll bar at the bottom which allows you to view other details about the commitment.

  3. Click the Commitment ID hyperlink for the commitment that you wish to modify. The Commitment Details window opens.

  4. Click Modify at the top of the window.

  5. Enter the necessary changes in the appropriate editable fields.  The following fields can be edited in each section.

    Commitment Details Loan Information Subject Property Loan Status
    seller unique ID purchase price/ appraised value number of units loan status
    the product name subordinate financing    
    current commitment amount credit score    
    escrows collected      
    escrow amount,      
    gross note rate,      
    gross margin (if applicable)      

    More fields are available for editing when the underwriting method is “Other” as opposed to a loan committed through Desktop Underwriter® (DU®).

    To make updates to the commitment's property address, borrower(s) name(s), social security number(s), and/or DU Casefile ID, email Fannie Mae at [email protected].

    Reminder: Loan substitutions are not allowed, therefore most updates should be minor or you may be requested to provide a sufficient explanation for your request.
  6. Before you change the loan status to close, in the Commitment Details section verify that the escrow amount is updated to reflect the final escrow amount collected.   

  7. In the Loan Status section, if the loan has closed, change the Loan Status from Committed to Closed, and enter the Loan Closing Date. A calendar opens to assist you.

    Note: You should place a loan into “Closed” status within one business day of the loan funding with the borrower(s), which for a purchase will be the business day after closing and for a refinance the business day after the expiration of the three-day right-of-rescission period.

  8. At the bottom of the screen, click Save. The Modify Commitment: Commitment Price timer screen appears..

  9. The Modify Commitment: Commitment Price timer screen summarizes the commitment details and displays the price for the loan based on current characteristics for the commitment, including any changes you entered.

    Review the commitment details. If you want to accept the price and update the commitment, enter your Password and click Accept. A Commitment Confirmation window opens.

    If you click Reject, the Pricing & Execution application returns you to the Modify Commitment screen..

Note: You have 60 seconds in which to accept or reject the changes you made. If you run out of time, you return to the Modify Commitment screen. A dialog box will inform you that time has expired. You can change and/or resubmit your request.

Whether you Accept, Reject, or the 60 second timer expires, each action will be recorded in the Commitment Activity history. All fees accepted will also be accessible in the Fees report view. For more information, see the Viewing SET Commitment Details job aid.

  1. On the Commitment Confirmation window the modified fields are highlighted in green. Click the Print icon to print the confirmation details.

  2. To export the updated commitment details to a comma-delimited (.csv) file, click the Export icon .