Fannie Mae DUS | 2026-10-21

Fannie Mae Acquisition Files Need Seller Consent Early

Current Form 4650 requires the borrower to secure permission to share the complete PSA record and seller-side settlement statement before closing.

Fannie Mae's current Title and Closing Requirements for Multifamily Mortgage Loans, Form 4650, make document access a pre-closing requirement for an acquisition. The borrower must provide the lender with the purchase and sale agreement and its amendments, assignments, extensions, joinders, acknowledgements, and related documents, along with settlement statements that include any seller-side statement and show all debits and credits. Fannie Mae or its counsel may also request those materials.

The borrower must obtain the seller's consent to delivery of all PSA documents and any seller-side settlement statement to the lender, Fannie Mae, and their counsel. If the transaction documents do not already permit that sharing, Form 4650 calls for a PSA amendment or a separate side letter executed by the borrower and seller before closing. The consent must also permit the title company and borrower to share related documents and, when needed, allow PSA escrows or other funds to be held by the title insurance underwriter under the form's funding rules.

At closing, the lender must review and approve the complete settlement statement, whether combined or presented as separate statements, including an unredacted seller-side statement for an acquisition when applicable. The review reaches the purchase price and adjustments, deposits, seller financing, other sources, equity, charges paid outside closing, broker and counsel payments, and seller-purchaser prorations. Form 4650 also directs attention to below-the-line purchase-price adjustments that were not reflected in the PSA documents or previously disclosed and underwritten.

For borrower-side counsel, the cleanest approach is to address the disclosure consent when the PSA is drafted or first reviewed, then maintain one index of every PSA document and a closing checklist for the seller-side statement. Before funding, that statement should be reconciled against the PSA, lender underwriting, title-company ledger, sources and uses, and final deed parties. This note is informational only and is not legal advice for any specific transaction.