301.01

Maintenance

Requirements

For all funds collected per the Loan Documents Loan DocumentsAll Fannie Mae-approved documents evidencing, securing, or guaranteeing the Mortgage Loan. , you must:

  • establish and maintain the following per this Chapter:
    • P&I Custodial Accounts P&I Custodial AccountsCustodial Account for principal and interest deposits. ;
    • T&I Custodial Accounts T&I Custodial AccountsCustodial Account for the deposit of T&I and other impound escrow funds. ; and
    • any other Custodial Accounts Custodial AccountsAccount established by the Servicer for depositing P&I payments, T&I payments, and escrow, reserve, or other funds received from the Borrower per any Loan Document, including the: Collateral Agreement; Multifamily Loan Agreement; or Security Instrument. required per the Loan Documents Loan DocumentsAll Fannie Mae-approved documents evidencing, securing, or guaranteeing the Mortgage Loan. ; and
  • maintain strict control of all funds in your custody.

Operating Procedures

You must maintain all accounts and related records:

  • for all
    • Custodial Accounts Custodial AccountsAccount established by the Servicer for depositing P&I payments, T&I payments, and escrow, reserve, or other funds received from the Borrower per any Loan Document, including the: Collateral Agreement; Multifamily Loan Agreement; or Security Instrument. ,
    • Drafting Accounts Drafting AccountsCustodial Account established by the Lender for the benefit of Fannie Mae and for which Fannie Mae has authority to transfer funds. , and
    • Clearing Accounts Clearing AccountsLender account at an Eligible Depository used either for receiving funds for various loans and for the benefit of multiple investors, and from which segregated funds are transferred to specific Custodial Accounts held solely for the benefit of Fannie Mae, or disbursing funds after transfer… ;
  • using sound accounting and cash management practices; and
  • enabling Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! to audit them at any time.