Section 302
| 302.01 | |
|
|
|
Operating Procedures
Within 30 days of opening a Custodial Account Custodial AccountAccount 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. , or changing the Eligible Depository or Custodial Account Custodial AccountAccount 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. information, you must:
- log in to the Custodial Bank Account Management Application;
- enter the required information; and
- electronically sign the form.
The Custodial Bank Account Management Application Custodial Bank Account Management ApplicationSystem used to enter or update Eligible Depository or Custodial Account information per Part V, Chapter 3: Custodial Accounts. will send the form to the Depository for signature.
Within 30 days after closing a Custodial Account Custodial AccountAccount 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. , you must:
- log in to the Custodial Bank Account Management Application Custodial Bank Account Management ApplicationSystem used to enter or update Eligible Depository or Custodial Account information per Part V, Chapter 3: Custodial Accounts. ;
- select the form for the closed account;
- select the Report Account Closed button; and
- confirm your intent to report the account closed.
You must ensure 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. are titled as:
- "[You], as agent, trustee, and/or bailee for Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! and/or payments of various mortgagors and/or various owners of interests in mortgage-backed securities (Custodial Account)"; or
- if submitted by a subservicer, "[Subservicer], as subservicer for [Primary Servicer], as agent, trustee, and/or bailee for Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! and/or payments of various mortgagors and/or various owners of interests in mortgage-backed securities (Custodial Account)".
| 302.02 | |
|
|
|
Requirements
You must deposit any funds no later than the second Business Day Business DayAny day other than a Saturday, Sunday, day when Fannie Mae is closed, day when the Federal Reserve Bank of New York is closed, or for any MBS and required remittance withdrawal, day when the Federal Reserve Bank is closed in the district where any of the MBS funds are held. (including any time funds are in a Clearing Account Clearing AccountLender 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… or general ledger account) after receiving them.
Operating Procedures
For deposits:
- Establish a daily cutoff ensuring collections are credited to the appropriate Custodial Account Custodial AccountAccount 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. no later than the Business Day Business DayAny day other than a Saturday, Sunday, day when Fannie Mae is closed, day when the Federal Reserve Bank of New York is closed, or for any MBS and required remittance withdrawal, day when the Federal Reserve Bank is closed in the district where any of the MBS funds are held. after receiving them.
- Ensure collections deposited to the Clearing Account
Clearing AccountLender 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…
are credited to the applicable Custodial Account
Custodial AccountAccount 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.
by:
- for non-ACH ACHElectronic Automated Clearing House network for processing U.S. banking transactions. funds, the first Business Day Business DayAny day other than a Saturday, Sunday, day when Fannie Mae is closed, day when the Federal Reserve Bank of New York is closed, or for any MBS and required remittance withdrawal, day when the Federal Reserve Bank is closed in the district where any of the MBS funds are held. after receiving them; or
- for ACH ACHElectronic Automated Clearing House network for processing U.S. banking transactions. funds, the second Business Day Business DayAny day other than a Saturday, Sunday, day when Fannie Mae is closed, day when the Federal Reserve Bank of New York is closed, or for any MBS and required remittance withdrawal, day when the Federal Reserve Bank is closed in the district where any of the MBS funds are held. after receiving them, but this does not extend your deadline to remit funds to Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! .