302.01

Generally

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)".