Section 307
Guidance
You may use 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. to simplify transferring funds to Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! .
Requirements
You must comply with Part V, Chapter 3: Custodial Accounts, Section 306: Clearing Accounts when establishing a Drafting Account Drafting AccountCustodial Account established by the Lender for the benefit of Fannie Mae and for which Fannie Mae has authority to transfer funds. .
Requirements
| Topic | You must... |
|---|---|
| Securitized Mortgage Loans (Other Than PFP MBS) |
Use separate consolidated 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. for drafting:
|
| Corporate/General Lender Accounts | Not designate your corporate, general ledger, or other internal operating account as a Drafting Account Drafting AccountCustodial Account established by the Lender for the benefit of Fannie Mae and for which Fannie Mae has authority to transfer funds. . |
| Records | Maintain records of the commingled fund sources on an individual Mortgage Loan Mortgage LoanMortgage debt obligation evidenced, or when made will be evidenced, by the Loan Documents, or a mortgage debt obligation with a Fannie Mae credit enhancement. Test Notes-SV Test Again Sub-bullet test1 Sub-bullet test2 basis. |
Operating Procedures
| Topic | You... |
|---|---|
| Establishing Accounts | Must submit a Letter of Authorization using 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. . |
| Timely Remittance | Must move all funds due into the account to ensure timely remittance to Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! . |
| Cash Mortgage Loans | May temporarily commingle P&I P&IPrincipal and interest funds for all Cash Mortgage Loan Cash Mortgage LoanMortgage Loan purchased by Fannie Mae in exchange for cash. categories per Part V, Chapter 3: Custodial Accounts, Section 303.01: Accounts and Deposits into 1 consolidated Drafting Account Drafting AccountCustodial Account established by the Lender for the benefit of Fannie Mae and for which Fannie Mae has authority to transfer funds. under your master 5-digit Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. number. |
| Securitized Mortgage Loans | May temporarily commingle P&I P&IPrincipal and interest funds for all Securitized Mortgage Loan Securitized Mortgage LoanMortgage Loan backing an MBS, PFP MBS, or REMIC. categories per Part V, Chapter 3: Custodial Accounts, Section 303.01: Accounts and Deposits into 1 consolidated Drafting Account Drafting AccountCustodial Account established by the Lender for the benefit of Fannie Mae and for which Fannie Mae has authority to transfer funds. under your master 5-digit Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. number. |
| P&I Funds | May designate 1 Drafting Account Drafting AccountCustodial Account established by the Lender for the benefit of Fannie Mae and for which Fannie Mae has authority to transfer funds. for P&I P&IPrincipal and interest funds for each Mortgage Loan Mortgage LoanMortgage debt obligation evidenced, or when made will be evidenced, by the Loan Documents, or a mortgage debt obligation with a Fannie Mae credit enhancement. Test Notes-SV Test Again Sub-bullet test1 Sub-bullet test2 category per Part V, Chapter 3: Custodial Accounts, Section 303.01: Accounts and Deposits under each of your 9-digit Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. numbers. |
| Commingling Timing | Cannot commingle funds earlier than 1 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. before the funds will be drafted. |
| System |
Must, for both Cash Mortgage Loans Cash Mortgage LoansMortgage Loan purchased by Fannie Mae in exchange for cash. and Securitized Mortgage Loans Securitized Mortgage LoansMortgage Loan backing an MBS, PFP MBS, or REMIC. , use the Cash Remittance System Cash Remittance SystemMultifamily system where you set up and maintain banking instructions for Fannie Mae’s drafting of remittances per Part V, Chapter 2: Reporting and Remitting, Section 209: Remittance Procedures. to designate specific 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. from which Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! remittances can be automatically drafted per Part V, Chapter 2: Reporting and Remitting, Section 209.03: Cash Remittance System. |