Chapter 2

Reporting and Remitting

Section 201	Generally

This Chapter:

outlines the reporting and account reconciliation policies and procedures for Mortgage Loans Mortgage LoansMortgage 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 ;
applies to 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. , except where noted that a particular procedure is applicable only to one or the other execution;
describes the methods for accounting for scheduled monthly payments, payment shortages, additional principal payments, repayments of advances, and payments in full; and
describes Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! 's remittance requirements, the method for remitting, and the format for reporting 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 information on all transactions.

Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! purchases Mortgage Loans Mortgage LoansMortgage 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 for cash or in exchange for the issuance of a Security SecurityMBS, PFP MBS, or REMIC. . Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! reserves the right to later place any of the Mortgage Loans Mortgage LoansMortgage 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 purchased for cash into a Security SecurityMBS, PFP MBS, or REMIC. (e.g., PFP MBS PFP MBSMBS backed by a PFP Mortgage Loan. ). If Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! securitizes a 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 , the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. may be required to make certain changes to its reporting and remitting procedures. If such an event occurs and changes to a Servicer’s Servicer’sPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. reporting and remitting procedures will be required, Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! will notify the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. in writing.

Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! reserves the right to modify its Remittance Accounting system and forms to accommodate future changes to its overall systems applicable to Mortgage Loans Mortgage LoansMortgage 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 .

Section 202	Collection, Tracking and Reporting of Monthly P&I Payments and T&I Amounts

The Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. is responsible for collecting monthly P&I P&IPrincipal and interest payments from the Borrower BorrowerPerson who is the obligor per the Note. in accordance with the terms of the Note NoteInstrument evidencing a Mortgage Loan obligation, including Form 6010 series, any other Fannie Mae-approved note, and all applicable addenda, schedules, and exhibits. executed by the Borrower BorrowerPerson who is the obligor per the Note. . All P&I P&IPrincipal and interest payments and T&I T&ITaxes or assessments that may become a Lien on the Property and insurance premiums. amounts collected by the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. in connection with Mortgage Loans Mortgage LoansMortgage 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 must be deposited in the applicable P&I P&IPrincipal and interest and T&I Custodial Accounts T&I Custodial AccountsCustodial Account for the deposit of T&I and other impound escrow funds. maintained in accordance with the requirements of Part V, Chapter 3: Custodial Accounts .

The Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must track and account separately for all P&I P&IPrincipal and interest payment activity relating to 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 . The Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must report to Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! on the P&I P&IPrincipal and interest payment activity relating to 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 as provided in this Chapter.

Section 203	Reporting Loan Activity and Security Balance

203.01	Use of Fannie Mae eServicing System

The Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must use Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! ’s eServicing System to report 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 level information on all 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. . The Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must register to use the eServicing System prior to use. Information regarding registering for the eServicing System can be found on https://multifamily.fanniemae.com/applications-technology/eservicing. The Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must segregate its Cash Mortgage Loan Cash Mortgage LoanMortgage Loan purchased by Fannie Mae in exchange for cash. servicing portfolio from its Securitized Mortgage Loan Securitized Mortgage LoanMortgage Loan backing an MBS, PFP MBS, or REMIC. servicing portfolio for reporting purposes.

203.02	Reporting Specific Transactions

All reportable transactions will fall into one or more categories. Some transactions update the status of a 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 or summarize collection activity, while others update the information in Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! ’s records (e.g., Property PropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). addresses, Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. 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 identification numbers, 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 terms, subservicing status, etc.).

203.03	Monthly Activity Reporting

203.03A	When to Begin Reporting

The Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must use the eServicing System to report its monthly 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 activity to Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! following the end of each Reporting Period, commencing with the month following the:

date Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! acquired the Cash Mortgage Loan Cash Mortgage LoanMortgage Loan purchased by Fannie Mae in exchange for cash. or PFP Mortgage Loan PFP Mortgage LoanMortgage Loan originally purchased as a Cash Mortgage Loan or held in Fannie Mae’s portfolio, but subsequently securitized as an MBS. ; or
Issue Date Issue DateFirst day of the month a Security is issued. for Securitized Mortgage Loans Securitized Mortgage LoansMortgage Loan backing an MBS, PFP MBS, or REMIC. (other than PFP MBS PFP MBSMBS backed by a PFP Mortgage Loan. ).

203.03B	Cutoff Dates for Loan Activity Reporting

The following are the cutoff dates for activity reporting on Mortgage Loans Mortgage LoansMortgage 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 :

Monthly Activity Cutoff Date	Monthly Activity Report Due Date
Servicer may establish as its cutoff date any day from the 25th of the month to the last day of the month.	Not 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. of the month following the cutoff date for the Reporting Period.

203.04	Monthly Securitized Mortgage Loan Security Balance Reporting

203.04A	Reporting Security Balances

For each Security Pool serviced by the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. , the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must submit a monthly Security Balance Security BalanceFor an MBS Pool, the Issue Date Principal Balance minus any MBS principal distribution amounts included in previous MBS monthly remittances. report that references:

the Security Balance Security BalanceFor an MBS Pool, the Issue Date Principal Balance minus any MBS principal distribution amounts included in previous MBS monthly remittances. ; and
the Security Pool number.

203.04B	Same Month Pooling – Security Balance for First Reporting Cycle

For Same Month Pooling Same Month PoolingDelivery option permitting Mortgage Loans to be pooled and secure an MBS issued in the same month as the Mortgage Loan Origination Date. Mortgage Loans Mortgage LoansMortgage 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 , the Borrower BorrowerPerson who is the obligor per the Note. will have made no payment as the monthly debt service payment will not yet have come due. Because the Servicer’s Servicer’sPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. Security Balance Security BalanceFor an MBS Pool, the Issue Date Principal Balance minus any MBS principal distribution amounts included in previous MBS monthly remittances. report for the month following the Issue Date Issue DateFirst day of the month a Security is issued. of the Security Pool under the Same Month Pooling Same Month PoolingDelivery option permitting Mortgage Loans to be pooled and secure an MBS issued in the same month as the Mortgage Loan Origination Date. Delivery DeliverySubmission of all correct, accurate, and certifiable documents, data, and information with all applicable documents properly completed, executed, and recorded as needed, and any deficiencies resolved to Fannie Mae’s satisfaction. option will not include an amount for principal curtailment for amortizing Mortgage Loans Mortgage LoansMortgage 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 , the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must report the Issue Date Principal Balance Issue Date Principal BalanceFor any Securitized Mortgage Loan, the UPB of the Note after crediting: the principal portion of any scheduled monthly installment due on or before the Security Issue Date, whether or not collected; and any unscheduled principal payment received on or before the Security Issue Date. of the 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 as the first reporting cycle Security Balance Security BalanceFor an MBS Pool, the Issue Date Principal Balance minus any MBS principal distribution amounts included in previous MBS monthly remittances. . As long as the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. reports the Issue Date Principal Balance Issue Date Principal BalanceFor any Securitized Mortgage Loan, the UPB of the Note after crediting: the principal portion of any scheduled monthly installment due on or before the Security Issue Date, whether or not collected; and any unscheduled principal payment received on or before the Security Issue Date. of the Securitized Mortgage Loan Securitized Mortgage LoanMortgage Loan backing an MBS, PFP MBS, or REMIC. in its first Security Balance Security BalanceFor an MBS Pool, the Issue Date Principal Balance minus any MBS principal distribution amounts included in previous MBS monthly remittances. report, there will be no impact on the Pool-to-Security balance reconciliation for that month.

203.04C	Security Balances Due by Second Business Day

The Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must have transmitted all of its Security Balances Security BalancesFor an MBS Pool, the Issue Date Principal Balance minus any MBS principal distribution amounts included in previous MBS monthly remittances. (or corrections to balances reported in error) to Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! by 5:00 p.m. Eastern Time on 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. of each month following the Reporting Period. If the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. anticipates a problem in meeting this reporting deadline or has a transmission problem that will result in late reporting, the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must contact its Fannie Mae Representative Fannie Mae RepresentativeFannie Mae personnel who assist you with various business matters (e.g., Fannie Mae Deal Team, pricing, delivery, servicing, asset management, etc.). .

203.04D	Failure to Meet Reporting Deadline

If the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. fails to meet Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! ’s reporting deadline, Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! may estimate the Servicer’s Servicer’sPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. Security Balances Security BalancesFor an MBS Pool, the Issue Date Principal Balance minus any MBS principal distribution amounts included in previous MBS monthly remittances. so Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! can pass-through payments to Investors InvestorsMBS Investor for an MBS Mortgage Loan, or Fannie Mae for a Cash Mortgage Loan. and publish Security Balances Security BalancesFor an MBS Pool, the Issue Date Principal Balance minus any MBS principal distribution amounts included in previous MBS monthly remittances. in a timely manner. When Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! does this, Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! ’s estimate will be both the published Security Balance Security BalanceFor an MBS Pool, the Issue Date Principal Balance minus any MBS principal distribution amounts included in previous MBS monthly remittances. , and the beginning Security Balance Security BalanceFor an MBS Pool, the Issue Date Principal Balance minus any MBS principal distribution amounts included in previous MBS monthly remittances. used for the next month’s Security Balance Security BalanceFor an MBS Pool, the Issue Date Principal Balance minus any MBS principal distribution amounts included in previous MBS monthly remittances. report. Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! will send the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. written notification of any published estimated Security Balance Security BalanceFor an MBS Pool, the Issue Date Principal Balance minus any MBS principal distribution amounts included in previous MBS monthly remittances. within 10 days after publication by Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! .

203.05	Due Dates for Reports

The exact due date of the Servicer’s Servicer’sPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. submission of its reports depends on the type of transaction being reported.

203.05A	Removal Transactions

The Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must report removal activity (e.g., payoff, repurchase, liquidated-held for sale, and liquidated third-party sale/condemnation) by 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. of the month following the cutoff date for the Reporting Period in which the activity occurred. The Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. may correct any removal activity reporting error by resubmitting the corrected information in time to reach Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! by 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. of the month following the Reporting Period. If the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. is unable to correct the error, the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must notify its Fannie Mae Representative Fannie Mae RepresentativeFannie Mae personnel who assist you with various business matters (e.g., Fannie Mae Deal Team, pricing, delivery, servicing, asset management, etc.). about the error.

203.05B	All Other Transactions

The Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must make sure that all other transactions (which are the transactions that comprise the bulk of its reports) are transmitted in sufficient time for receipt by Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! by 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. of the month following the cutoff date for the Reporting Period.

203.06	Mortgage Loan Activity Record

The Loan Activity Record is used to provide 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 -level detail of amounts due to Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! or the Investor InvestorMBS Investor for an MBS Mortgage Loan, or Fannie Mae for a Cash Mortgage Loan. 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 on the Servicer's Servicer'sPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. trial balance.

203.06A	Payment Collection

Payment collection relates to the receipt and application of the monthly payment. The information that must be reported includes:

actual last paid installment ("LPI LPIDue date of the last payment received. ") date;
actual UPB UPBUnpaid Principal Balance ; and
remittance amount (distributed between P&I P&IPrincipal and interest ).

Under the Same Month Pooling Same Month PoolingDelivery option permitting Mortgage Loans to be pooled and secure an MBS issued in the same month as the Mortgage Loan Origination Date. option, the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must not report a principal distribution amount for the first reporting cycle following the Issue Date Issue DateFirst day of the month a Security is issued. of the Security Pool because no payment will have come due from the Borrower BorrowerPerson who is the obligor per the Note. . For the first reporting cycle, the actual UPB UPBUnpaid Principal Balance of the 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 will equal the Issue Date Issue DateFirst day of the month a Security is issued. principal balance, as no principal payment will be subtracted from the Security Balance Security BalanceFor an MBS Pool, the Issue Date Principal Balance minus any MBS principal distribution amounts included in previous MBS monthly remittances. or passed through to the Investor InvestorMBS Investor for an MBS Mortgage Loan, or Fannie Mae for a Cash Mortgage Loan. .

203.06B	Fee Collection

Fee collection relates to any special fees that were collected from the Borrower BorrowerPerson who is the obligor per the Note. during the Reporting Period.

203.06C	Mortgage Loan Status

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 status relates to special actions that have occurred (e.g., a payoff or a repurchase). An action code and an action date (specifying when the reported action occurred or will occur) must be reported. The User Manual for the eServicing System provides detailed information regarding action codes and action dates.

203.07	Fannie Mae-Generated Monthly Reports

203.07A	MBS Mortgage Loan P&I Draft Report

On approximately the 10th day of the month, reports are available in the eServicing System for Servicers ServicersPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. to verify the amount to be drafted on the Remittance Date Remittance DateThe 18th day of each month (or the preceding Business Day if the 18th is not a Business Day) on which you must submit your remittance to Fannie Mae for the Mortgage Loan. , including P&I P&IPrincipal and interest and Prepayment Premiums Prepayment PremiumsFor a Mortgage Loan prepayment, amount the Borrower must pay in addition to the prepaid principal and accrued interest per the Loan Documents. due to Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! or the MBS Investor MBS InvestorFor MBS Mortgage Loans, either a Third Party MBS Investor for Lender-Arranged Sales, or the Multifamily Trading Desk. .

203.07B	Cash Mortgage Loan P&I Draft Reports

3 Business Days Business DaysAny 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 Remittance Date Remittance DateThe 18th day of each month (or the preceding Business Day if the 18th is not a Business Day) on which you must submit your remittance to Fannie Mae for the Mortgage Loan. , reports are available in the Cash Loan Drafting Application Cash Loan Drafting ApplicationMultifamily application or successor system, where you review, update, and certify amounts for Fannie Mae to draft from your bank accounts via ACH for monthly P&I and payoff remittances for: Cash Mortgage Loans; and PFP Mortgage Loans. for Servicers ServicersPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. to review, update, and certify the amount to be drafted on the Remittance Date Remittance DateThe 18th day of each month (or the preceding Business Day if the 18th is not a Business Day) on which you must submit your remittance to Fannie Mae for the Mortgage Loan. , including Prepayment Premiums Prepayment PremiumsFor a Mortgage Loan prepayment, amount the Borrower must pay in addition to the prepaid principal and accrued interest per the Loan Documents. due to Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! . Amounts must be reviewed, updated, and certified by 4:30 p.m. ET 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 Remittance Date Remittance DateThe 18th day of each month (or the preceding Business Day if the 18th is not a Business Day) on which you must submit your remittance to Fannie Mae for the Mortgage Loan. .

203.07C	Month-End Report

By the 23rd day of the month, the Summary of Processed Activity and other reports are available in the eServicing System for the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. to reconcile with its internal records.

203.08	Monthly MBS Mortgage Loan Reconciliations - Pool-to-Security Balance Reconciliations (Not Applicable to PFP MBS)

203.08A	Reconciliation Required

At the end of each Reporting Period, the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must reconcile the actual ending 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 balance for the 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 in any given Security Pool to the ending Security Balance Security BalanceFor an MBS Pool, the Issue Date Principal Balance minus any MBS principal distribution amounts included in previous MBS monthly remittances. for that Security Pool. To perform this reconciliation, the Lender LenderPerson Fannie Mae approved to sell or service Mortgage Loans. must use the following calculation:

Function	Ending Principal Balance for the Mortgage Loan in Security Pool (from current month)
PLUS	Prepaid Principal (as of current month)
MINUS	Delinquent Principal (as of current month)
MINUS	Scheduled Principal (as of current month)
PLUS	Principal Portion of Last Installment for Liquidated Mortgage Loan (as of current month)
	Adjusted Principal Balance for Security Pool
MINUS	Ending Security Balance for Reporting Period
EQUALS	Difference

203.08B	Rounding Adjustment

Because the total amount of the 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 that is issued for a Security Pool is rounded down to the next lowest whole dollar amount of the actual “Issue Date Principal Balance Issue Date Principal BalanceFor any Securitized Mortgage Loan, the UPB of the Note after crediting: the principal portion of any scheduled monthly installment due on or before the Security Issue Date, whether or not collected; and any unscheduled principal payment received on or before the Security Issue Date. of the 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 ”, the Security Balance Security BalanceFor an MBS Pool, the Issue Date Principal Balance minus any MBS principal distribution amounts included in previous MBS monthly remittances. will be smaller than the actual UPB UPBUnpaid Principal Balance of the 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 . The difference will never be greater than $0.99 for a single Security Pool. The Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must adjust for this difference in the first monthly accounting report it submits after the Issue Date Issue DateFirst day of the month a Security is issued. of the Security SecurityMBS, PFP MBS, or REMIC. , classifying it as an “unscheduled” principal adjustment.

203.08C	Required Annual Adjustment to Correct Principal Balance vs. Security Balance Difference

Other differences may arise in the reconciliation between the UPB UPBUnpaid Principal Balance of the 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 in a Security Pool and the outstanding Security Balance Security BalanceFor an MBS Pool, the Issue Date Principal Balance minus any MBS principal distribution amounts included in previous MBS monthly remittances. . These differences cannot exceed more than $0.25 for any 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 in the Security Pool. At least once a year, the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must make an adjustment to correct any differences.

1. If Security Balance is Greater than UPB

If the Security Balance Security BalanceFor an MBS Pool, the Issue Date Principal Balance minus any MBS principal distribution amounts included in previous MBS monthly remittances. is higher than the UPB UPBUnpaid Principal Balance of the 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 , the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must immediately deposit the funds in the “scheduled/scheduled” P&I Custodial Account P&I Custodial AccountCustodial Account for principal and interest deposits. for Security Pools so that the funds can be passed through to Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! (as an “unscheduled” principal collection) with the Servicer’s Servicer’sPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. next monthly remittance.

2. If Security Balance is Lower than UPB

203.08D	Pool-to-Security Reconciliation Certification

The eServicing System produces a Pool-to-Security Reconciliation on a monthly basis to assist Servicers ServicersPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. with review. Servicers ServicersPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. are required to review and certify any pool-to-security difference each month by month end. Differences occur when the MBS MBSMortgage-Backed Security pool security balance does not match the sum of the scheduled UPB UPBUnpaid Principal Balance of the 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 . Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! calculates pool-to-security differences after monthly 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 and Security SecurityMBS, PFP MBS, or REMIC. reporting is complete. For each pool with a difference, the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must review the deficiency, research the difference, and determine the appropriate remedy. The Servicer’s Servicer’sPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. certification includes the identification and selection of a deficiency reason, and a statement of how it should be resolved.

Section 204	Calculation of Interest Due

204.01	Generally

Generally the Borrower's Borrower'sPerson who is the obligor per the Note. monthly payment consists of P&I P&IPrincipal and interest and deposits for insurance, taxes, replacement reserves and replacement hedges or some combination of such items. In some instances, the payment may include additional funds to be applied toward the UPB UPBUnpaid Principal Balance or to repay funds advanced by the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. . The Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must account for each portion of the Borrower's Borrower'sPerson who is the obligor per the Note. monthly payment in the Servicer's Servicer'sPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. records. The Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must track both actual and scheduled 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 balances (a.k.a., Security Pool and Security SecurityMBS, PFP MBS, or REMIC. balances) and reconcile any outstanding difference (e.g., the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. advances for insufficient Borrower BorrowerPerson who is the obligor per the Note. payments).

204.02	Calculating Interest Due

The interest calculation method is generally specified in the Loan Documents Loan DocumentsAll Fannie Mae-approved documents evidencing, securing, or guaranteeing the Mortgage Loan. . Servicers ServicersPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. are required to calculate interest due 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 as required by the Loan Documents Loan DocumentsAll Fannie Mae-approved documents evidencing, securing, or guaranteeing the Mortgage Loan. . If the Loan Documents Loan DocumentsAll Fannie Mae-approved documents evidencing, securing, or guaranteeing the Mortgage Loan. do not contain any information regarding the interest calculation method, then Servicers ServicersPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. should assume a 30/360 accrual method.

204.02A	Actual/360 Interest Calculation Method

Interest will accrue based upon the actual number of days in a calendar month and a 360-day year.

204.02B	30/360 Interest Calculation Method

Interest will accrue based upon a 30-day month and a 360-day year.

Section 205	ARM Loan Interest Rate and Monthly Payment Changes

205.01	Adjustable Rate Mortgage Loan Interest Rate Changes and Required Monthly Payments

The Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must enforce 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 in accordance with the terms of the executed Loan Documents Loan DocumentsAll Fannie Mae-approved documents evidencing, securing, or guaranteeing the Mortgage Loan. . This includes making periodic interest rate and payment adjustments in connection with any type of Adjustable Rate Mortgage Loans Adjustable Rate Mortgage LoansMortgage Loan with an interest rate that periodically adjusts based on an Index per the Note or Loan Documents. . The Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must change the 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 interest rate and monthly payments to the fullest extent permitted or required, maintaining at all times the 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 margin specified in the executed Loan Documents Loan DocumentsAll Fannie Mae-approved documents evidencing, securing, or guaranteeing the Mortgage Loan. . Factors used to determine the new interest rate for ARM Loans include:

the Index IndexBasis for determining the Gross Note Rate of an ARM Loan, including any required alternative index that may be determined necessary by Fannie Mae because the Index is no longer widely accepted or has been replaced as the index for similar financial instruments. on which the rate is to be based;
the “look back” period;
any applicable interest rate change limitations; and
the 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 margin.

If the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. fails to make a timely interest rate or payment adjustment, the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must use its own funds to satisfy any shortage.

205.01A	The Adjustable Rate Mortgage Loan Index

The Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must determine the Index IndexBasis for determining the Gross Note Rate of an ARM Loan, including any required alternative index that may be determined necessary by Fannie Mae because the Index is no longer widely accepted or has been replaced as the index for similar financial instruments. on which the rate is to be based as specified in the Loan Documents Loan DocumentsAll Fannie Mae-approved documents evidencing, securing, or guaranteeing the Mortgage Loan. . To assist the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. in monitoring indexes, Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! offers an ARM Loan ARM LoanMortgage Loan with an interest rate that periodically adjusts based on an Index per the Note or Loan Documents. Index IndexBasis for determining the Gross Note Rate of an ARM Loan, including any required alternative index that may be determined necessary by Fannie Mae because the Index is no longer widely accepted or has been replaced as the index for similar financial instruments. service through its website on https://multifamily.fanniemae.com. The Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must establish procedures to monitor the Index IndexBasis for determining the Gross Note Rate of an ARM Loan, including any required alternative index that may be determined necessary by Fannie Mae because the Index is no longer widely accepted or has been replaced as the index for similar financial instruments. to assure that the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. uses the latest available Index IndexBasis for determining the Gross Note Rate of an ARM Loan, including any required alternative index that may be determined necessary by Fannie Mae because the Index is no longer widely accepted or has been replaced as the index for similar financial instruments. to determine an interest rate change.

205.01B	Determining the New Monthly Payment

Except for Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! Structured ARM Loans, a Required Monthly Payment change occurs at established intervals and corresponds to any change in the interest rate. The new monthly payment is calculated by determining the amount required to repay the UPB UPBUnpaid Principal Balance of the 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 in substantially equal payments over the remaining amortization period of the 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 at the interest rate in effect following the latest interest rate change utilizing the applicable Interest Calculation Method. If the 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 is an interest-only 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 , the new monthly payment is the monthly interest payment at the interest rate in effect following the latest interest rate change utilizing the applicable Interest Calculation Method. The new Required Monthly Payment becomes effective on the first day of the month following the month in which the interest Rate Change Date occurs.

205.02	Monthly Reporting for ARM Loan Payment/Rate Changes

Prior to the effective date of the Monthly Payment/Rate Change the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must submit a Monthly Payment/Rate Change via the eServicing System. For assistance with rate and/or payment changes, the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must contact its Fannie Mae Representative Fannie Mae RepresentativeFannie Mae personnel who assist you with various business matters (e.g., Fannie Mae Deal Team, pricing, delivery, servicing, asset management, etc.). .

In order for Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! to account for ARM Loans ARM LoansMortgage Loan with an interest rate that periodically adjusts based on an Index per the Note or Loan Documents. on its books, Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! must receive the Monthly Payment/Rate Change on a timely basis.

205.03	Structured ARM Loans

Structured ARM Loans are subject to the same reporting and remittance requirements as other ARM Loans ARM LoansMortgage Loan with an interest rate that periodically adjusts based on an Index per the Note or Loan Documents. except for the differences described in this section.

The interest rate for Structured ARM Loans will be determined based on the applicable interest period (typically either 1-month or 3-months) for the applicable Index IndexBasis for determining the Gross Note Rate of an ARM Loan, including any required alternative index that may be determined necessary by Fannie Mae because the Index is no longer widely accepted or has been replaced as the index for similar financial instruments. using a 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. look-back period per the Loan Documents Loan DocumentsAll Fannie Mae-approved documents evidencing, securing, or guaranteeing the Mortgage Loan. and the requirements of the applicable Structured ARM Loan Plan Number Plan NumberNumber identifying the applicable loan characteristics for any Mortgage Loan that accrues interest at a variable rate at any time during the loan term. . The applicable interest rate will be determined by adding the 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 margin specified in the Loan Documents Loan DocumentsAll Fannie Mae-approved documents evidencing, securing, or guaranteeing the Mortgage Loan. to the applicable Index IndexBasis for determining the Gross Note Rate of an ARM Loan, including any required alternative index that may be determined necessary by Fannie Mae because the Index is no longer widely accepted or has been replaced as the index for similar financial instruments. value. No periodic or lifetime interest rate limitations apply to this computation.

Rate changes for Structured ARM Loans with a:

1-month interest period (Plan Numbers Plan NumbersNumber identifying the applicable loan characteristics for any Mortgage Loan that accrues interest at a variable rate at any time during the loan term. 03488 and 04932) will occur on the first payment date and the first day of each month thereafter until maturity as specified in the Loan Documents Loan DocumentsAll Fannie Mae-approved documents evidencing, securing, or guaranteeing the Mortgage Loan. ; and
3-month interest period (Plan Number Plan NumberNumber identifying the applicable loan characteristics for any Mortgage Loan that accrues interest at a variable rate at any time during the loan term. 03487) will occur on the first day of the month which is the second month following the first payment date and the first day of every third month thereafter until maturity as specified in the Loan Documents Loan DocumentsAll Fannie Mae-approved documents evidencing, securing, or guaranteeing the Mortgage Loan. .

The first payment date will be:

the 1st day of the month following the Mortgage Loan Origination Date Mortgage Loan Origination DateDate you fund a Mortgage Loan to the Borrower. , if the Mortgage Loan Origination Date Mortgage Loan Origination DateDate you fund a Mortgage Loan to the Borrower. is the 1st calendar day of the month; or
the 1st day of the second full calendar month following the Mortgage Loan Origination Date Mortgage Loan Origination DateDate you fund a Mortgage Loan to the Borrower. for all other Mortgage Loans Mortgage LoansMortgage 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 .

For example, if the 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 closes on June 15th, the First Payment Date is on August 1st, and if the 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 closes on June 1st, the First Payment Date is on July 1st.

A Required Monthly Payment change occurs at established intervals and corresponds to any change in the interest rate, the number of days in an accrual period, or the UPB UPBUnpaid Principal Balance of the 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 .

If the 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 amortizes, the Required Monthly Payment is the sum of the monthly interest installment and the monthly principal installment. The monthly interest installment is calculated by multiplying the UPB UPBUnpaid Principal Balance of the 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 by the interest rate in effect following the latest interest rate change utilizing an actual/360 interest accrual method. Equal monthly principal installments will be made over the term of the 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 in the amount set forth in the Loan Documents Loan DocumentsAll Fannie Mae-approved documents evidencing, securing, or guaranteeing the Mortgage Loan. .

If the Structured ARM Loan is interest-only, the Required Monthly Payment is the monthly interest payment which is calculated by multiplying the UPB UPBUnpaid Principal Balance of the 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 by the interest rate in effect following the latest interest rate change utilizing an actual/360 interest accrual method as set forth in the Loan Documents Loan DocumentsAll Fannie Mae-approved documents evidencing, securing, or guaranteeing the Mortgage Loan. . The new Required Monthly Payment becomes effective for Structured ARM Loans with a:

1-month interest period (Plan Numbers Plan NumbersNumber identifying the applicable loan characteristics for any Mortgage Loan that accrues interest at a variable rate at any time during the loan term. 03488 and 04932), on the 1st day of the month following the month in which the Rate Change Date occurs; or
3-month interest period (Plan Number Plan NumberNumber identifying the applicable loan characteristics for any Mortgage Loan that accrues interest at a variable rate at any time during the loan term. 03487), on the 1st day of each month following any change in the interest rate or if the number of days in an accrual period is different from the prior month, as set forth in the Loan Documents Loan DocumentsAll Fannie Mae-approved documents evidencing, securing, or guaranteeing the Mortgage Loan. .

Section 206	Application of Monthly Payments

206.01	Fannie Mae Form Loan Documents

any delinquent interest (other than interest attributable to the default interest rate);
any delinquent principal;
interest for the current month at the Gross Note Rate Gross Note RateInterest rate stated in the Loan Documents. ;
principal for the current month;
reimburse the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. or Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! for any T&I T&ITaxes or assessments that may become a Lien on the Property and insurance premiums. payments;
reimburse the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. or Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! for any delinquency resolution costs, attorney fees, Appraisal AppraisalWritten statement independently and impartially prepared by a qualified Appraiser stating an opinion of the Property's market value as of a specific date, and supported by the presentation and analysis of relevant market information. fees, environmental assessment costs, or PCA PCAAssessment of the Property's physical condition and historical operation. costs;
reimburse the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. or Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! for any payments to protect the Property PropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). ;
late charges;
default interest;
T&I Custodial Account T&I Custodial AccountCustodial Account for the deposit of T&I and other impound escrow funds. deposits; and
any other 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. deposits.

206.02	Non-Fannie Mae Form Loan Documents

For Mortgage Loans Mortgage LoansMortgage 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 not originated using Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! published Note NoteInstrument evidencing a Mortgage Loan obligation, including Form 6010 series, any other Fannie Mae-approved note, and all applicable addenda, schedules, and exhibits. forms, the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must apply monthly payments received from the Borrower BorrowerPerson who is the obligor per the Note. as required by the relevant Loan Documents Loan DocumentsAll Fannie Mae-approved documents evidencing, securing, or guaranteeing the Mortgage Loan. . If the Loans Documents do not provide for the order of application of monthly payments, then the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must follow the requirements for the Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! Post-1998 Loan Documents as provided in Part V, Chapter 2: Reporting and Remitting, Section 206.01: Fannie Mae Form Loan Documents .

Section 207	Payment Shortages

When payments received from the Borrower BorrowerPerson who is the obligor per the Note. are less than the total amount then due under the 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 (including P&I P&IPrincipal and interest and T&I T&ITaxes or assessments that may become a Lien on the Property and insurance premiums. , but may also include required deposits to the Replacement Reserve Replacement ReserveCustodial Account the Borrower funds during the Mortgage Loan term for Replacements. or other monies due as required in the Loan Documents Loan DocumentsAll Fannie Mae-approved documents evidencing, securing, or guaranteeing the Mortgage Loan. ), the 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 is in default and the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must follow the default procedures specified in:

Part VI, Chapter 2: Non-Performing Primary Risk Mortgage Loans ; or
Part VI, Chapter 4: Non-Performing Secondary Risk Mortgage Loans .

The Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. may not supplement partial payments received from the Borrower BorrowerPerson who is the obligor per the Note. with funds from any 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. without Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! 's prior written consent.

Section 208	Delinquency and Servicing Advances

208.01	Generally

208.01A	Applicability

This Section 208 shall apply to all loans purchased by Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! (i) under the DUS DUSDelegated Underwriting and Servicing product line and (ii) under any contracts entered into after June 1, 2012, unless any such contract provides that this Section 208 shall not apply to such contract.

208.01B	Delinquency Advances on a Mortgage Loan other than a Credit Enhancement Mortgage Loan

Whether or not the Borrower BorrowerPerson who is the obligor per the Note. pays to the Lender LenderPerson Fannie Mae approved to sell or service Mortgage Loans. the full amount due under a 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 (other than a Credit Enhancement Mortgage Loan Credit Enhancement Mortgage LoanMortgage Loan financed by a Bond issuance where Fannie Mae provides credit enhancement by a Credit Enhancement Instrument, or an MBS for Bonds. ), the Lender LenderPerson Fannie Mae approved to sell or service Mortgage Loans. will remit to Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! Delinquency Advances Delinquency AdvancesYour required advances for scheduled monthly Mortgage Loan principal and/or interest per your Lender Contract, or the Guide. in an amount equal to all monthly P&I P&IPrincipal and interest installments then owed under 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 , net of Servicing Fees Servicing FeesFee a Servicer receives for collecting payments, managing operational procedures, and assuming your portion of credit risk for a Mortgage Loan, and which may be expressed as a percentage. , in the manner and at the time the Lender LenderPerson Fannie Mae approved to sell or service Mortgage Loans. is required to make remittances under the Guide GuideMultifamily Selling and Servicing Guide controlling all Lender and Servicer requirements unless a Lender Contract specifies otherwise. or the Lender’s Contract Lender’s ContractProgram Documents per the Multifamily Selling and Servicing Agreement. . The Lender’s Lender’sPerson Fannie Mae approved to sell or service Mortgage Loans. agreement to make Delinquency Advances Delinquency AdvancesYour required advances for scheduled monthly Mortgage Loan principal and/or interest per your Lender Contract, or the Guide. in respect of a 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 constitutes a separate contractual obligation of the Lender LenderPerson Fannie Mae approved to sell or service Mortgage Loans. to Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! and is not a guaranty or surety of any obligation of the related Borrower BorrowerPerson who is the obligor per the Note. . The Lender’s Lender’sPerson Fannie Mae approved to sell or service Mortgage Loans. obligation to fund Delinquency Advances Delinquency AdvancesYour required advances for scheduled monthly Mortgage Loan principal and/or interest per your Lender Contract, or the Guide. , except in the case of Secondary Risk Mortgage Loans Secondary Risk Mortgage LoansMortgage Loan where you bear all losses until your recourse obligation is exhausted. , is not intended to require advances of the principal balance due on the scheduled or accelerated maturity date for payment in full of a 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 . The Lender’s Lender’sPerson Fannie Mae approved to sell or service Mortgage Loans. obligation to fund Delinquency Advances Delinquency AdvancesYour required advances for scheduled monthly Mortgage Loan principal and/or interest per your Lender Contract, or the Guide. with respect to Secondary Risk Mortgage Loans Secondary Risk Mortgage LoansMortgage Loan where you bear all losses until your recourse obligation is exhausted. shall include the obligation to fund the principal balance due on the scheduled or accelerated maturity date for payment in full of a 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 .

208.01C	Delinquency Advances on a Credit Enhancement Mortgage Loan

Whether or not the Borrower BorrowerPerson who is the obligor per the Note. pays to the Lender LenderPerson Fannie Mae approved to sell or service Mortgage Loans. the full amount due on a Credit Enhancement Mortgage Loan Credit Enhancement Mortgage LoanMortgage Loan financed by a Bond issuance where Fannie Mae provides credit enhancement by a Credit Enhancement Instrument, or an MBS for Bonds. , and whether such amounts are payable under the Financing Agreement, the Note NoteInstrument evidencing a Mortgage Loan obligation, including Form 6010 series, any other Fannie Mae-approved note, and all applicable addenda, schedules, and exhibits. , the Reimbursement Agreement or other transaction documents, the Lender LenderPerson Fannie Mae approved to sell or service Mortgage Loans. shall make Delinquency Advances Delinquency AdvancesYour required advances for scheduled monthly Mortgage Loan principal and/or interest per your Lender Contract, or the Guide. in amounts as follows, each in the amount as required to be made under the Financing Agreement, the Note NoteInstrument evidencing a Mortgage Loan obligation, including Form 6010 series, any other Fannie Mae-approved note, and all applicable addenda, schedules, and exhibits. , the Reimbursement Agreement or other applicable transaction document, net of any Servicing Fee Servicing FeeFee a Servicer receives for collecting payments, managing operational procedures, and assuming your portion of credit risk for a Mortgage Loan, and which may be expressed as a percentage. otherwise payable to the Lender LenderPerson Fannie Mae approved to sell or service Mortgage Loans. :

interest payments as required by the definition of Delinquency Advances Delinquency AdvancesYour required advances for scheduled monthly Mortgage Loan principal and/or interest per your Lender Contract, or the Guide. , net of Servicing Fees Servicing FeesFee a Servicer receives for collecting payments, managing operational procedures, and assuming your portion of credit risk for a Mortgage Loan, and which may be expressed as a percentage. ;
monthly installments of principal owed on the Credit Enhancement Mortgage Loan Credit Enhancement Mortgage LoanMortgage Loan financed by a Bond issuance where Fannie Mae provides credit enhancement by a Credit Enhancement Instrument, or an MBS for Bonds. , or, if the transaction documents of the Credit Enhancement Mortgage Loan Credit Enhancement Mortgage LoanMortgage Loan financed by a Bond issuance where Fannie Mae provides credit enhancement by a Credit Enhancement Instrument, or an MBS for Bonds. require the Borrower BorrowerPerson who is the obligor per the Note. to make deposits to a PRF PRFAccount you hold accumulating principal amortization payments for variable rate Bond credit enhancements. in lieu of amortizing the principal of the Credit Enhancement Mortgage Loan Credit Enhancement Mortgage LoanMortgage Loan financed by a Bond issuance where Fannie Mae provides credit enhancement by a Credit Enhancement Instrument, or an MBS for Bonds. in whole or in part, deposit in a special custodial account meeting the requirements of the Guide GuideMultifamily Selling and Servicing Guide controlling all Lender and Servicer requirements unless a Lender Contract specifies otherwise. (“Special Custodial Account”) any amounts that the Borrower BorrowerPerson who is the obligor per the Note. was obligated under the Note NoteInstrument evidencing a Mortgage Loan obligation, including Form 6010 series, any other Fannie Mae-approved note, and all applicable addenda, schedules, and exhibits. , the Reimbursement Agreement or other applicable transaction document to pay as deposits to the PRF PRFAccount you hold accumulating principal amortization payments for variable rate Bond credit enhancements. and transfer such funds in the Special Custodial Account to the applicable Bond Trustee Bond TrusteeTrustee for a Credit Enhancement Instrument. at such time as the funds are required for a mandatory payment of P&I P&IPrincipal and interest under the Bonds BondsTax-exempt or taxable multifamily revenue bonds, or other tax-exempt or taxable bonds, issued to finance 1 or more Credit Enhancement Mortgage Loan Properties. ;
the annual or other periodic fee of the Issuer IssuerEntity that: issues Bonds for a Credit Enhancement Mortgage Loan; packages mortgages for sale as a Security for an MBS; or issues a Letter of Credit. as a continuing fee for the issuance of the Bonds BondsTax-exempt or taxable multifamily revenue bonds, or other tax-exempt or taxable bonds, issued to finance 1 or more Credit Enhancement Mortgage Loan Properties. and the provision of the financing for the Property PropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). ;
the annual or other periodic continuing trust administration fee of the Bond Trustee Bond TrusteeTrustee for a Credit Enhancement Instrument. ;
the annual or other periodic continuing fee of the rebate analyst, if any, for its rebate calculation services;
the annual or other periodic continuing fee of the remarketing agent, if any, for its remarketing services;
the Credit Enhancement Fee Credit Enhancement FeeFee due to Fannie Mae for a Credit Enhancement Instrument. ;
if the transaction documents of the Credit Enhancement Mortgage Loan Credit Enhancement Mortgage LoanMortgage Loan financed by a Bond issuance where Fannie Mae provides credit enhancement by a Credit Enhancement Instrument, or an MBS for Bonds. require the Borrower BorrowerPerson who is the obligor per the Note. to make deposits to a PRF PRFAccount you hold accumulating principal amortization payments for variable rate Bond credit enhancements. in lieu of amortizing the principal of the Credit Enhancement Mortgage Loan Credit Enhancement Mortgage LoanMortgage Loan financed by a Bond issuance where Fannie Mae provides credit enhancement by a Credit Enhancement Instrument, or an MBS for Bonds. in whole or in part, the PRF Fee; and
if the Credit Enhancement Instrument Credit Enhancement InstrumentAgreement between Fannie Mae and a Bond Trustee where Fannie Mae provides credit enhancement of a Credit Enhancement Mortgage Loan, Bonds issued to finance a Credit Enhancement Mortgage Loan, or an Interest Rate Hedge Agreement; and if applicable, a Bond liquidity facility. contains a liquidity facility for the Bonds BondsTax-exempt or taxable multifamily revenue bonds, or other tax-exempt or taxable bonds, issued to finance 1 or more Credit Enhancement Mortgage Loan Properties. , the Liquidity Fee.

The Lender LenderPerson Fannie Mae approved to sell or service Mortgage Loans. shall make such advances to the party, in the manner and at the time the Lender LenderPerson Fannie Mae approved to sell or service Mortgage Loans. is required to make such remittances under the Guide GuideMultifamily Selling and Servicing Guide controlling all Lender and Servicer requirements unless a Lender Contract specifies otherwise. . The Lender’s Lender’sPerson Fannie Mae approved to sell or service Mortgage Loans. agreement to make Delinquency Advances Delinquency AdvancesYour required advances for scheduled monthly Mortgage Loan principal and/or interest per your Lender Contract, or the Guide. in respect of a Credit Enhancement Mortgage Loan Credit Enhancement Mortgage LoanMortgage Loan financed by a Bond issuance where Fannie Mae provides credit enhancement by a Credit Enhancement Instrument, or an MBS for Bonds. constitutes a separate contractual obligation of the Lender LenderPerson Fannie Mae approved to sell or service Mortgage Loans. to Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! and is not a guaranty or surety of any obligation of the related Borrower BorrowerPerson who is the obligor per the Note. .

208.01D	Servicing Advances on a Mortgage Loan other than a Credit Enhancement Mortgage Loan

Whether or not Borrower BorrowerPerson who is the obligor per the Note. makes payments to the Lender LenderPerson Fannie Mae approved to sell or service Mortgage Loans. , the Lender LenderPerson Fannie Mae approved to sell or service Mortgage Loans. shall make Servicing Advances Servicing AdvancesAll amounts required to be paid by the Borrower, for all taxes and assessments against each Property, all insurance premiums for insurance for each Property to insurance carrier(s) acceptable to Fannie Mae, in accordance with the Guide, and any other payment, as determined by Fannie Mae,… as and when such amounts constituting Servicing Advances Servicing AdvancesAll amounts required to be paid by the Borrower, for all taxes and assessments against each Property, all insurance premiums for insurance for each Property to insurance carrier(s) acceptable to Fannie Mae, in accordance with the Guide, and any other payment, as determined by Fannie Mae,… are required to be paid.

208.01E	Servicing Advances on a Credit Enhancement Mortgage Loan

Whether or not the Borrower BorrowerPerson who is the obligor per the Note. makes payments to the Lender LenderPerson Fannie Mae approved to sell or service Mortgage Loans. , the Lender LenderPerson Fannie Mae approved to sell or service Mortgage Loans. shall make Servicing Advances Servicing AdvancesAll amounts required to be paid by the Borrower, for all taxes and assessments against each Property, all insurance premiums for insurance for each Property to insurance carrier(s) acceptable to Fannie Mae, in accordance with the Guide, and any other payment, as determined by Fannie Mae,… on a Credit Enhancement Mortgage Loan Credit Enhancement Mortgage LoanMortgage Loan financed by a Bond issuance where Fannie Mae provides credit enhancement by a Credit Enhancement Instrument, or an MBS for Bonds. as and when such amounts constituting Servicing Advances Servicing AdvancesAll amounts required to be paid by the Borrower, for all taxes and assessments against each Property, all insurance premiums for insurance for each Property to insurance carrier(s) acceptable to Fannie Mae, in accordance with the Guide, and any other payment, as determined by Fannie Mae,… are required to be paid. For each Credit Enhancement Mortgage Loan Credit Enhancement Mortgage LoanMortgage Loan financed by a Bond issuance where Fannie Mae provides credit enhancement by a Credit Enhancement Instrument, or an MBS for Bonds. , Servicing Advances Servicing AdvancesAll amounts required to be paid by the Borrower, for all taxes and assessments against each Property, all insurance premiums for insurance for each Property to insurance carrier(s) acceptable to Fannie Mae, in accordance with the Guide, and any other payment, as determined by Fannie Mae,… shall include, in addition to those items set out in the definition of Servicing Advances Servicing AdvancesAll amounts required to be paid by the Borrower, for all taxes and assessments against each Property, all insurance premiums for insurance for each Property to insurance carrier(s) acceptable to Fannie Mae, in accordance with the Guide, and any other payment, as determined by Fannie Mae,… , all fees, costs and expenses, whether recurring or non-periodic, not covered by a Delinquency Advance Delinquency AdvanceYour required advances for scheduled monthly Mortgage Loan principal and/or interest per your Lender Contract, or the Guide. but necessary, as determined by Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! , to preserve or protect the Bonds BondsTax-exempt or taxable multifamily revenue bonds, or other tax-exempt or taxable bonds, issued to finance 1 or more Credit Enhancement Mortgage Loan Properties. or to exercise any legal or equitable remedies under the Bond Indenture IndentureBond issuer trust indenture or resolution listing Bond terms. , the Bonds BondsTax-exempt or taxable multifamily revenue bonds, or other tax-exempt or taxable bonds, issued to finance 1 or more Credit Enhancement Mortgage Loan Properties. or any of the other transaction documents (other than the Loan Documents Loan DocumentsAll Fannie Mae-approved documents evidencing, securing, or guaranteeing the Mortgage Loan. ).

208.02	Duration of Payment of Delinquency Advances or Servicing Advances

208.02A	Obligation to Make Delinquency Advances

Unless the Lender’s Contract Lender’s ContractProgram Documents per the Multifamily Selling and Servicing Agreement. expressly provides otherwise, the Lender LenderPerson Fannie Mae approved to sell or service Mortgage Loans. must make Delinquency Advances Delinquency AdvancesYour required advances for scheduled monthly Mortgage Loan principal and/or interest per your Lender Contract, or the Guide. until the earliest of:

the Lender’s Lender’sPerson Fannie Mae approved to sell or service Mortgage Loans. purchase of the 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 from Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! ;
the date on which Borrower BorrowerPerson who is the obligor per the Note. cures the 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 default;
the date on which the Lender LenderPerson Fannie Mae approved to sell or service Mortgage Loans. makes the fourth of four continuous months of Delinquency Advances Delinquency AdvancesYour required advances for scheduled monthly Mortgage Loan principal and/or interest per your Lender Contract, or the Guide. ;
the Asset Valuation Date Asset Valuation DatePer the Loss Sharing Addendum. established in accordance with Section 6.02 of the Loss Sharing Addendum; or
the date on which the Borrower BorrowerPerson who is the obligor per the Note. pays off the 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 .

Notwithstanding the foregoing, (i) for Securitized Mortgage Loans Securitized Mortgage LoansMortgage Loan backing an MBS, PFP MBS, or REMIC. , the Lender LenderPerson Fannie Mae approved to sell or service Mortgage Loans. must make Delinquency Advances Delinquency AdvancesYour required advances for scheduled monthly Mortgage Loan principal and/or interest per your Lender Contract, or the Guide. to Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! as long as the 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 is held by the trust established in connection with such securitization, and (ii) for Credit Enhancement Mortgage Loans Credit Enhancement Mortgage LoansMortgage Loan financed by a Bond issuance where Fannie Mae provides credit enhancement by a Credit Enhancement Instrument, or an MBS for Bonds. , the Lender LenderPerson Fannie Mae approved to sell or service Mortgage Loans. must make Delinquency Advances Delinquency AdvancesYour required advances for scheduled monthly Mortgage Loan principal and/or interest per your Lender Contract, or the Guide. to Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! as long as the Bonds BondsTax-exempt or taxable multifamily revenue bonds, or other tax-exempt or taxable bonds, issued to finance 1 or more Credit Enhancement Mortgage Loan Properties. are outstanding. However, in either case, Lender LenderPerson Fannie Mae approved to sell or service Mortgage Loans. will receive reimbursement for such Delinquency Advances Delinquency AdvancesYour required advances for scheduled monthly Mortgage Loan principal and/or interest per your Lender Contract, or the Guide. upon request as required by Part V, Chapter 2: Reporting and Remitting, Section 208.02C: Reimbursement for Delinquency and Servicing Advances following the date on which Lender LenderPerson Fannie Mae approved to sell or service Mortgage Loans. makes the fourth of four consecutive months of Delinquency Advances Delinquency AdvancesYour required advances for scheduled monthly Mortgage Loan principal and/or interest per your Lender Contract, or the Guide. or, if earlier, immediately following the Maturity Date Maturity DateDate all Mortgage Loan amounts become fully due and payable per the Loan Documents. of the 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 and, thereafter, the Lender LenderPerson Fannie Mae approved to sell or service Mortgage Loans. will receive reimbursement for each Delinquency Advance Delinquency AdvanceYour required advances for scheduled monthly Mortgage Loan principal and/or interest per your Lender Contract, or the Guide. upon request. If the Lender LenderPerson Fannie Mae approved to sell or service Mortgage Loans. believes that Delinquency Advances Delinquency AdvancesYour required advances for scheduled monthly Mortgage Loan principal and/or interest per your Lender Contract, or the Guide. with respect to a 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 are no longer required to be made pursuant to this Section 208.02, the Lender LenderPerson Fannie Mae approved to sell or service Mortgage Loans. shall notify Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! , in writing, and upon written confirmation by Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! that it concurs that no further Delinquency Advances Delinquency AdvancesYour required advances for scheduled monthly Mortgage Loan principal and/or interest per your Lender Contract, or the Guide. are required, the Lender LenderPerson Fannie Mae approved to sell or service Mortgage Loans. shall cease making Delinquency Advances Delinquency AdvancesYour required advances for scheduled monthly Mortgage Loan principal and/or interest per your Lender Contract, or the Guide. with respect to such 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 .

208.02B	Obligation to Make Servicing Advances

Unless the Lender’s Contract Lender’s ContractProgram Documents per the Multifamily Selling and Servicing Agreement. expressly provides otherwise, the Lender LenderPerson Fannie Mae approved to sell or service Mortgage Loans. must make Servicing Advances Servicing AdvancesAll amounts required to be paid by the Borrower, for all taxes and assessments against each Property, all insurance premiums for insurance for each Property to insurance carrier(s) acceptable to Fannie Mae, in accordance with the Guide, and any other payment, as determined by Fannie Mae,… until the earliest of:

the Lender’s Lender’sPerson Fannie Mae approved to sell or service Mortgage Loans. purchase of the 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 from Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! ;
the date on which the Borrower BorrowerPerson who is the obligor per the Note. cures the 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 default;
the Asset Valuation Date Asset Valuation DatePer the Loss Sharing Addendum. related to a Foreclosure Event Foreclosure EventAny of the following: Foreclosure per the Security Instrument; Fannie Mae's exercise of rights and remedies per the Security Instrument or applicable law (including Insolvency Laws) as holder of the Mortgage Loan and/or the Security Instrument, where Fannie Mae (or its designee or nominee),… , a sale of the Property PropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). directed by a court of competent jurisdiction, a Discounted Loan Payoff, or Note Sale; or
the date on which the Borrower BorrowerPerson who is the obligor per the Note. pays off the 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 .

The Lender LenderPerson Fannie Mae approved to sell or service Mortgage Loans. shall not be required to make Servicing Advances Servicing AdvancesAll amounts required to be paid by the Borrower, for all taxes and assessments against each Property, all insurance premiums for insurance for each Property to insurance carrier(s) acceptable to Fannie Mae, in accordance with the Guide, and any other payment, as determined by Fannie Mae,… to fund escrows or custodial accounts for taxes, assessments, and insurance premiums or to make payments to the accounts established for the 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 ; provided, however, that the Lender LenderPerson Fannie Mae approved to sell or service Mortgage Loans. must apply any partial payments (including any Net Cash Flow Net Cash FlowAt underwriting or for any specified period, the amount calculated per Part II, Chapter 2: Valuation and Income, Section 203: Income Analysis and the applicable products and features in Part III. from the Property PropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). that, under applicable state law, is then available for use by Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! ) in the manner specified in the Loan Documents Loan DocumentsAll Fannie Mae-approved documents evidencing, securing, or guaranteeing the Mortgage Loan. and the Guide GuideMultifamily Selling and Servicing Guide controlling all Lender and Servicer requirements unless a Lender Contract specifies otherwise. .

208.02C	Reimbursement for Delinquency and Servicing Advances

Upon the expiration of the Lender’s Lender’sPerson Fannie Mae approved to sell or service Mortgage Loans. obligation to make Delinquency Advances Delinquency AdvancesYour required advances for scheduled monthly Mortgage Loan principal and/or interest per your Lender Contract, or the Guide. as provided above or, with respect to any Securitized Mortgage Loan Securitized Mortgage LoanMortgage Loan backing an MBS, PFP MBS, or REMIC. , following the date on which the Lender LenderPerson Fannie Mae approved to sell or service Mortgage Loans. makes the fourth of four consecutive months of Delinquency Advances Delinquency AdvancesYour required advances for scheduled monthly Mortgage Loan principal and/or interest per your Lender Contract, or the Guide. , the Lender LenderPerson Fannie Mae approved to sell or service Mortgage Loans. may, by written notice to Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! submitted on Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! Form 4828 , together with any supporting documentation required by Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! , request reimbursement for any and all Delinquency Advances Delinquency AdvancesYour required advances for scheduled monthly Mortgage Loan principal and/or interest per your Lender Contract, or the Guide. made by the Lender LenderPerson Fannie Mae approved to sell or service Mortgage Loans. with respect to the 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 .

Upon making a Servicing Advance Servicing AdvanceAll amounts required to be paid by the Borrower, for all taxes and assessments against each Property, all insurance premiums for insurance for each Property to insurance carrier(s) acceptable to Fannie Mae, in accordance with the Guide, and any other payment, as determined by Fannie Mae,… with respect to a 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 , Lender LenderPerson Fannie Mae approved to sell or service Mortgage Loans. may, by written notice to Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! submitted on Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! Form 4829 , together with any supporting documentation required by Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! , request reimbursement for such Servicing Advance Servicing AdvanceAll amounts required to be paid by the Borrower, for all taxes and assessments against each Property, all insurance premiums for insurance for each Property to insurance carrier(s) acceptable to Fannie Mae, in accordance with the Guide, and any other payment, as determined by Fannie Mae,… .

Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! shall reimburse the Lender LenderPerson Fannie Mae approved to sell or service Mortgage Loans. for such Delinquency Advances Delinquency AdvancesYour required advances for scheduled monthly Mortgage Loan principal and/or interest per your Lender Contract, or the Guide. and Servicing Advances Servicing AdvancesAll amounts required to be paid by the Borrower, for all taxes and assessments against each Property, all insurance premiums for insurance for each Property to insurance carrier(s) acceptable to Fannie Mae, in accordance with the Guide, and any other payment, as determined by Fannie Mae,… within 60 days following Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! ’s receipt and approval of the Lender’s Lender’sPerson Fannie Mae approved to sell or service Mortgage Loans. written request.

This Section 208.02.C shall not apply to Delinquency Advances Delinquency AdvancesYour required advances for scheduled monthly Mortgage Loan principal and/or interest per your Lender Contract, or the Guide. or Servicing Advances Servicing AdvancesAll amounts required to be paid by the Borrower, for all taxes and assessments against each Property, all insurance premiums for insurance for each Property to insurance carrier(s) acceptable to Fannie Mae, in accordance with the Guide, and any other payment, as determined by Fannie Mae,… made by the Lender LenderPerson Fannie Mae approved to sell or service Mortgage Loans. with respect to any Non-Performing Mortgage Loan Non-Performing Mortgage LoanMortgage Loan with an uncured default. with a Last Paid Installment Last Paid InstallmentDue date of the last payment received. prior to March 1, 2012.

208.03	Repayment of Servicing Advances from Borrower

Unless otherwise directed in writing by Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! , the Lender LenderPerson Fannie Mae approved to sell or service Mortgage Loans. must seek restitution of any Servicing Advances Servicing AdvancesAll amounts required to be paid by the Borrower, for all taxes and assessments against each Property, all insurance premiums for insurance for each Property to insurance carrier(s) acceptable to Fannie Mae, in accordance with the Guide, and any other payment, as determined by Fannie Mae,… from the Borrower BorrowerPerson who is the obligor per the Note. . For this repayment, the Lender LenderPerson Fannie Mae approved to sell or service Mortgage Loans. may require the Borrower BorrowerPerson who is the obligor per the Note. to make full restitution on the next occurring 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 payment due date or may permit the Borrower BorrowerPerson who is the obligor per the Note. to make restitution payments over several months. Amounts due from the Borrower BorrowerPerson who is the obligor per the Note. for which a Servicing Advance Servicing AdvanceAll amounts required to be paid by the Borrower, for all taxes and assessments against each Property, all insurance premiums for insurance for each Property to insurance carrier(s) acceptable to Fannie Mae, in accordance with the Guide, and any other payment, as determined by Fannie Mae,… was made may include default interest on the Servicing Advances Servicing AdvancesAll amounts required to be paid by the Borrower, for all taxes and assessments against each Property, all insurance premiums for insurance for each Property to insurance carrier(s) acceptable to Fannie Mae, in accordance with the Guide, and any other payment, as determined by Fannie Mae,… as permitted in the Loan Documents Loan DocumentsAll Fannie Mae-approved documents evidencing, securing, or guaranteeing the Mortgage Loan. . Interest must be calculated from and including the date the Servicing Advance Servicing AdvanceAll amounts required to be paid by the Borrower, for all taxes and assessments against each Property, all insurance premiums for insurance for each Property to insurance carrier(s) acceptable to Fannie Mae, in accordance with the Guide, and any other payment, as determined by Fannie Mae,… is made to but excluding the date the repayment is received. If the Lender LenderPerson Fannie Mae approved to sell or service Mortgage Loans. permits restitution over several months, such restitution payments will not be included in any required calculation of DSCR DSCROn an annual basis or any specified period, the ratio of Net Cash Flow to the total of: principal, interest, and required Mezzanine Financing or Hard Pay Preferred Equity payments. .

If the Lender LenderPerson Fannie Mae approved to sell or service Mortgage Loans. has been reimbursed by Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! for any Servicing Advances Servicing AdvancesAll amounts required to be paid by the Borrower, for all taxes and assessments against each Property, all insurance premiums for insurance for each Property to insurance carrier(s) acceptable to Fannie Mae, in accordance with the Guide, and any other payment, as determined by Fannie Mae,… and receives restitution of such Servicing Advances Servicing AdvancesAll amounts required to be paid by the Borrower, for all taxes and assessments against each Property, all insurance premiums for insurance for each Property to insurance carrier(s) acceptable to Fannie Mae, in accordance with the Guide, and any other payment, as determined by Fannie Mae,… from the Borrower BorrowerPerson who is the obligor per the Note. , the Lender LenderPerson Fannie Mae approved to sell or service Mortgage Loans. shall promptly remit such amounts to Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! .

208.04	No Capitalization of Servicing Advances for Securitized Mortgage Loans

For the purpose of calculating monthly distributions to the Security SecurityMBS, PFP MBS, or REMIC. certificate holders or other investors, Servicing Advances Servicing AdvancesAll amounts required to be paid by the Borrower, for all taxes and assessments against each Property, all insurance premiums for insurance for each Property to insurance carrier(s) acceptable to Fannie Mae, in accordance with the Guide, and any other payment, as determined by Fannie Mae,… will not be added to the scheduled principal balance of the related 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 , even though the terms of the 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 may permit increases to the outstanding principal balance of the 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 for such advances and may permit Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! or the Lender LenderPerson Fannie Mae approved to sell or service Mortgage Loans. , as applicable, to pursue recovery of those advances from the Borrower BorrowerPerson who is the obligor per the Note. . Servicing Advances Servicing AdvancesAll amounts required to be paid by the Borrower, for all taxes and assessments against each Property, all insurance premiums for insurance for each Property to insurance carrier(s) acceptable to Fannie Mae, in accordance with the Guide, and any other payment, as determined by Fannie Mae,… do not reduce or modify the Borrower’s Borrower’sPerson who is the obligor per the Note. obligation under the Loan Documents Loan DocumentsAll Fannie Mae-approved documents evidencing, securing, or guaranteeing the Mortgage Loan. .

208.05	Entitlement to Default Interest

Between Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! and the Lender LenderPerson Fannie Mae approved to sell or service Mortgage Loans. , unless the Lender’s Contract Lender’s ContractProgram Documents per the Multifamily Selling and Servicing Agreement. expressly provides otherwise, so long as the Lender LenderPerson Fannie Mae approved to sell or service Mortgage Loans. is obligated to make or has made Delinquency Advances Delinquency AdvancesYour required advances for scheduled monthly Mortgage Loan principal and/or interest per your Lender Contract, or the Guide. as provided in Part V, Chapter 2: Reporting and Remitting, Section 208.02A: Obligation to Make Delinquency Advances , the Lender LenderPerson Fannie Mae approved to sell or service Mortgage Loans. is entitled to retain 50 percent of the default interest collected from or on behalf of the Borrower BorrowerPerson who is the obligor per the Note. . The other 50 percent of such default interest, to the extent collected from or on behalf of the Borrower BorrowerPerson who is the obligor per the Note. , is remitted to and retained by Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! . Notwithstanding anything in this Section 208.05 to the contrary, with respect to any Non-Performing Mortgage Loan Non-Performing Mortgage LoanMortgage Loan with an uncured default. with a Last Paid Installment Last Paid InstallmentDue date of the last payment received. prior to March 1, 2012, if the Lender LenderPerson Fannie Mae approved to sell or service Mortgage Loans. is obligated to make Delinquency Advances Delinquency AdvancesYour required advances for scheduled monthly Mortgage Loan principal and/or interest per your Lender Contract, or the Guide. then the Lender LenderPerson Fannie Mae approved to sell or service Mortgage Loans. is entitled to all default interest collected from or on behalf of the Borrower BorrowerPerson who is the obligor per the Note. with respect to such 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 . If the Lender LenderPerson Fannie Mae approved to sell or service Mortgage Loans. is not obligated to make any Delinquency Advances Delinquency AdvancesYour required advances for scheduled monthly Mortgage Loan principal and/or interest per your Lender Contract, or the Guide. on a Non-Performing Mortgage Loan Non-Performing Mortgage LoanMortgage Loan with an uncured default. , all default interest shall be remitted to and retained by Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! . Without regard to whether the Lender LenderPerson Fannie Mae approved to sell or service Mortgage Loans. is making Delinquency Advances Delinquency AdvancesYour required advances for scheduled monthly Mortgage Loan principal and/or interest per your Lender Contract, or the Guide. , Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! is always entitled to the interest that accrues at the stated interest rate on the 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 net of the Lender’s Lender’sPerson Fannie Mae approved to sell or service Mortgage Loans. Servicing Fee Servicing FeeFee a Servicer receives for collecting payments, managing operational procedures, and assuming your portion of credit risk for a Mortgage Loan, and which may be expressed as a percentage. .

Section 209	Remittance Procedures

The Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must remit to Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! collections and other amounts due by the specified Remittance Date Remittance DateThe 18th day of each month (or the preceding Business Day if the 18th is not a Business Day) on which you must submit your remittance to Fannie Mae for the Mortgage Loan. established for each product type.

209.01	Definitions

For purposes of this Section, the following terms shall have the definitions set forth below.

209.01A	Interest Distribution Amount

209.01B	Principal Distribution Amount

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 , the total of (1) the principal portion of the monthly installment due during the period beginning on the second day of the month preceding the month in which a Remittance Date Remittance DateThe 18th day of each month (or the preceding Business Day if the 18th is not a Business Day) on which you must submit your remittance to Fannie Mae for the Mortgage Loan. occurs and ending on the first day of the month in which a Remittance Date Remittance DateThe 18th day of each month (or the preceding Business Day if the 18th is not a Business Day) on which you must submit your remittance to Fannie Mae for the Mortgage Loan. occurs, without regard as to whether such amount was collected, and (2) any unscheduled principal recovery collected on a 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 during the month preceding the month in which a Remittance Date Remittance DateThe 18th day of each month (or the preceding Business Day if the 18th is not a Business Day) on which you must submit your remittance to Fannie Mae for the Mortgage Loan. occurs.

209.01C	Monthly Remittance

The total of the Interest Distribution Amount and Principal Distribution Amount to be remitted to Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! on each Remittance Date Remittance DateThe 18th day of each month (or the preceding Business Day if the 18th is not a Business Day) on which you must submit your remittance to Fannie Mae for the Mortgage Loan. .

209.02	Monthly P&I Remittance Due Dates for Cash and MBS Transactions

Monthly P&I P&IPrincipal and interest remittances begin on the initial Remittance Date Remittance DateThe 18th day of each month (or the preceding Business Day if the 18th is not a Business Day) on which you must submit your remittance to Fannie Mae for the Mortgage Loan. .

Mortgage Loan Type	Initial Remittance Date
Cash Mortgage Loans (including Mortgage Loans backing a PFP MBS)	The month after Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! purchased the 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 .
Securitized Mortgage Loans	The month after the month the MBS MBSMortgage-Backed Security was issued.

The final Remittance Date Remittance DateThe 18th day of each month (or the preceding Business Day if the 18th is not a Business Day) on which you must submit your remittance to Fannie Mae for the Mortgage Loan. occurs:

for Mortgage Loans Mortgage LoansMortgage 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 paying off on the scheduled Maturity Date Maturity DateDate all Mortgage Loan amounts become fully due and payable per the Loan Documents. : in the month the 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 matured and the security balance dropped to $0.00 (e.g., if the 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 pays off on its scheduled May 1 Maturity Date Maturity DateDate all Mortgage Loan amounts become fully due and payable per the Loan Documents. , the final Remittance Date Remittance DateThe 18th day of each month (or the preceding Business Day if the 18th is not a Business Day) on which you must submit your remittance to Fannie Mae for the Mortgage Loan. will be May 18); or
for Mortgage Loans Mortgage LoansMortgage 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 being prepaid: in the month after the month the 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 was prepaid (e.g., if the 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 prepays anytime between May 2 and May 31, the final Remittance Date Remittance DateThe 18th day of each month (or the preceding Business Day if the 18th is not a Business Day) on which you must submit your remittance to Fannie Mae for the Mortgage Loan. will be June 18).

209.03	Cash Remittance System

209.03A	Drafting Account Use

The Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must make the monthly remittance funds available for drafting by ACH ACHElectronic Automated Clearing House network for processing U.S. banking transactions. via 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. on 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. before the Remittance Date Remittance DateThe 18th day of each month (or the preceding Business Day if the 18th is not a Business Day) on which you must submit your remittance to Fannie Mae for the Mortgage Loan. .

209.03B	Drafting Account Setup

To set up 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. before the initial Remittance Date Remittance DateThe 18th day of each month (or the preceding Business Day if the 18th is not a Business Day) on which you must submit your remittance to Fannie Mae for the Mortgage Loan. :

Open 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. with an Eligible Depository per Part V, Chapter 3: Custodial Accounts, Section 301: Generally;
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 the custodial bank and 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. to be electronically debited or credited.

209.03C	Remittance Transaction Codes

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. uses remittance codes linked to the:

Servicer's Servicer'sPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. unique 9-digit Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. number; and
specific 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. identified for the applicable product and execution.

Only 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. per remittance code is permitted, either the:

P&I Custodial Account P&I Custodial AccountCustodial Account for principal and interest deposits. for the 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 ; or
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. .

The Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must ensure the:

individual account drafting instructions, including assigned remittance codes, are coordinated with the Servicer's Servicer'sPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. internal fund processing; and
transmissions to Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! include all necessary detail to ensure timely and accurate processing.

209.04	Additional Requirements for Monthly Remittance for Security Transactions

209.04A	Amount of Security Monthly Remittance

The Security SecurityMBS, PFP MBS, or REMIC. monthly remittance is the total of the Security Interest Distribution and Security Principal Distribution Amounts. For each month, the Security SecurityMBS, PFP MBS, or REMIC. monthly remittance must include the scheduled principal payment due on the first day of that month plus a full month's interest (calculated at the Security SecurityMBS, PFP MBS, or REMIC. Pass-Through Rate Pass-Through RateMortgage Loan Gross Note Rate minus: for MBS Mortgage Loans, the Guaranty Fee, minus the Servicing Fee; and for Cash Mortgage Loans, the Servicing Fee. ) due in arrears for the previous month. It also may include unscheduled prepayments of principal.

The Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. is required to pass through to Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! in each Security SecurityMBS, PFP MBS, or REMIC. monthly remittance, the full scheduled amounts of P&I P&IPrincipal and interest , regardless of whether such amounts actually have been collected from the Borrower BorrowerPerson who is the obligor per the Note. . A full month's interest (calculated at the Security SecurityMBS, PFP MBS, or REMIC. Pass-Through Rate Pass-Through RateMortgage Loan Gross Note Rate minus: for MBS Mortgage Loans, the Guaranty Fee, minus the Servicing Fee; and for Cash Mortgage Loans, the Servicing Fee. ) must be included in each Security SecurityMBS, PFP MBS, or REMIC. monthly remittance, regardless of whether there has been any partial or full prepayment during the month.

209.04B	Security Interest Distribution Amount

The Security Interest Distribution Amount due is based on the Security Balance Security BalanceFor an MBS Pool, the Issue Date Principal Balance minus any MBS principal distribution amounts included in previous MBS monthly remittances. remaining after application of the scheduled 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 payment due on the first of the previous month. For example, the Security Interest Distribution Amount due on November 18 would be based on the Security Balance Security BalanceFor an MBS Pool, the Issue Date Principal Balance minus any MBS principal distribution amounts included in previous MBS monthly remittances. remaining after application of the scheduled 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 payment due on October 1 (not November 1).

209.05	Securitized Mortgage Loans – Remitting Fees to Fannie Mae

209.05A	Guaranty Fee Due on 7th Calendar Day of Month

To compensate Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! for the liability it assumes in issuing the Security SecurityMBS, PFP MBS, or REMIC. , Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! receives a Guaranty Fee Guaranty FeeFee retained by Fannie Mae for credit enhancing a Mortgage Loan or assuming credit risk on a Mortgage Loan, and which may be expressed as a percentage. . The Guaranty Fee Guaranty FeeFee retained by Fannie Mae for credit enhancing a Mortgage Loan or assuming credit risk on a Mortgage Loan, and which may be expressed as a percentage. is an obligation of the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. and must be paid in arrears on the 7th calendar day, or the preceding 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. if the 7th calendar day is not a 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. , of each month, even if there is no collection on the 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 or the 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 reaches its Maturity Date Maturity DateDate all Mortgage Loan amounts become fully due and payable per the Loan Documents. during the month. Payment of the Guaranty Fee Guaranty FeeFee retained by Fannie Mae for credit enhancing a Mortgage Loan or assuming credit risk on a Mortgage Loan, and which may be expressed as a percentage. begins with the month following the month in which the Security SecurityMBS, PFP MBS, or REMIC. is issued. Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! will draft the Guaranty Fee Guaranty FeeFee retained by Fannie Mae for credit enhancing a Mortgage Loan or assuming credit risk on a Mortgage Loan, and which may be expressed as a percentage. from the Servicer's Servicer'sPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. applicable designated P&I Custodial Accounts P&I Custodial AccountsCustodial Account for principal and interest deposits. for Securitized Mortgage Loans Securitized Mortgage LoansMortgage Loan backing an MBS, PFP MBS, or REMIC. .

The Guaranty Fee Guaranty FeeFee retained by Fannie Mae for credit enhancing a Mortgage Loan or assuming credit risk on a Mortgage Loan, and which may be expressed as a percentage. amount due Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! in any month is equal to either (a) for 30/360 interest accrual Mortgage Loans Mortgage LoansMortgage 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 , one-twelfth of the annual Guaranty Fee Guaranty FeeFee retained by Fannie Mae for credit enhancing a Mortgage Loan or assuming credit risk on a Mortgage Loan, and which may be expressed as a percentage. rate times the Security Balance Security BalanceFor an MBS Pool, the Issue Date Principal Balance minus any MBS principal distribution amounts included in previous MBS monthly remittances. remaining after application of the scheduled 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 principal payment due on the first day of the previous month, or (b) for actual/360 interest accrual Mortgage Loans Mortgage LoansMortgage 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 , the annual Guaranty Fee Guaranty FeeFee retained by Fannie Mae for credit enhancing a Mortgage Loan or assuming credit risk on a Mortgage Loan, and which may be expressed as a percentage. rate divided by 360 times the number of days occurring in the month immediately preceding the Guaranty Fee Guaranty FeeFee retained by Fannie Mae for credit enhancing a Mortgage Loan or assuming credit risk on a Mortgage Loan, and which may be expressed as a percentage. payment date times the Security Balance Security BalanceFor an MBS Pool, the Issue Date Principal Balance minus any MBS principal distribution amounts included in previous MBS monthly remittances. remaining after application of the scheduled 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 principal payment due on the first day of the previous month. For example, for Securitized Mortgage Loans Securitized Mortgage LoansMortgage Loan backing an MBS, PFP MBS, or REMIC. the Guaranty Fee Guaranty FeeFee retained by Fannie Mae for credit enhancing a Mortgage Loan or assuming credit risk on a Mortgage Loan, and which may be expressed as a percentage. amount due to Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! on November 7 is calculated on the Security Balance Security BalanceFor an MBS Pool, the Issue Date Principal Balance minus any MBS principal distribution amounts included in previous MBS monthly remittances. remaining after application of the scheduled 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 principal payment due on October 1.

209.05B	Guaranty Fee Remittance

The monthly Guaranty Fee Guaranty FeeFee retained by Fannie Mae for credit enhancing a Mortgage Loan or assuming credit risk on a Mortgage Loan, and which may be expressed as a percentage. must be remitted as long as the Security SecurityMBS, PFP MBS, or REMIC. is outstanding, even if there is no collection activity on the 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 .

The Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must make funds available for the Guaranty Fee Guaranty FeeFee retained by Fannie Mae for credit enhancing a Mortgage Loan or assuming credit risk on a Mortgage Loan, and which may be expressed as a percentage. draft on the 7th calendar day of the month, or the preceding 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. if the 7th is not a 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. .

Under this process, Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! will send an electronic notice (or “bill”) on the 2nd or 3rd calendar day of each month. The draft notice will show the amount due for the Guaranty Fees Guaranty FeesFee retained by Fannie Mae for credit enhancing a Mortgage Loan or assuming credit risk on a Mortgage Loan, and which may be expressed as a percentage. . When the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. receives the transmission, the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must review the draft notice for accuracy. If discrepancies are identified, the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must contact Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! by the 5th calendar day of the month to provide details on the amount and nature of the discrepancy. Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! will then review its records to validate the discrepancy and make any necessary adjustments to the Guaranty Fee Guaranty FeeFee retained by Fannie Mae for credit enhancing a Mortgage Loan or assuming credit risk on a Mortgage Loan, and which may be expressed as a percentage. bill. On the 7th calendar day of the month, Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! will draft the Guaranty Fees Guaranty FeesFee retained by Fannie Mae for credit enhancing a Mortgage Loan or assuming credit risk on a Mortgage Loan, and which may be expressed as a percentage. from the Servicer's Servicer'sPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. designated P&I Custodial Account P&I Custodial AccountCustodial Account for principal and interest deposits. for Securitized Mortgage Loans Securitized Mortgage LoansMortgage Loan backing an MBS, PFP MBS, or REMIC. . If the 7th calendar day is not a 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. , the draft will take place on the preceding 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. .

209.05C	Same Month Pooling – Interest and Guaranty Fee Remittance for First Reporting Cycle

The Servicer's Servicer'sPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. first remittance to Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! for a 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 submitted under the Same Month Pooling Same Month PoolingDelivery option permitting Mortgage Loans to be pooled and secure an MBS issued in the same month as the Mortgage Loan Origination Date. delivery option is an "interest-only" remittance because the Borrower BorrowerPerson who is the obligor per the Note. will not have made the first payment. Accordingly, because the Borrower BorrowerPerson who is the obligor per the Note. will not be required to send a monthly payment to the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. under Same Month Pooling Same Month PoolingDelivery option permitting Mortgage Loans to be pooled and secure an MBS issued in the same month as the Mortgage Loan Origination Date. until the month following the date the Servicer's Servicer'sPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. first remittance is due to Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! , the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. will have to use some of its own funds to remit the interest that is "scheduled" to be passed through to Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! for the 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 in that month and to make the first required Guaranty Fee Guaranty FeeFee retained by Fannie Mae for credit enhancing a Mortgage Loan or assuming credit risk on a Mortgage Loan, and which may be expressed as a percentage. remittance. The interest remittance will represent one month's full interest, and will be equal to the Issue Date Issue DateFirst day of the month a Security is issued. principal balance of the 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 times either (a) for 30/360 interest accrual Mortgage Loans Mortgage LoansMortgage 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 , one-twelfth of the annual Pass-Through Rate Pass-Through RateMortgage Loan Gross Note Rate minus: for MBS Mortgage Loans, the Guaranty Fee, minus the Servicing Fee; and for Cash Mortgage Loans, the Servicing Fee. of the Security SecurityMBS, PFP MBS, or REMIC. , or (b) for actual/360 interest accrual Mortgage Loans Mortgage LoansMortgage 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 , the annual Pass-Through Rate Pass-Through RateMortgage Loan Gross Note Rate minus: for MBS Mortgage Loans, the Guaranty Fee, minus the Servicing Fee; and for Cash Mortgage Loans, the Servicing Fee. of the Security SecurityMBS, PFP MBS, or REMIC. divided by 360 times the number of days occurring in the month of issuance of the Security SecurityMBS, PFP MBS, or REMIC. . The Guaranty Fee Guaranty FeeFee retained by Fannie Mae for credit enhancing a Mortgage Loan or assuming credit risk on a Mortgage Loan, and which may be expressed as a percentage. payment will represent one month's full Guaranty Fee Guaranty FeeFee retained by Fannie Mae for credit enhancing a Mortgage Loan or assuming credit risk on a Mortgage Loan, and which may be expressed as a percentage. , and be calculated as provided in Part V, Chapter 2: Reporting and Remitting, Section 209.05A: Guaranty Fee Due on 7th Calendar Day of Month based on Issue Date Issue DateFirst day of the month a Security is issued. principal balance of the 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 .

Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! will not reimburse the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. for its interest or Guaranty Fee Guaranty FeeFee retained by Fannie Mae for credit enhancing a Mortgage Loan or assuming credit risk on a Mortgage Loan, and which may be expressed as a percentage. remittance. However, the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must:

receive a partial month's interest based on the Note Rate from the Borrower BorrowerPerson who is the obligor per the Note. at closing (from the date of closing through the end of the month), and
receive interest based on the Pass-Through Rate Pass-Through RateMortgage Loan Gross Note Rate minus: for MBS Mortgage Loans, the Guaranty Fee, minus the Servicing Fee; and for Cash Mortgage Loans, the Servicing Fee. from the purchaser of the Security SecurityMBS, PFP MBS, or REMIC. (from the first day of the month in which the Security SecurityMBS, PFP MBS, or REMIC. is issued to the Book-Entry Delivery Date) as part of the sales proceeds for the Security SecurityMBS, PFP MBS, or REMIC. .

209.06	Notification to Fannie Mae if Unable to Have Funds Available on any Remittance Date

If, for any reason, the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. cannot make funds available for drafting on 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. prior to the designated Remittance Date Remittance DateThe 18th day of each month (or the preceding Business Day if the 18th is not a Business Day) on which you must submit your remittance to Fannie Mae for the Mortgage Loan. , it must immediately notify Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! by calling the Servicer’s Servicer’sPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. Fannie Mae Representative Fannie Mae RepresentativeFannie Mae personnel who assist you with various business matters (e.g., Fannie Mae Deal Team, pricing, delivery, servicing, asset management, etc.). . The Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must describe to Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! all circumstances and conditions that prevent the monthly remittance from being made on time.

Section 210	Full Prepayments

210.01	Review of Applicable Loan Documents Required

When the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. receives a Borrower’s Borrower’sPerson who is the obligor per the Note. notification of intent to prepay the 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 , it must examine the specific Note NoteInstrument evidencing a Mortgage Loan obligation, including Form 6010 series, any other Fannie Mae-approved note, and all applicable addenda, schedules, and exhibits. (including any applicable addendum, exhibit, modification, or amendment) and Security Instrument Security InstrumentInstrument creating a lien or encumbrance on 1 or more Properties and securing the Loan Document obligations. (and any applicable rider, exhibit, modification or amendment) to determine whether prepayment of the 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 is permitted and, if so, under what conditions. The prepayment provisions of the actual Mortgage Loan Documents Mortgage Loan DocumentsAll Fannie Mae-approved documents evidencing, securing, or guaranteeing the Mortgage Loan. govern in each case.

210.02	Notification of Prepayment; Timing of Prepayment

210.02A	Notice and Timing Consistent with Loan Documents

The Borrower’s Borrower’sPerson who is the obligor per the Note. proposed prepayment date and the timing of its advance notification of its intent to prepay must be consistent with the provisions of the Loan Documents Loan DocumentsAll Fannie Mae-approved documents evidencing, securing, or guaranteeing the Mortgage Loan. .

210.02B	Borrower Notice Must Contain Date of Intended Prepayment and Comply with Notice Requirements of the Loan Documents

The Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must obtain from the Borrower BorrowerPerson who is the obligor per the Note. the date on which the Borrower BorrowerPerson who is the obligor per the Note. will prepay the 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 . The Borrower BorrowerPerson who is the obligor per the Note. must give the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. advance notice of its intent to make a full prepayment as required by the Loan Documents Loan DocumentsAll Fannie Mae-approved documents evidencing, securing, or guaranteeing the Mortgage Loan. .

210.02C	Loan Document Requirements for Payoff and Lockout Dates

If a Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! form Multifamily Note evidences the 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 , a prepayment may be made only on the last 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 a scheduled 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 payment date. Non-Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! form Notes NotesInstrument evidencing a Mortgage Loan obligation, including Form 6010 series, any other Fannie Mae-approved note, and all applicable addenda, schedules, and exhibits. may not contain the same requirement. Some Notes NotesInstrument evidencing a Mortgage Loan obligation, including Form 6010 series, any other Fannie Mae-approved note, and all applicable addenda, schedules, and exhibits. may contain lockout provisions that prohibit full prepayment for a specified period of time. The Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must not permit a payoff that does not comply with the requirements contained in the Loan Document Loan DocumentAll Fannie Mae-approved documents evidencing, securing, or guaranteeing the Mortgage Loan. .

210.02D	Notice to Fannie Mae of Proposed Payoff; Use of Fannie Mae Payoff Calculator

The Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must notify Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! , in writing or through the Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! Payoff Calculator, upon receiving notice from the Borrower BorrowerPerson who is the obligor per the Note. of a planned prepayment. Notice of the planned prepayment must be received by Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! not later than 10 Business Days Business DaysAny 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. prior to the contemplated payoff date. The Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! Payoff Calculator may only be used when the Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! form Multifamily Note evidences the 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 .

210.03	Timing of Confirmation of the Full Prepayment Payoff Amount

The Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must ensure that the payoff figure quoted to the Borrower BorrowerPerson who is the obligor per the Note. is correct. Accordingly, before the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. advises the Borrower BorrowerPerson who is the obligor per the Note. of the full prepayment payoff amount, the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must confirm such amount with Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! . The Servicer's Servicer'sPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. request for confirmation of the full prepayment payoff amount must be submitted to Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! at least 10 Business Days Business DaysAny 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 scheduled prepayment date. At least 5 Business Days Business DaysAny 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. prior to the scheduled prepayment date, the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must provide the Borrower BorrowerPerson who is the obligor per the Note. written confirmation of the amount required to pay off the 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 in full.

210.04	Full Prepayment for Cash Transactions and PFP MBS

210.04A	Confirming the Full Prepayment Payoff Amount

1. Calculating the Full Prepayment Payoff Amount

To obtain Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! ’s confirmation of the full prepayment payoff amount, the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must either submit a written statement detailing all amounts that it believes will be due and payable by the Borrower BorrowerPerson who is the obligor per the Note. on the prepayment date or submit the information through the Payoff Calculator, including:

the UPB UPBUnpaid Principal Balance of the 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 (as of the prepayment date);
all accrued and to-be accrued interest, broken down into the net interest portion due to Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! (calculated at the Pass-Through Rate Pass-Through RateMortgage Loan Gross Note Rate minus: for MBS Mortgage Loans, the Guaranty Fee, minus the Servicing Fee; and for Cash Mortgage Loans, the Servicing Fee. ) and the portion to be retained by the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. as a Servicing Fee Servicing FeeFee a Servicer receives for collecting payments, managing operational procedures, and assuming your portion of credit risk for a Mortgage Loan, and which may be expressed as a percentage. , calculated as if the payoff is occurring on the last day of the month in which the prepayment is occurring;
any unpaid late fees, if applicable;
any Prepayment Premium Prepayment PremiumFor a Mortgage Loan prepayment, amount the Borrower must pay in addition to the prepaid principal and accrued interest per the Loan Documents. that is due in connection with the full prepayment, broken down into the portions due to Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! and the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. , respectively; and
any other amounts due under the Note NoteInstrument evidencing a Mortgage Loan obligation, including Form 6010 series, any other Fannie Mae-approved note, and all applicable addenda, schedules, and exhibits. , Security Instrument Security InstrumentInstrument creating a lien or encumbrance on 1 or more Properties and securing the Loan Document obligations. , or any other Mortgage Loan Document Mortgage Loan DocumentAll Fannie Mae-approved documents evidencing, securing, or guaranteeing the Mortgage Loan. , including, if applicable, any unpaid fee due under any Collateral Agreement Collateral AgreementAgreement granting a security interest in Mortgage Loan collateral not covered by the Security Instrument. .

2. Fannie Mae Will Not Confirm Nor Is Responsible for Amounts Owing to Servicer

Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! is not responsible for confirming any amounts owed to the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. at the time of the prepayment (e.g., any administrative fees due for services performed by the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. under a Collateral Agreement Collateral AgreementAgreement granting a security interest in Mortgage Loan collateral not covered by the Security Instrument. ); however, the Servicer's Servicer'sPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. payoff statement must clearly denote any such amounts so that Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! can distinguish them from amounts due exclusively to Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! . The Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. is solely responsible for ensuring that any payoff quote given to the Borrower BorrowerPerson who is the obligor per the Note. includes any amounts that are owed exclusively to the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. , as Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! will not reimburse the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. for such amounts from any of the funds that the Borrower BorrowerPerson who is the obligor per the Note. remits to cover the amounts confirmed as being due to Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! .

3. Fannie Mae Confirmation of Full Prepayment Payoff Amount for Primary Risk Mortgage Loans

Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! will review the Servicer's Servicer'sPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. figures and contact the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. to reconcile any discrepancies. Upon completion of its review and any necessary reconciliation, Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! will respond in writing to the Servicer's Servicer'sPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. verification request. In its response, Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! will confirm the total payoff amount due to Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! , as well as the individual items comprising such total amount, including:

the UPB UPBUnpaid Principal Balance of the 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 ;
the net accrued interest due Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! ;
any applicable Prepayment Premium Prepayment PremiumFor a Mortgage Loan prepayment, amount the Borrower must pay in addition to the prepaid principal and accrued interest per the Loan Documents. (broken down into the portions due to Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! and the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. ); and
any previously unpaid fees or other amounts owed to Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! .

Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! will provide any pertinent instructions for completing the prepayment payoff process, including any specific instructions that the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must include in its payoff quote to the Borrower BorrowerPerson who is the obligor per the Note. .

4. No Quote to Borrower until Fannie Mae Confirmation for Primary Risk Mortgage Loans

To ensure that the Borrower BorrowerPerson who is the obligor per the Note. is quoted the correct payoff amount, including any applicable accrued interest, Prepayment Premium Prepayment PremiumFor a Mortgage Loan prepayment, amount the Borrower must pay in addition to the prepaid principal and accrued interest per the Loan Documents. , late fees, or other amounts that might be owed under the terms of the Note NoteInstrument evidencing a Mortgage Loan obligation, including Form 6010 series, any other Fannie Mae-approved note, and all applicable addenda, schedules, and exhibits. , the Security Instrument Security InstrumentInstrument creating a lien or encumbrance on 1 or more Properties and securing the Loan Document obligations. , or the other Mortgage Loan Documents Mortgage Loan DocumentsAll Fannie Mae-approved documents evidencing, securing, or guaranteeing the Mortgage Loan. , the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must not quote a final payoff amount to the Borrower BorrowerPerson who is the obligor per the Note. without first obtaining Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! ’s confirmation of the accuracy of the Servicer's Servicer'sPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. figures.

5. Fannie Mae Confirmation of Full Prepayment Payoff Amount for Secondary Risk Mortgage Loans

Unless the Lender’s Contract Lender’s ContractProgram Documents per the Multifamily Selling and Servicing Agreement. provides otherwise, Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! will not review the Servicer's Servicer'sPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. payoff calculation for Secondary Risk Mortgage Loans Secondary Risk Mortgage LoansMortgage Loan where you bear all losses until your recourse obligation is exhausted. . The Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. is solely responsible for ensuring that any payoff quote given to the Borrower BorrowerPerson who is the obligor per the Note. includes all amounts that are owed to Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! and to the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. .

6. Servicer Liability

Whether confirmed by Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! through the Payoff Calculator or the payoff calculation is performed by the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. , the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. is required to collect all amounts owing by the Borrower BorrowerPerson who is the obligor per the Note. on a 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 payoff. If Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! determines that Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. has provided the Borrower BorrowerPerson who is the obligor per the Note. incorrect information because of an error in the calculation of the payoff quote, the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. will be responsible for any shortfall and must remit all amounts due to Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! whether or not it has collected such amounts from the Borrower BorrowerPerson who is the obligor per the Note. .

210.04B	Reporting Full Prepayment Payoff Amount

1. Full Prepayment Payoff Amount Received on First Business Day of Month

Notwithstanding anything to the contrary above, any full prepayment of a 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 from or on behalf of a Borrower BorrowerPerson who is the obligor per the Note. that is received by the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. on 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. of a month will be deemed received in the prior calendar month for purposes of reporting and remitting such full prepayment.

2. Full Prepayment Reported through the eServicing System Due By 2nd Day of Month

The full prepayment must then be reported electronically to Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! through the eServicing System. The report of the full payment must be transmitted in time to reach Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! by the 2nd calendar day of the month following the month of prepayment.

210.04C	Remitting Full Prepayment Payoff Amount

1. Using Pass-Through Rate to Calculate Remittance to Fannie Mae

The Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must use the Pass-Through Rate Pass-Through RateMortgage Loan Gross Note Rate minus: for MBS Mortgage Loans, the Guaranty Fee, minus the Servicing Fee; and for Cash Mortgage Loans, the Servicing Fee. to calculate its P&I remittance to Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! . After collecting payoff proceeds, calculated in the manner described above at the Gross Note Rate Gross Note RateInterest rate stated in the Loan Documents. , the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must subtract its Servicing Fee Servicing FeeFee a Servicer receives for collecting payments, managing operational procedures, and assuming your portion of credit risk for a Mortgage Loan, and which may be expressed as a percentage. , calculated using a per diem rate based on the interest accrual method provided for in the Loan Documents Loan DocumentsAll Fannie Mae-approved documents evidencing, securing, or guaranteeing the Mortgage Loan. .

2. Remittance Due on Remittance Date

The Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must remit the prepayment amount on the Remittance Date Remittance DateThe 18th day of each month (or the preceding Business Day if the 18th is not a Business Day) on which you must submit your remittance to Fannie Mae for the Mortgage Loan. in the month after the prepayment occurs per the remittance requirements in this Chapter.

210.05	Full Prepayment for Securitized Transactions (Not Applicable to PFP MBS)

210.05A	Confirming the Full Prepayment Payoff Amount

1. Calculating the Full Prepayment Payoff Amount

To obtain Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! ’s confirmation of the final payoff amount for a Securitized Mortgage Loan Securitized Mortgage LoanMortgage Loan backing an MBS, PFP MBS, or REMIC. , the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must submit a statement, detailing:

All amounts that it has determined will be due and payable by the Borrower BorrowerPerson who is the obligor per the Note. on the prepayment date, including:
- the UPB UPBUnpaid Principal Balance of the loan (as of the prepayment date);
- all accrued and to-be accrued interest, broken down into the net interest portion due to Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! (calculated at the Pass-Through Rate Pass-Through RateMortgage Loan Gross Note Rate minus: for MBS Mortgage Loans, the Guaranty Fee, minus the Servicing Fee; and for Cash Mortgage Loans, the Servicing Fee. ) and the portion to be retained by the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. as a Servicing Fee Servicing FeeFee a Servicer receives for collecting payments, managing operational procedures, and assuming your portion of credit risk for a Mortgage Loan, and which may be expressed as a percentage. , calculated as if the payoff is occurring on the last day of the month in which the prepayment is occurring;
- any unpaid late fees, if applicable;
- any Prepayment Premium Prepayment PremiumFor a Mortgage Loan prepayment, amount the Borrower must pay in addition to the prepaid principal and accrued interest per the Loan Documents. , if any, that is due in connection with the full prepayment specifying the respective portions due Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! , the Security SecurityMBS, PFP MBS, or REMIC. certificate holder and Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. ; and
- any other amounts due under the Note NoteInstrument evidencing a Mortgage Loan obligation, including Form 6010 series, any other Fannie Mae-approved note, and all applicable addenda, schedules, and exhibits. , Security Instrument Security InstrumentInstrument creating a lien or encumbrance on 1 or more Properties and securing the Loan Document obligations. , or any other Loan Document Loan DocumentAll Fannie Mae-approved documents evidencing, securing, or guaranteeing the Mortgage Loan. , including, if applicable, any unpaid fee due under any Collateral Agreement Collateral AgreementAgreement granting a security interest in Mortgage Loan collateral not covered by the Security Instrument. .
All amounts that will be due and payable to Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! by the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. on the Remittance Date Remittance DateThe 18th day of each month (or the preceding Business Day if the 18th is not a Business Day) on which you must submit your remittance to Fannie Mae for the Mortgage Loan. in the month following the month of prepayment, including:
- the UPB UPBUnpaid Principal Balance of the loan;
- a full month's accrued interest, calculated at the MBS MBSMortgage-Backed Security Pass-Through Rate Pass-Through RateMortgage Loan Gross Note Rate minus: for MBS Mortgage Loans, the Guaranty Fee, minus the Servicing Fee; and for Cash Mortgage Loans, the Servicing Fee. ;
- any applicable Prepayment Premium Prepayment PremiumFor a Mortgage Loan prepayment, amount the Borrower must pay in addition to the prepaid principal and accrued interest per the Loan Documents. broken down into the portions due to the MBS MBSMortgage-Backed Security investor, the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. , and Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! calculated in accordance with the Guide GuideMultifamily Selling and Servicing Guide controlling all Lender and Servicer requirements unless a Lender Contract specifies otherwise. ; and
- any previously unpaid fees or other amounts owed to Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! .

2. Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! Will Not Confirm Nor Is Responsible for Amounts Owing to Servicer

3. Fannie Mae Confirmation of Full Prepayment Payoff Amount for Primary Risk Mortgage Loans

Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! will review the Servicer's Servicer'sPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. figures and contact the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. to reconcile any discrepancies for Primary Risk Mortgage Loans Primary Risk Mortgage LoansMortgage Loan where Fannie Mae bears all losses or you and Fannie Mae share losses. . Upon completion of its review and any necessary reconciliation, Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! will respond (in writing) to the Servicer's Servicer'sPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. verification request. In its response, Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! will confirm the total payoff amount due to the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. from the Borrower BorrowerPerson who is the obligor per the Note. , and will also separately confirm the amounts due to Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! from the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. , as well as individual items comprising such total amounts, including:

the UPB UPBUnpaid Principal Balance of the 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 ; and
accrued interest due:
- to the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. from the Borrower BorrowerPerson who is the obligor per the Note. ;
- a full month's accrued interest due Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! ;
any applicable Prepayment Premium Prepayment PremiumFor a Mortgage Loan prepayment, amount the Borrower must pay in addition to the prepaid principal and accrued interest per the Loan Documents. (broken down into the portions due to Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! , the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. , and the MBS MBSMortgage-Backed Security investor); and
any previously unpaid fees or other amounts owed to Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! .

4. No Quote to Borrower Until Fannie Mae Confirmation for Primary Risk Mortgage Loans

5. Fannie Mae Confirmation of Full Prepayment Payoff Amount for Secondary Risk Mortgage Loans

Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! will not review the Servicer's Servicer'sPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. payoff calculation for Secondary Risk Mortgage Loans Secondary Risk Mortgage LoansMortgage Loan where you bear all losses until your recourse obligation is exhausted. . The Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. is solely responsible for ensuring that any payoff quote given to the Borrower BorrowerPerson who is the obligor per the Note. includes all amounts that are owed to Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! and to the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. .

6. Servicer Liability

Whether confirmed by Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! through the Payoff Calculator or the payoff calculation is performed by the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. , the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. is required to collect all amounts owing by the Borrower BorrowerPerson who is the obligor per the Note. on a 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 payoff. If Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! determines that Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. has provided the Borrower BorrowerPerson who is the obligor per the Note. incorrect information because it quotes a final payoff amount to the Borrower BorrowerPerson who is the obligor per the Note. prior to Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! confirmation or has erred in its calculation of the payoff quote where Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! confirmation is not provided, the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. will be responsible for any shortfall and must remit all amounts due to Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! whether it has collected such amounts from the Borrower BorrowerPerson who is the obligor per the Note. .

210.05B	Reporting Full Prepayment Payoff Amount

1. Security Reporting

By 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. of the month following the month of prepayment, the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must report the amount of the Prepayment Premium Prepayment PremiumFor a Mortgage Loan prepayment, amount the Borrower must pay in addition to the prepaid principal and accrued interest per the Loan Documents. collected to Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! via the eServicing System in accordance with the reporting requirements provided in this Chapter.

2. Mortgage Loan Reporting Requirements

The Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must report the prepayment amount, including any applicable Prepayment Premium Prepayment PremiumFor a Mortgage Loan prepayment, amount the Borrower must pay in addition to the prepaid principal and accrued interest per the Loan Documents. , to Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! by 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. of the month following the month in which the prepayment occurs in accordance with the reporting requirements provided in this Chapter.

210.05C	Remitting Full Prepayment Payoff Amount

Under MBS MBSMortgage-Backed Security , the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must remit a full month's accrued interest (calculated at the MBS MBSMortgage-Backed Security Pass-Through Rate Pass-Through RateMortgage Loan Gross Note Rate minus: for MBS Mortgage Loans, the Guaranty Fee, minus the Servicing Fee; and for Cash Mortgage Loans, the Servicing Fee. ) for each month that the MBS MBSMortgage-Backed Security is outstanding, even if a full or partial prepayment occurs during that month. Any shortfall between the interest collected from the Borrower BorrowerPerson who is the obligor per the Note. and the full month's interest that is due to Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! must be deposited in the Servicer's Servicer'sPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. MBS MBSMortgage-Backed Security P&I Custodial Account P&I Custodial AccountCustodial Account for principal and interest deposits. from the Servicer's Servicer'sPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. own funds and remitted to Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! . The Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must also remit a full month's Guaranty Fee Guaranty FeeFee retained by Fannie Mae for credit enhancing a Mortgage Loan or assuming credit risk on a Mortgage Loan, and which may be expressed as a percentage. for each month that the MBS MBSMortgage-Backed Security is outstanding, even if a full or partial prepayment occurs during that month.

The Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must remit the prepayment amount on the Remittance Date Remittance DateThe 18th day of each month (or the preceding Business Day if the 18th is not a Business Day) on which you must submit your remittance to Fannie Mae for the Mortgage Loan. in the month after the payoff occurs per the remittance requirements in this Chapter.

Section 211	Partial Prepayments Not From Insurance or Condemnation Proceeds

211.01	Partial Prepayments Generally Prohibited

Partial prepayment of the outstanding balance of any 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 is prohibited unless explicitly permitted in the Mortgage Loan Documents Mortgage Loan DocumentsAll Fannie Mae-approved documents evidencing, securing, or guaranteeing the Mortgage Loan. . Under certain circumstances, to the extent permitted in the Mortgage Loan Documents Mortgage Loan DocumentsAll Fannie Mae-approved documents evidencing, securing, or guaranteeing the Mortgage Loan. , the proceeds of a Letter of Credit Letter of CreditLetter of Credit approved by Fannie Mae per Part I, Chapter 2: Mortgage Loan, Section 204: Letters of Credit. held pursuant to an Achievement Agreement Achievement AgreementAgreement requiring the Borrower to provide a letter of credit, cash, or guaranty as additional collateral to support the Mortgage Loan amount and specifying the terms for releasing the collateral. or deposits held under a Replacement Reserve Schedule Replacement Reserve ScheduleThe Required Replacement Schedule to the Multifamily Loan Agreement (Form 6001 series) and the applicable parts of the Multifamily Loan Agreement (or other agreement approved by Fannie Mae), that evidence the: Borrower’s agreement to replace identified capital items and perform required… or other Collateral Agreement Collateral AgreementAgreement granting a security interest in Mortgage Loan collateral not covered by the Security Instrument. may be applied as a partial prepayment of the 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 .

211.02	Partial Prepayment Procedures

211.02A	Servicer’s Analysis of Loan Documents

Any request from the Borrower BorrowerPerson who is the obligor per the Note. for permission to make a partial prepayment must be forwarded to the Servicer’s Servicer’sPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. Fannie Mae Representative Fannie Mae RepresentativeFannie Mae personnel who assist you with various business matters (e.g., Fannie Mae Deal Team, pricing, delivery, servicing, asset management, etc.). , along with the Servicer's Servicer'sPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. analysis and recommendation. The Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must carefully examine the Mortgage Loan Documents Mortgage Loan DocumentsAll Fannie Mae-approved documents evidencing, securing, or guaranteeing the Mortgage Loan. to determine if partial prepayments are permitted and, if so, under what conditions and whether a Prepayment Premium Prepayment PremiumFor a Mortgage Loan prepayment, amount the Borrower must pay in addition to the prepaid principal and accrued interest per the Loan Documents. is required. The Servicer's Servicer'sPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. analysis of the request must include information about:

the event or condition precipitating the prepayment request;
the amount of principal that would be prepaid;
the estimated Prepayment Premium Prepayment PremiumFor a Mortgage Loan prepayment, amount the Borrower must pay in addition to the prepaid principal and accrued interest per the Loan Documents. , if any, that would be due in connection with the partial prepayment;
any proposed recasting of the 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 or other modification of the repayment terms; and
the proposed timing of the prepayment.

211.02B	Fannie Mae Approval Required for Partial Prepayments

Unless the Loan Documents Loan DocumentsAll Fannie Mae-approved documents evidencing, securing, or guaranteeing the Mortgage Loan. expressly permit partial prepayments, Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! 's approval is required before any partial prepayment is made. If the Servicer’s Servicer’sPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. Fannie Mae Representative Fannie Mae RepresentativeFannie Mae personnel who assist you with various business matters (e.g., Fannie Mae Deal Team, pricing, delivery, servicing, asset management, etc.). agrees to allow or requires a partial prepayment to be made, it will advise the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. in writing of any specific conditions that will apply to such partial prepayment. Such specific conditions may include:

when and how the prepayment must occur;
whether a Prepayment Premium Prepayment PremiumFor a Mortgage Loan prepayment, amount the Borrower must pay in addition to the prepaid principal and accrued interest per the Loan Documents. must be paid; and
whether the 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 repayment terms will be altered and, if so, how the Mortgage Loan Documents Mortgage Loan DocumentsAll Fannie Mae-approved documents evidencing, securing, or guaranteeing the Mortgage Loan. would have to be modified to reflect such alterations, etc.

Any decision to modify the 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 repayment terms in connection with the partial prepayment will be made by Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! , in its sole and absolute discretion.

211.02C	Prepayment Premium Due on Partial Prepayment

When a Prepayment Premium Prepayment PremiumFor a Mortgage Loan prepayment, amount the Borrower must pay in addition to the prepaid principal and accrued interest per the Loan Documents. is required in connection with any partial prepayment, the Prepayment Premium Prepayment PremiumFor a Mortgage Loan prepayment, amount the Borrower must pay in addition to the prepaid principal and accrued interest per the Loan Documents. is assessed on the amount of principal being prepaid and not on the outstanding UPB UPBUnpaid Principal Balance of the 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 calculated and verified in the same manner as is required for full prepayments.

211.02D	Reporting and Remitting Partial Prepayments When Not Permitted in Loan Documents

Partial prepayments must be reported in the same manner as is required for full prepayments. When Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! ’s approval is received, the proceeds representing the partial prepayment, including the Prepayment Premium Prepayment PremiumFor a Mortgage Loan prepayment, amount the Borrower must pay in addition to the prepaid principal and accrued interest per the Loan Documents. (when required pursuant to the terms of the Loan Documents Loan DocumentsAll Fannie Mae-approved documents evidencing, securing, or guaranteeing the Mortgage Loan. ), must be remitted to Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! in the same manner and timeframe as required for full prepayments.

211.02E	Reporting and Remitting Partial Prepayments When Permitted in Loan Documents

Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! approval is not required when the Loan Documents Loan DocumentsAll Fannie Mae-approved documents evidencing, securing, or guaranteeing the Mortgage Loan. permit partial prepayments. Any such partial prepayments must be reported and remitted to Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! in the same manner and timeframe as is required for monthly remittances.

Section 212	Prepayments (Full or Partial) Involving Insurance Proceeds or Condemnation Awards

212.01	Partial Prepayments Generally Permitted

Partial prepayment of the 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 is generally permitted for the application of the proceeds of an insurance claim or a condemnation award. Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must follow the requirements contained in the Loan Documents Loan DocumentsAll Fannie Mae-approved documents evidencing, securing, or guaranteeing the Mortgage Loan. in connection with any such partial prepayment.

212.02	No Prepayment Premium Required

The Borrower BorrowerPerson who is the obligor per the Note. is not required to pay a Prepayment Premium Prepayment PremiumFor a Mortgage Loan prepayment, amount the Borrower must pay in addition to the prepaid principal and accrued interest per the Loan Documents. in connection with any prepayment that occurs as a result of the application to the 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 of insurance proceeds or condemnation award proceeds, regardless of when during the 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 term such prepayment occurs.

212.03	Reporting and Remitting Partial Prepayments

The proceeds representing the partial prepayment must be reported and remitted to Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! in the same manner and timeframe as is required for monthly remittances.

Section 213	Prepayment Premium Sharing

213.01	General

The Lender Contract Lender ContractProgram Documents per the Multifamily Selling and Servicing Agreement. governs over the requirements of the Guide GuideMultifamily Selling and Servicing Guide controlling all Lender and Servicer requirements unless a Lender Contract specifies otherwise. if it specifies whether the Lender LenderPerson Fannie Mae approved to sell or service Mortgage Loans. or Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. is entitled to retain a portion of any Prepayment Premium Prepayment PremiumFor a Mortgage Loan prepayment, amount the Borrower must pay in addition to the prepaid principal and accrued interest per the Loan Documents. paid by the Borrower BorrowerPerson who is the obligor per the Note. . If the Lender Contract Lender ContractProgram Documents per the Multifamily Selling and Servicing Agreement. provides that the Lender LenderPerson Fannie Mae approved to sell or service Mortgage Loans. or Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. is entitled to retain a portion of the Prepayment Premium Prepayment PremiumFor a Mortgage Loan prepayment, amount the Borrower must pay in addition to the prepaid principal and accrued interest per the Loan Documents. , then the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must calculate the applicable share of the Prepayment Premium Prepayment PremiumFor a Mortgage Loan prepayment, amount the Borrower must pay in addition to the prepaid principal and accrued interest per the Loan Documents. owed to the Lender LenderPerson Fannie Mae approved to sell or service Mortgage Loans. or Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. , and remit to Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! that portion of the Prepayment Premium Prepayment PremiumFor a Mortgage Loan prepayment, amount the Borrower must pay in addition to the prepaid principal and accrued interest per the Loan Documents. owed to Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! or the Investor InvestorMBS Investor for an MBS Mortgage Loan, or Fannie Mae for a Cash Mortgage Loan. . If the Lender Contract Lender ContractProgram Documents per the Multifamily Selling and Servicing Agreement. provides that the Lender LenderPerson Fannie Mae approved to sell or service Mortgage Loans. or Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. is not entitled to retain a portion of the Prepayment Premium Prepayment PremiumFor a Mortgage Loan prepayment, amount the Borrower must pay in addition to the prepaid principal and accrued interest per the Loan Documents. , then the entire Prepayment Premium Prepayment PremiumFor a Mortgage Loan prepayment, amount the Borrower must pay in addition to the prepaid principal and accrued interest per the Loan Documents. must be remitted to Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! .

If the Lender Contract Lender ContractProgram Documents per the Multifamily Selling and Servicing Agreement. does not specify whether the Lender LenderPerson Fannie Mae approved to sell or service Mortgage Loans. or Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. is entitled to retain a portion of any Prepayment Premium Prepayment PremiumFor a Mortgage Loan prepayment, amount the Borrower must pay in addition to the prepaid principal and accrued interest per the Loan Documents. , then the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. is entitled to retain a portion of any Prepayment Premium Prepayment PremiumFor a Mortgage Loan prepayment, amount the Borrower must pay in addition to the prepaid principal and accrued interest per the Loan Documents. only as provided below.

The Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must always remit the portion of the Prepayment Premium Prepayment PremiumFor a Mortgage Loan prepayment, amount the Borrower must pay in addition to the prepaid principal and accrued interest per the Loan Documents. due to the Investor InvestorMBS Investor for an MBS Mortgage Loan, or Fannie Mae for a Cash Mortgage Loan. and to Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! with the final 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 payment, retaining the balance of the Prepayment Premium Prepayment PremiumFor a Mortgage Loan prepayment, amount the Borrower must pay in addition to the prepaid principal and accrued interest per the Loan Documents. due the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. as provided above. Upon receipt, Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! will pass through the portion of the Prepayment Premium Prepayment PremiumFor a Mortgage Loan prepayment, amount the Borrower must pay in addition to the prepaid principal and accrued interest per the Loan Documents. due to the Investor InvestorMBS Investor for an MBS Mortgage Loan, or Fannie Mae for a Cash Mortgage Loan. .

213.02	Yield Maintenance Prepayment Premiums – Prepayment Occurs Before the Yield Maintenance Period End Date

213.02A	Calculation of Total Prepayment Premium

For any prepayment that occurs before the Yield Maintenance Period End Date Yield Maintenance Period End DateLast day on which a Borrower owes yield maintenance for a voluntary Mortgage Loan prepayment. , the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must first determine the total Prepayment Premium Prepayment PremiumFor a Mortgage Loan prepayment, amount the Borrower must pay in addition to the prepaid principal and accrued interest per the Loan Documents. owing by the Borrower BorrowerPerson who is the obligor per the Note. in accordance with the Loan Documents Loan DocumentsAll Fannie Mae-approved documents evidencing, securing, or guaranteeing the Mortgage Loan. . The Loan Documents Loan DocumentsAll Fannie Mae-approved documents evidencing, securing, or guaranteeing the Mortgage Loan. generally require the Borrower BorrowerPerson who is the obligor per the Note. to pay a Prepayment Premium Prepayment PremiumFor a Mortgage Loan prepayment, amount the Borrower must pay in addition to the prepaid principal and accrued interest per the Loan Documents. equal to the greater of (i) 1% of the UPB UPBUnpaid Principal Balance (the “Minimum 1% Prepayment Premium Minimum 1% Prepayment PremiumFor a prepayment, an amount equal to 1% of the UPB. ”), or (ii) yield maintenance.

213.02B	Calculation of Investor’s Share of Total Prepayment Premium for a Securitized Mortgage Loan

Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! does not guarantee payment of any portion of the Prepayment Premium Prepayment PremiumFor a Mortgage Loan prepayment, amount the Borrower must pay in addition to the prepaid principal and accrued interest per the Loan Documents. to the Investor InvestorMBS Investor for an MBS Mortgage Loan, or Fannie Mae for a Cash Mortgage Loan. . The Investor InvestorMBS Investor for an MBS Mortgage Loan, or Fannie Mae for a Cash Mortgage Loan. only receives a share of any Prepayment Premium Prepayment PremiumFor a Mortgage Loan prepayment, amount the Borrower must pay in addition to the prepaid principal and accrued interest per the Loan Documents. actually received from the Borrower BorrowerPerson who is the obligor per the Note. . For a Securitized Mortgage Loan Securitized Mortgage LoanMortgage Loan backing an MBS, PFP MBS, or REMIC. , the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must calculate the Investor's Investor'sMBS Investor for an MBS Mortgage Loan, or Fannie Mae for a Cash Mortgage Loan. share of the total Prepayment Premium Prepayment PremiumFor a Mortgage Loan prepayment, amount the Borrower must pay in addition to the prepaid principal and accrued interest per the Loan Documents. as follows using the yield rate specified per the Loan Documents Loan DocumentsAll Fannie Mae-approved documents evidencing, securing, or guaranteeing the Mortgage Loan. :

(Principal prepaid) x (Pass-Through Rate – yield rate) x (present value factor).

If the result is negative, the Investor InvestorMBS Investor for an MBS Mortgage Loan, or Fannie Mae for a Cash Mortgage Loan. receives no Prepayment Premium Prepayment PremiumFor a Mortgage Loan prepayment, amount the Borrower must pay in addition to the prepaid principal and accrued interest per the Loan Documents. share.

213.02C	Calculation of Fannie Mae’s Share of Total Prepayment Premium

For both Securitized Mortgage Loans Securitized Mortgage LoansMortgage Loan backing an MBS, PFP MBS, or REMIC. and Cash Mortgage Loans Cash Mortgage LoansMortgage Loan purchased by Fannie Mae in exchange for cash. , the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must calculate Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! ’s share of the total Prepayment Premium Prepayment PremiumFor a Mortgage Loan prepayment, amount the Borrower must pay in addition to the prepaid principal and accrued interest per the Loan Documents. .

If the Prepayment Premium Prepayment PremiumFor a Mortgage Loan prepayment, amount the Borrower must pay in addition to the prepaid principal and accrued interest per the Loan Documents. is greater than the Minimum 1% Prepayment Premium Minimum 1% Prepayment PremiumFor a prepayment, an amount equal to 1% of the UPB. , the difference between the total Prepayment Premium Prepayment PremiumFor a Mortgage Loan prepayment, amount the Borrower must pay in addition to the prepaid principal and accrued interest per the Loan Documents. and the Investor’s Investor’sMBS Investor for an MBS Mortgage Loan, or Fannie Mae for a Cash Mortgage Loan. portion will be shared between Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! and the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. .

Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! ’s share equals:

for Securitized Mortgage Loans Securitized Mortgage LoansMortgage Loan backing an MBS, PFP MBS, or REMIC. :

(total Prepayment Premium - Investor’s portion) x (Guaranty Fee / (Guaranty Fee + Servicing Fee)); and

for Cash Mortgage Loans Cash Mortgage LoansMortgage Loan purchased by Fannie Mae in exchange for cash. :

total Prepayment Premium - Servicer's share (calculated per Part V, Chapter 2: Reporting and Remitting, Section 213.02D: Calculation of Servicer’s Share of Total Prepayment Premium ).

If the total Prepayment Premium Prepayment PremiumFor a Mortgage Loan prepayment, amount the Borrower must pay in addition to the prepaid principal and accrued interest per the Loan Documents. equals the Minimum 1% Prepayment Premium Minimum 1% Prepayment PremiumFor a prepayment, an amount equal to 1% of the UPB. , Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! ’s share equals the entire remaining Prepayment Premium Prepayment PremiumFor a Mortgage Loan prepayment, amount the Borrower must pay in addition to the prepaid principal and accrued interest per the Loan Documents. above the Investor’s Investor’sMBS Investor for an MBS Mortgage Loan, or Fannie Mae for a Cash Mortgage Loan. portion.

213.02D	Calculation of Servicer’s Share of Total Prepayment Premium

The Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. receives a portion of the Prepayment Premium Prepayment PremiumFor a Mortgage Loan prepayment, amount the Borrower must pay in addition to the prepaid principal and accrued interest per the Loan Documents. only if the Prepayment Premium Prepayment PremiumFor a Mortgage Loan prepayment, amount the Borrower must pay in addition to the prepaid principal and accrued interest per the Loan Documents. exceeds the Minimum 1% Prepayment Premium Minimum 1% Prepayment PremiumFor a prepayment, an amount equal to 1% of the UPB. .

The Servicer's Servicer'sPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. share equals:

for Securitized Mortgage Loans Securitized Mortgage LoansMortgage Loan backing an MBS, PFP MBS, or REMIC. :

(total Prepayment Premium - Investor's portion) x (Servicing Fee / (Guaranty Fee + Servicing Fee)); and

for Cash Mortgage Loans Cash Mortgage LoansMortgage Loan purchased by Fannie Mae in exchange for cash. :

total Prepayment Premium x (Servicing Fee / (Pass-Through Rate + Servicing Fee)).

213.03	Yield Maintenance Prepayment Premiums – Prepayment Occurs On or After the Yield Maintenance Period End Date

213.03A	Prepayment On or After Yield Maintenance Period End Date

The Loan Documents Loan DocumentsAll Fannie Mae-approved documents evidencing, securing, or guaranteeing the Mortgage Loan. may provide that any full prepayment that occurs on or after the Yield Maintenance Period End Date Yield Maintenance Period End DateLast day on which a Borrower owes yield maintenance for a voluntary Mortgage Loan prepayment. but before a date specified in the Loan Documents Loan DocumentsAll Fannie Mae-approved documents evidencing, securing, or guaranteeing the Mortgage Loan. (typically the last calendar day of the fourth month prior to the month in which the Maturity Date Maturity DateDate all Mortgage Loan amounts become fully due and payable per the Loan Documents. occurs), must be accompanied by a Prepayment Premium Prepayment PremiumFor a Mortgage Loan prepayment, amount the Borrower must pay in addition to the prepaid principal and accrued interest per the Loan Documents. equal to a stated amount (usually 1% of the UPB UPBUnpaid Principal Balance of the 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 ). Neither the Investor InvestorMBS Investor for an MBS Mortgage Loan, or Fannie Mae for a Cash Mortgage Loan. nor the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. is entitled to any portion of any Prepayment Premium Prepayment PremiumFor a Mortgage Loan prepayment, amount the Borrower must pay in addition to the prepaid principal and accrued interest per the Loan Documents. paid on or after the Yield Maintenance Period End Date Yield Maintenance Period End DateLast day on which a Borrower owes yield maintenance for a voluntary Mortgage Loan prepayment. . The entire Prepayment Premium Prepayment PremiumFor a Mortgage Loan prepayment, amount the Borrower must pay in addition to the prepaid principal and accrued interest per the Loan Documents. must be remitted to Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! .

213.03B	Prepayment During Open Period

The Loan Documents Loan DocumentsAll Fannie Mae-approved documents evidencing, securing, or guaranteeing the Mortgage Loan. may provide that the Borrower BorrowerPerson who is the obligor per the Note. is not required to pay any Prepayment Premium Prepayment PremiumFor a Mortgage Loan prepayment, amount the Borrower must pay in addition to the prepaid principal and accrued interest per the Loan Documents. in connection with a full prepayment made on or after a date specified in the Loan Documents Loan DocumentsAll Fannie Mae-approved documents evidencing, securing, or guaranteeing the Mortgage Loan. (typically the last calendar day of the fourth month prior to the month in which the Maturity Date Maturity DateDate all Mortgage Loan amounts become fully due and payable per the Loan Documents. occurs).

213.04	Fixed Rate Mortgage Loans with Graduated Prepayment Premiums

For fixed rate Mortgage Loans Mortgage LoansMortgage 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 where the Loan Documents Loan DocumentsAll Fannie Mae-approved documents evidencing, securing, or guaranteeing the Mortgage Loan. require a graduated Prepayment Premium Prepayment PremiumFor a Mortgage Loan prepayment, amount the Borrower must pay in addition to the prepaid principal and accrued interest per the Loan Documents. , the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. is not entitled to retain any portion of the Prepayment Premium Prepayment PremiumFor a Mortgage Loan prepayment, amount the Borrower must pay in addition to the prepaid principal and accrued interest per the Loan Documents. . The entire Prepayment Premium Prepayment PremiumFor a Mortgage Loan prepayment, amount the Borrower must pay in addition to the prepaid principal and accrued interest per the Loan Documents. must be remitted to Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! .

213.05	Prepayment Premiums for ARM Loans and Structured ARM Loans

Unless the prepayment of an ARM Loan ARM LoanMortgage Loan with an interest rate that periodically adjusts based on an Index per the Note or Loan Documents. that used Prepayment Option 1 or Prepayment Option 2, or of a Structured ARM Loan is the result of a casualty or condemnation, any prepayment made before a date specified in the Loan Documents Loan DocumentsAll Fannie Mae-approved documents evidencing, securing, or guaranteeing the Mortgage Loan. (typically the last calendar day of the fourth month prior to the month in which the Maturity Date Maturity DateDate all Mortgage Loan amounts become fully due and payable per the Loan Documents. occurs) must include a Prepayment Premium Prepayment PremiumFor a Mortgage Loan prepayment, amount the Borrower must pay in addition to the prepaid principal and accrued interest per the Loan Documents. that will be shared between Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! and the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. . The Investor InvestorMBS Investor for an MBS Mortgage Loan, or Fannie Mae for a Cash Mortgage Loan. is not entitled to receive any portion of the Prepayment Premium Prepayment PremiumFor a Mortgage Loan prepayment, amount the Borrower must pay in addition to the prepaid principal and accrued interest per the Loan Documents. for either an ARM Loan ARM LoanMortgage Loan with an interest rate that periodically adjusts based on an Index per the Note or Loan Documents. or a Structured ARM Loan. In each case, Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! ’s share will be a percentage determined by the following formula:

Guaranty Fee

(Guaranty Fee + Servicing Fee)

For example, if the Guaranty Fee Guaranty FeeFee retained by Fannie Mae for credit enhancing a Mortgage Loan or assuming credit risk on a Mortgage Loan, and which may be expressed as a percentage. is 62.5 basis points and if the Servicing Fee Servicing FeeFee a Servicer receives for collecting payments, managing operational procedures, and assuming your portion of credit risk for a Mortgage Loan, and which may be expressed as a percentage. is 45 basis points, then Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! 's share will be:

62.5

(62.5 + 45)

58.14%.

The Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must remit the portion of the Prepayment Premium Prepayment PremiumFor a Mortgage Loan prepayment, amount the Borrower must pay in addition to the prepaid principal and accrued interest per the Loan Documents. due Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! with the final 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 payment. The Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. may retain the balance of the Prepayment Premium Prepayment PremiumFor a Mortgage Loan prepayment, amount the Borrower must pay in addition to the prepaid principal and accrued interest per the Loan Documents. .

No Prepayment Premium Prepayment PremiumFor a Mortgage Loan prepayment, amount the Borrower must pay in addition to the prepaid principal and accrued interest per the Loan Documents. is due in connection with an ARM Loan ARM LoanMortgage Loan with an interest rate that periodically adjusts based on an Index per the Note or Loan Documents. with a conversion option or with a Structured ARM Loan that is converting to a fixed rate 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 .

213.06	Prepayment Premium Waivers; Servicer’s Share of Prepayment Premium

The Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. may not waive any portion of the Prepayment Premium Prepayment PremiumFor a Mortgage Loan prepayment, amount the Borrower must pay in addition to the prepaid principal and accrued interest per the Loan Documents. due and owing under the Loan Documents Loan DocumentsAll Fannie Mae-approved documents evidencing, securing, or guaranteeing the Mortgage Loan. , except as provided in Part III, Chapter 17: Choice Refinance Loans, Section 1703: Prepayment Premiums in connection with a Choice Refinance Loan Choice Refinance LoanMortgage Loan refinancing a Portfolio Mortgage Loan using streamlined underwriting per Part III, Chapter 17: Choice Refinance Loans. .

No portion of the Servicer’s Servicer’sPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. share of the Prepayment Premium Prepayment PremiumFor a Mortgage Loan prepayment, amount the Borrower must pay in addition to the prepaid principal and accrued interest per the Loan Documents. may be:

waived by the Lender LenderPerson Fannie Mae approved to sell or service Mortgage Loans. ;
used as a rebate to the Borrower BorrowerPerson who is the obligor per the Note. , or any party related to the Borrower BorrowerPerson who is the obligor per the Note. , for any purpose; or
used for the payment of any expenses related to any loan used to refinance the 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 .

Section 214	Maturing Mortgage Loans/Payoffs

214.01	Balloon Mortgage Loans

Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! expects any Borrower BorrowerPerson who is the obligor per the Note. with a Balloon Mortgage Loan Balloon Mortgage LoanMortgage Loan with periodic installments of principal and interest that do not fully amortize the Mortgage Loan, with the balance of the Mortgage Loan due in a lump sum on a specified date, usually the Maturity Date. to refinance or otherwise pay off the 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 in full on (or before) the scheduled Maturity Date Maturity DateDate all Mortgage Loan amounts become fully due and payable per the Loan Documents. . Failure to pay off the 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 in full on (or before) the scheduled Maturity Date Maturity DateDate all Mortgage Loan amounts become fully due and payable per the Loan Documents. is a default and puts the Borrower BorrowerPerson who is the obligor per the Note. at risk that Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! will exercise any available remedy under the Security Instrument Security InstrumentInstrument creating a lien or encumbrance on 1 or more Properties and securing the Loan Document obligations. and the other Loan Documents Loan DocumentsAll Fannie Mae-approved documents evidencing, securing, or guaranteeing the Mortgage Loan. . Whenever a Borrower BorrowerPerson who is the obligor per the Note. fails to pay off a Balloon Mortgage Loan Balloon Mortgage LoanMortgage Loan with periodic installments of principal and interest that do not fully amortize the Mortgage Loan, with the balance of the Mortgage Loan due in a lump sum on a specified date, usually the Maturity Date. on its Maturity Date Maturity DateDate all Mortgage Loan amounts become fully due and payable per the Loan Documents. , the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must notify its Fannie Mae Representative Fannie Mae RepresentativeFannie Mae personnel who assist you with various business matters (e.g., Fannie Mae Deal Team, pricing, delivery, servicing, asset management, etc.). of such failure as soon as possible, and must report the balloon payment default on the Multifamily Delinquency System®. Any acceptance of a payoff amount occurring after the Balloon Mortgage Loan Balloon Mortgage LoanMortgage Loan with periodic installments of principal and interest that do not fully amortize the Mortgage Loan, with the balance of the Mortgage Loan due in a lump sum on a specified date, usually the Maturity Date. ’s stated Maturity Date Maturity DateDate all Mortgage Loan amounts become fully due and payable per the Loan Documents. must be approved by Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! .

214.02	Servicer Notification of Payoff Amount to Borrower

At least 5 days prior to the scheduled Maturity Date Maturity DateDate all Mortgage Loan amounts become fully due and payable per the Loan Documents. of the 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 , the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must advise the Borrower BorrowerPerson who is the obligor per the Note. in writing of the amount required to pay off the 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 in full. The Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must ensure that the payoff figure quoted to the Borrower BorrowerPerson who is the obligor per the Note. is correct.

214.03	Calculating and Obtaining Confirmation of Payoff Amount

214.03A	Calculating the Full Payoff Amount

The Servicer's Servicer'sPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. request for verification of the final payoff amount must be submitted to Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! at least 10 days before the scheduled Maturity Date Maturity DateDate all Mortgage Loan amounts become fully due and payable per the Loan Documents. . To obtain Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! ’s confirmation of the final payoff amount, the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must submit a statement, detailing all amounts that it believes will be due and payable by the Borrower BorrowerPerson who is the obligor per the Note. on the payoff date, including:

the UPB UPBUnpaid Principal Balance of the 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 (as of the payoff date);
accrued interest, up to the payoff date, broken down into the net interest portion due to Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! (calculated at the Pass-Through Rate Pass-Through RateMortgage Loan Gross Note Rate minus: for MBS Mortgage Loans, the Guaranty Fee, minus the Servicing Fee; and for Cash Mortgage Loans, the Servicing Fee. ) and the portion to be retained by the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. as a Servicing Fee Servicing FeeFee a Servicer receives for collecting payments, managing operational procedures, and assuming your portion of credit risk for a Mortgage Loan, and which may be expressed as a percentage. ;
any unpaid late fees, if applicable; and
any other amounts due under the Note NoteInstrument evidencing a Mortgage Loan obligation, including Form 6010 series, any other Fannie Mae-approved note, and all applicable addenda, schedules, and exhibits. , Security Instrument Security InstrumentInstrument creating a lien or encumbrance on 1 or more Properties and securing the Loan Document obligations. , or any other Mortgage Loan Document Mortgage Loan DocumentAll Fannie Mae-approved documents evidencing, securing, or guaranteeing the Mortgage Loan. , including, if applicable, any unpaid fee due under any Collateral Agreement Collateral AgreementAgreement granting a security interest in Mortgage Loan collateral not covered by the Security Instrument. .

214.03B	Fannie Mae Will Not Confirm Nor Is Responsible for Amounts Owing to Servicer

Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! is not responsible for confirming any amounts owed to the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. at the time of the payoff (e.g., any administrative fees due for services performed by the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. under a Collateral Agreement Collateral AgreementAgreement granting a security interest in Mortgage Loan collateral not covered by the Security Instrument. ); however, the Servicer's Servicer'sPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. payoff statement must clearly denote any such amounts so that Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! can distinguish them from amounts due exclusively to Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! . The Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. is solely responsible for ensuring that any payoff quote given to the Borrower BorrowerPerson who is the obligor per the Note. includes any amounts that are owed exclusively to the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. , as Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! will not reimburse the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. for such amounts from any of the funds that the Borrower BorrowerPerson who is the obligor per the Note. remits to cover the amounts confirmed as being due to Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! .

214.03C	Fannie Mae Confirmation of Full Payoff Amount

Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! will review the Servicer's Servicer'sPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. figures and contact the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. to reconcile any discrepancies. Upon completion of its review and any necessary reconciliation, Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! will respond (in writing) to the Servicer's Servicer'sPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. verification request. In its response, Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! will confirm the total payoff amount due to Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! , as well as the individual items comprising such total amount, including:

the UPB UPBUnpaid Principal Balance of the 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 ;
the net accrued interest due Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! ;
any applicable Prepayment Premium Prepayment PremiumFor a Mortgage Loan prepayment, amount the Borrower must pay in addition to the prepaid principal and accrued interest per the Loan Documents. ; and
any previously unpaid fees or other amounts owed to Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! .

Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! also will provide any pertinent instructions for completing the payoff process, including any specific instructions that the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must pass along to the Borrower BorrowerPerson who is the obligor per the Note. with the payoff quote.

214.03D	No Quote to Borrower Until Fannie Mae Confirmation

214.04	Reporting the Payoff and Remitting the Payoff Funds

214.04A	Reporting Full Payoff Amount Through the eServicing System Due By 2nd Business Day of Month

The full payoff must be reported electronically to Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! through the eServicing System. The report of the full payment must be transmitted in time to reach Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! by the 2nd 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. of the month following the month of payoff.

214.04B	Remitting Full Payoff Amount

1. Using Pass-Through Rate to Calculate Remittance to Fannie Mae

The Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must use the Pass-Through Rate Pass-Through RateMortgage Loan Gross Note Rate minus: for MBS Mortgage Loans, the Guaranty Fee, minus the Servicing Fee; and for Cash Mortgage Loans, the Servicing Fee. to calculate its P&I P&IPrincipal and interest remittance to Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! . After collecting payoff proceeds, calculated in the manner described above at the Gross Note Rate Gross Note RateInterest rate stated in the Loan Documents. , the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must subtract its Servicing Fee Servicing FeeFee a Servicer receives for collecting payments, managing operational procedures, and assuming your portion of credit risk for a Mortgage Loan, and which may be expressed as a percentage. , calculated using a per diem rate based on a 360-day year.

2. Remittance Due on Next Remittance Cycle for Cash Mortgage Loans and Securitized Mortgage Loans

For 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. , the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must follow the reporting and remitting procedures for monthly installment reporting and remitting.

Section 215	Post-Payoff Actions

215.01	Servicer Required Actions

215.01A	General

To facilitate the return of release documents from Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! , at all times the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must maintain on file with Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! a master file copy of the Custody Document Transmittal ( Form 276 ) completed with the following information:

the Lender’s Lender’sPerson Fannie Mae approved to sell or service Mortgage Loans. nine digit Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. number;
“MASTER FORM” entered for the Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! Loan Number Loan Number10-digit number assigned by Fannie Mae to each Mortgage Loan. ;
“Payoff” checked as the liquidation reason; and
the Lender’s Lender’sPerson Fannie Mae approved to sell or service Mortgage Loans. mailing address.

The completed form must be sent to Multifamily Master Servicing Multifamily Master ServicingTeam that can be contacted at [email protected]. . If the mailing information for the Lender LenderPerson Fannie Mae approved to sell or service Mortgage Loans. changes at any time, the Lender LenderPerson Fannie Mae approved to sell or service Mortgage Loans. must update the master file copy of the Custody Document Transmittal ( Form 276 ) with Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! .

215.01B	Individual Mortgage Loan Releases

refund to the Borrower BorrowerPerson who is the obligor per the Note. any T&I T&ITaxes or assessments that may become a Lien on the Property and insurance premiums. escrow funds and any Replacement Reserve Replacement ReserveCustodial Account the Borrower funds during the Mortgage Loan term for Replacements. funds still held by the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. in connection with the 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 (must be accomplished within 30 days of the payoff); and
send the following to Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! :
- if the release documents are to be sent to a different mailing address than that listed on the master file copy of the Custody Document Transmittal ( Form 276 ) with Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! , a transaction-specific Custody Document Transmittal ( Form 276 ), requesting Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! to return the original Note NoteInstrument evidencing a Mortgage Loan obligation, including Form 6010 series, any other Fannie Mae-approved note, and all applicable addenda, schedules, and exhibits. and indicating the different address to which the release documents for that specific 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 should be sent;
- for all recorded Loan Documents Loan DocumentsAll Fannie Mae-approved documents evidencing, securing, or guaranteeing the Mortgage Loan. (e.g., Security Instrument Security InstrumentInstrument creating a lien or encumbrance on 1 or more Properties and securing the Loan Document obligations. ) that require a release, the appropriate release document for the state in which the Property PropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). is located; and
- a request to Multifamily Servicing to release any additional collateral still held by Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! in connection with the 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 .

Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! will execute the necessary releases, and return them, along with the original Note NoteInstrument evidencing a Mortgage Loan obligation, including Form 6010 series, any other Fannie Mae-approved note, and all applicable addenda, schedules, and exhibits. (appropriately marked or stamped to evidence full satisfaction), to the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. . The Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must return the Note NoteInstrument evidencing a Mortgage Loan obligation, including Form 6010 series, any other Fannie Mae-approved note, and all applicable addenda, schedules, and exhibits. to the Borrower BorrowerPerson who is the obligor per the Note. , file the appropriate UCC UCCUniform Commercial Code termination forms and arrange to have the release documents recorded. Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! will be responsible for returning any applicable Achievement Letter of Credit Achievement Letter of CreditLetter of Credit that is released as collateral when a certain event occurs or a requirement is met (e.g., construction completion, or minimum occupancy or EGI level reached). to the issuer for cancellation.

215.02	Post Payoff Document Retention Requirements

Following its return to the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. of the Note NoteInstrument evidencing a Mortgage Loan obligation, including Form 6010 series, any other Fannie Mae-approved note, and all applicable addenda, schedules, and exhibits. and the releases for all recorded Loan Documents Loan DocumentsAll Fannie Mae-approved documents evidencing, securing, or guaranteeing the Mortgage Loan. , Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! will forward its file for the 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 to the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. . The Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must retain the entire 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 Servicing File Servicing FileYour file for each Mortgage Loan serviced. for 7 years after a 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 payoff.

Section 216	DUS Bond Credit Enhancement Transactions – Reporting and Remitting Requirements

The requirements of this Section are applicable to Bond Credit Enhancement Transactions only and the Servicer’s Servicer’sPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. reporting, collection, and remitting of prepayments must be done in accordance with the procedures described below.

216.01	Monthly Bond Credit Enhancement Reporting

For reporting purposes, the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must segregate its DUS Bond Credit Enhancement portfolio into 2 groups:

DUS Bond Credit Enhancement by Credit Enhancement Instrument Credit Enhancement InstrumentAgreement between Fannie Mae and a Bond Trustee where Fannie Mae provides credit enhancement of a Credit Enhancement Mortgage Loan, Bonds issued to finance a Credit Enhancement Mortgage Loan, or an Interest Rate Hedge Agreement; and if applicable, a Bond liquidity facility. and Collateral Agreement Collateral AgreementAgreement granting a security interest in Mortgage Loan collateral not covered by the Security Instrument. ; or
DUS Bond Credit Enhancement by a Security SecurityMBS, PFP MBS, or REMIC. .

The Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must electronically submit a Credit Enhancement Activity Report (Form 4090) using the Credit Enhancement Servicing and Investor Reporting System (CESIR) for each DUS DUSDelegated Underwriting and Servicing Bond BondTax-exempt or taxable multifamily revenue bonds, or other tax-exempt or taxable bonds, issued to finance 1 or more Credit Enhancement Mortgage Loan Properties. Credit Enhancement Mortgage Loan Credit Enhancement Mortgage LoanMortgage Loan financed by a Bond issuance where Fannie Mae provides credit enhancement by a Credit Enhancement Instrument, or an MBS for Bonds. and Bond BondTax-exempt or taxable multifamily revenue bonds, or other tax-exempt or taxable bonds, issued to finance 1 or more Credit Enhancement Mortgage Loan Properties. each month. The date that the Credit Enhancement Activity Report is due is dependent on whether the Mortgage Loan’s Mortgage Loan’sMortgage 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 monthly P&I P&IPrincipal and interest payments are due on the first of the month or on the 15th of the month.

The Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must register to use CESIR CESIRCredit Enhancement Servicing and Investor Reporting System prior to use. Information regarding registering for CESIR CESIRCredit Enhancement Servicing and Investor Reporting System can be found on https://multifamily.fanniemae.com/applications-technology/cesir.

For most DUS Bond Credit Enhancements, the monthly reporting rule is applied as follows:

If the 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 payments are due on the first of the month, the report is due on the fourth calendar day of the month or the next 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. if the fourth calendar day of the month is not a 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. ; or
If the 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 payments are due on the 15th day of the month, the report is due on the 15th calendar day of the same month or the next 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. if such day is not a 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. .

The monthly report must include:

all scheduled 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 payments to be made by the Borrower BorrowerPerson who is the obligor per the Note. whether or not such payments are actually made by the Borrower BorrowerPerson who is the obligor per the Note. ; and
bond redemptions reported by the Bond Trustee Bond TrusteeTrustee for a Credit Enhancement Instrument. for the current calendar month.

216.02	Monthly Remittance Procedures

216.02A	Monthly Remittances of Scheduled Payments to Bond Trustee

Monthly remittances to the Bond Trustee Bond TrusteeTrustee for a Credit Enhancement Instrument. depend on the execution type for the transaction and applicable transaction requirements.

1. Standby Execution

For Standby StandbyCredit enhancement under which Fannie Mae makes principal and interest payments directly to the Bond Trustee (for payment to bondholders) if the Borrower fails to make required mortgage note payments or if a bankruptcy event has occurred. executions, the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must pay the Scheduled Payments (net of the Facility Fee) to the Bond Trustee Bond TrusteeTrustee for a Credit Enhancement Instrument. . The Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must make the payment to the Bond Trustee Bond TrusteeTrustee for a Credit Enhancement Instrument. by wire transfer of same day funds on or before the 5th Bond BondTax-exempt or taxable multifamily revenue bonds, or other tax-exempt or taxable bonds, issued to finance 1 or more Credit Enhancement Mortgage Loan Properties. 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 day on which the bond payment is due to be made by the Bond Trustee Bond TrusteeTrustee for a Credit Enhancement Instrument. to the bondholders. Bond BondTax-exempt or taxable multifamily revenue bonds, or other tax-exempt or taxable bonds, issued to finance 1 or more Credit Enhancement Mortgage Loan Properties. 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. is determined under the Bond Indenture IndentureBond issuer trust indenture or resolution listing Bond terms. for each separate Bond BondTax-exempt or taxable multifamily revenue bonds, or other tax-exempt or taxable bonds, issued to finance 1 or more Credit Enhancement Mortgage Loan Properties. transaction.

For direct pay executions, the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must perform the following:

a. The Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must pay to the Bond Trustee Bond TrusteeTrustee for a Credit Enhancement Instrument. , by wire transfer of same day funds on the Bond Payment Date, the following components of the Scheduled Payment:

(1) the PRF PRFAccount you hold accumulating principal amortization payments for variable rate Bond credit enhancements. deposit;

(2) the periodic fees payable to the Issuer IssuerEntity that: issues Bonds for a Credit Enhancement Mortgage Loan; packages mortgages for sale as a Security for an MBS; or issues a Letter of Credit. , Bond Trustee Bond TrusteeTrustee for a Credit Enhancement Instrument. , Rebate Analyst, any Compliance Monitor, Remarketing Agent Remarketing AgentPerson selected by the Issuer to reset the interest rate on the Bonds in order to resell any Bonds tendered by investors on the interest rate reset date. and Tender Agent and any other similar person; and

(3) any other requirement, as specified in the Reimbursement Agreement.

b. The Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must remit the following components of the Scheduled Payment to Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! in reimbursement of any related Advance under the credit enhancement as provided in this Section:

(1) the interest component; and

(2) any principal component which is to amortize immediately the 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 and is not to be deposited into the PRF PRFAccount you hold accumulating principal amortization payments for variable rate Bond credit enhancements. .

c. For Direct Pay Direct PayCredit enhancement under which Fannie Mae makes principal and interest payments directly to the Bond Trustee (for payment to bondholders) regardless of whether the Borrower has reimbursed Fannie Mae for such payments. Weekly Variable Rate transactions where the Borrower BorrowerPerson who is the obligor per the Note. is obligated to make its payments 2 Business Days Business DaysAny 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. prior to the 15th of each month and the bondholders must be paid on the 15th of each month, the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must make its payments by wire transfer of same day funds on the 1st or 15th calendar day of each month. Other requirements may apply, as specified in the Reimbursement Agreement.

216.02B	Replenishment of Withdrawals from the PRF

If the Borrower BorrowerPerson who is the obligor per the Note. pays the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. any amount to replenish a withdrawal from the PRF PRFAccount you hold accumulating principal amortization payments for variable rate Bond credit enhancements. , the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. shall pay such amount to the Bond Trustee Bond TrusteeTrustee for a Credit Enhancement Instrument. not later than 2:00 p.m. Eastern Time, 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. immediately after receipt of such monies from the Borrower BorrowerPerson who is the obligor per the Note. .

216.02C	Collection and Remittance of Borrower Reimbursement Obligations for Fannie Mae Advances

The Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must pay the following amounts to Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! :

1. The interest component of the Scheduled Payment and principal component of the Scheduled Payment which is to amortize immediately the 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 and is not to be deposited into the PRF PRFAccount you hold accumulating principal amortization payments for variable rate Bond credit enhancements. . Such amounts reimburse Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! for the related Advance under a Credit Enhancement Instrument Credit Enhancement InstrumentAgreement between Fannie Mae and a Bond Trustee where Fannie Mae provides credit enhancement of a Credit Enhancement Mortgage Loan, Bonds issued to finance a Credit Enhancement Mortgage Loan, or an Interest Rate Hedge Agreement; and if applicable, a Bond liquidity facility. or Collateral Agreement Collateral AgreementAgreement granting a security interest in Mortgage Loan collateral not covered by the Security Instrument. .

2. Any accrued and unpaid Activity Fee.

3. Any other amounts due to Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! under the Reimbursement Agreement other than the Facility Fee.

Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! will draft such amounts so as to be received by Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! 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. immediately after the receipt of such monies from the Borrower BorrowerPerson who is the obligor per the Note. .

The Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must also collect from the Borrower BorrowerPerson who is the obligor per the Note. and remit to Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! any other fees, expenses or additional costs due from the Borrower BorrowerPerson who is the obligor per the Note. to Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! under the Reimbursement Agreement. Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! and/or the Bond Trustee Bond TrusteeTrustee for a Credit Enhancement Instrument. will notify the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. regarding any such amounts to be invoiced by the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. for payment by the Borrower BorrowerPerson who is the obligor per the Note. under the Reimbursement Agreement, the Financing Agreement or other Transaction Document.

216.02D	Monthly Remittance of Fees to Fannie Mae

Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! will draft the Facility Fee, net of the Servicer's Servicer'sPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. Servicing Fee Servicing FeeFee a Servicer receives for collecting payments, managing operational procedures, and assuming your portion of credit risk for a Mortgage Loan, and which may be expressed as a percentage. each month. Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! will draft such amounts 4 calendar days after such amount is scheduled to be paid by the Borrower BorrowerPerson who is the obligor per the Note. under the applicable Transaction Document. If the fourth calendar day is not a 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. , then such draft will be made on the next 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. .

216.02E	Notice and Collection of Other Fees and Expenses

At the written request of the Bond Trustee Bond TrusteeTrustee for a Credit Enhancement Instrument. or if the Reimbursement Agreement or the Financing Agreement requires the Borrower BorrowerPerson who is the obligor per the Note. to make such payments through the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. , the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. will invoice the Borrower BorrowerPerson who is the obligor per the Note. for any fees and expenses payable by the Borrower BorrowerPerson who is the obligor per the Note. to the (1) Issuer IssuerEntity that: issues Bonds for a Credit Enhancement Mortgage Loan; packages mortgages for sale as a Security for an MBS; or issues a Letter of Credit. , (2) Bond Trustee Bond TrusteeTrustee for a Credit Enhancement Instrument. , (3) Rating Agency, (4) Remarketing Agent Remarketing AgentPerson selected by the Issuer to reset the interest rate on the Bonds in order to resell any Bonds tendered by investors on the interest rate reset date. , (5) Rebate Analyst, (6) Compliance Monitor or (7) Custodian.

The Servicer’s Servicer’sPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. invoice must require the Borrower BorrowerPerson who is the obligor per the Note. to pay all such amounts to the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. not later than the earlier of ten days following the receipt of the invoice or 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. such amounts become due. The Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. will remit all such payments received from the Borrower BorrowerPerson who is the obligor per the Note. to the Bond Trustee Bond TrusteeTrustee for a Credit Enhancement Instrument. , the Rating Agency, or Custodian, as applicable, and, if to the Rating Agency or Custodian, with notice to the Bond Trustee Bond TrusteeTrustee for a Credit Enhancement Instrument. of such payment.

216.03	Prepayments – General Introduction

When a Borrower BorrowerPerson who is the obligor per the Note. prepays a 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 in a DUS Bond Credit Enhancement in whole or in part, the bonds also will be prepaid or redeemed in whole or in part on a corresponding basis. This is the starting point for the analysis of the obligations of the Borrower BorrowerPerson who is the obligor per the Note. to account for any fees payable on account of the prepayment or redemption.

216.03A	Bond Redemption Premiums Payable to Bondholders

All relevant rules regarding bond redemption premiums will be contained in the related Bond Indenture IndentureBond issuer trust indenture or resolution listing Bond terms. . The Borrower BorrowerPerson who is the obligor per the Note. is obligated to pay any bond redemption premium. Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! does not provide credit enhancement for the bond redemption premium.

Not all types of bond redemptions are subject to redemption premiums and the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must consult the related Bond Indenture documentation to determine whether a redemption premium is due. As a general rule, only bond redemptions initiated voluntarily or optionally by the Borrower BorrowerPerson who is the obligor per the Note. will potentially have a redemption premium. Mandatory redemptions almost never have a redemption premium. Mandatory redemptions include redemptions paid from condemnation proceeds and insurance proceeds from casualty losses.

1. Variable Rate Bond Redemption

Weekly variable rate bonds may typically be redeemed at any time, or at least on any bond interest payment date, without restriction or redemption premium to the bondholders subject to the terms of the related Bond Indenture IndentureBond issuer trust indenture or resolution listing Bond terms. .

2. Fixed Rate Bond Redemption

Fixed rate bonds are typically restricted from optional or voluntary redemption by the Borrower BorrowerPerson who is the obligor per the Note. for a specific period following the original bond issuance date, known as a lockout period. A lockout period may approximate 10 years from the initial bond issuance. Following the expiration of the lockout period, any voluntary redemption during the subsequent 3 to 5 year period typically requires the payment of a redemption premium to bondholders.

NOTE: Most transactions require the Borrower BorrowerPerson who is the obligor per the Note. to pay the bond redemption premium with money that is not subject to being treated as a voidable preference under applicable bankruptcy and insolvency laws. This usually means the redemption premium cannot come from regular resources of the Borrower BorrowerPerson who is the obligor per the Note. . The Bond Indenture IndentureBond issuer trust indenture or resolution listing Bond terms. must be consulted for requirements applicable to sources of payment of the Bond Redemption Premium and legal counsel should be consulted.

216.03B	Termination Fee or Prepayment Premium Payable to Fannie Mae

Any Prepayment Premium Prepayment PremiumFor a Mortgage Loan prepayment, amount the Borrower must pay in addition to the prepaid principal and accrued interest per the Loan Documents. payable to Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! on the credit enhancement is separate and distinct from any redemption premium payable to bondholders. This is true for all executions: Direct Pay Direct PayCredit enhancement under which Fannie Mae makes principal and interest payments directly to the Bond Trustee (for payment to bondholders) regardless of whether the Borrower has reimbursed Fannie Mae for such payments. , Standby StandbyCredit enhancement under which Fannie Mae makes principal and interest payments directly to the Bond Trustee (for payment to bondholders) if the Borrower fails to make required mortgage note payments or if a bankruptcy event has occurred. and MBS MBSMortgage-Backed Security .

In most instances, Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! requires the Borrower BorrowerPerson who is the obligor per the Note. to pay a Prepayment Premium Prepayment PremiumFor a Mortgage Loan prepayment, amount the Borrower must pay in addition to the prepaid principal and accrued interest per the Loan Documents. (or “Termination Fee” if required in the applicable documents) if the prepayment occurs within a certain number of years after original delivery of Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! ’s credit enhancement. In earlier Bond Credit Enhancement transactions, the premium will be called a Prepayment Premium Prepayment PremiumFor a Mortgage Loan prepayment, amount the Borrower must pay in addition to the prepaid principal and accrued interest per the Loan Documents. and will be addressed in the Note NoteInstrument evidencing a Mortgage Loan obligation, including Form 6010 series, any other Fannie Mae-approved note, and all applicable addenda, schedules, and exhibits. . In later transactions, the premium will be called a Termination Fee and will be addressed in the Reimbursement Agreement.

216.03C	Termination When No Prepayment Occurs; Weekly Variable Rate Transactions

In DUS Variable Rate Credit Enhancements, there is the possibility that neither the 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 nor the bonds are actually being prepaid, but only that the Borrower BorrowerPerson who is the obligor per the Note. is replacing Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! as the provider of the credit enhancement and liquidity, terminating Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! ’s involvement in the transaction. For purposes of this section, that too is treated as a prepayment. In the event that the 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 is being prepaid or Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! is being replaced as credit enhancer, the result is that the credit enhancement is being terminated. In recent years, to take this into account, the general term “Termination” has been used to refer to the events and “Termination Fee” to refer to the fee which may be payable on account of those events.

The Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must remit any Termination Fee due Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! in accordance with remittance requirements contained below in this Section by 2:00 p.m. Eastern Time on the next 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. following the day on which the Borrower’s Borrower’sPerson who is the obligor per the Note. termination of Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! ’s credit enhancement and liquidity is effective.

216.04	Prepayments – Processing

216.04A	General

The Note NoteInstrument evidencing a Mortgage Loan obligation, including Form 6010 series, any other Fannie Mae-approved note, and all applicable addenda, schedules, and exhibits. requires the Borrower BorrowerPerson who is the obligor per the Note. to give advance notice of a full or partial prepayment to the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. , the Bond Trustee Bond TrusteeTrustee for a Credit Enhancement Instrument. , and, if a DUS Variable Rate Credit Enhancement, the Remarketing Agent Remarketing AgentPerson selected by the Issuer to reset the interest rate on the Bonds in order to resell any Bonds tendered by investors on the interest rate reset date. . Any partial prepayment must be in an amount corresponding to an authorized denomination of the Bonds BondsTax-exempt or taxable multifamily revenue bonds, or other tax-exempt or taxable bonds, issued to finance 1 or more Credit Enhancement Mortgage Loan Properties. . Typically, Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! will require its consent to an optional redemption of Bonds BondsTax-exempt or taxable multifamily revenue bonds, or other tax-exempt or taxable bonds, issued to finance 1 or more Credit Enhancement Mortgage Loan Properties. .

The Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must always keep in mind that the date on which the Borrower BorrowerPerson who is the obligor per the Note. must transfer money to the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. to initiate a prepayment may not be the day that the transfer of funds is treated as a prepayment under the governing documents. For example, under some documents the Borrower BorrowerPerson who is the obligor per the Note. must make the prepayment not later than the last 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 day the Bond Trustee Bond TrusteeTrustee for a Credit Enhancement Instrument. , under the Bond Indenture IndentureBond issuer trust indenture or resolution listing Bond terms. , must have received funds for redemption of the Bonds BondsTax-exempt or taxable multifamily revenue bonds, or other tax-exempt or taxable bonds, issued to finance 1 or more Credit Enhancement Mortgage Loan Properties. . The 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 prepayment will not be recognized until the Bonds BondsTax-exempt or taxable multifamily revenue bonds, or other tax-exempt or taxable bonds, issued to finance 1 or more Credit Enhancement Mortgage Loan Properties. are actually redeemed or deemed paid and no longer under the requirements of the Bond Indenture IndentureBond issuer trust indenture or resolution listing Bond terms. .

216.04B	Prompt Notice of Intended Prepayment

The Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must promptly notify Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! (Multifamily Asset Management Multifamily Asset ManagementTeam that can be contacted at [email protected]. ) and the Bond Trustee Bond TrusteeTrustee for a Credit Enhancement Instrument. in writing upon receiving notice from the Borrower BorrowerPerson who is the obligor per the Note. of a planned prepayment. If the prepayment does not occur on such date, the Borrower BorrowerPerson who is the obligor per the Note. may not subsequently prepay the 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 in full without first giving the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. and all other parties to whom notice is required, a new notice of intent to prepay in accordance with the Loan Documents Loan DocumentsAll Fannie Mae-approved documents evidencing, securing, or guaranteeing the Mortgage Loan. .

216.04C	Critical Path Due Dates

The Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must ensure that the final prepayment amount quoted to the Borrower BorrowerPerson who is the obligor per the Note. prior to prepayment is correct. Accordingly, before the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. advises the Borrower BorrowerPerson who is the obligor per the Note. of the final prepayment amount, the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must verify such amount with the Bond Trustee Bond TrusteeTrustee for a Credit Enhancement Instrument. and Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! .

1. No less than 10 days prior to the scheduled prepayment date, the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must obtain the Bond Trustee's Bond Trustee'sTrustee for a Credit Enhancement Instrument. written confirmation of all amounts due and payable in connection with the prepayment.

2. No less than 10 days prior to the scheduled prepayment date, and after verifying amounts due on the Bonds BondsTax-exempt or taxable multifamily revenue bonds, or other tax-exempt or taxable bonds, issued to finance 1 or more Credit Enhancement Mortgage Loan Properties. with the Bond Trustee Bond TrusteeTrustee for a Credit Enhancement Instrument. , the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must request verification of the full or partial prepayment amount from Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! .

3. No less than 5 days prior to the day the Borrower BorrowerPerson who is the obligor per the Note. is required to initiate the prepayment, the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must advise the Borrower BorrowerPerson who is the obligor per the Note. in writing of the full amount necessary to make the prepayment.

NOTE: The day the Borrower BorrowerPerson who is the obligor per the Note. is required to initiate the prepayment will be before the day the Bonds BondsTax-exempt or taxable multifamily revenue bonds, or other tax-exempt or taxable bonds, issued to finance 1 or more Credit Enhancement Mortgage Loan Properties. are to be redeemed.

4. For weekly variable rate bonds, immediately following the last day on which interest is determined on the Bonds BondsTax-exempt or taxable multifamily revenue bonds, or other tax-exempt or taxable bonds, issued to finance 1 or more Credit Enhancement Mortgage Loan Properties. before the scheduled redemption date of the bonds, the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must re-verify the amount the Borrower BorrowerPerson who is the obligor per the Note. must pay for the prepayment. The Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must immediately advise the Borrower BorrowerPerson who is the obligor per the Note. of any correction required by the re-verification.

The Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. should note that the transaction documents do not uniformly address the redemption premium, if any, payable to Bondholders and Prepayment Premium Prepayment PremiumFor a Mortgage Loan prepayment, amount the Borrower must pay in addition to the prepaid principal and accrued interest per the Loan Documents. or termination fee, if any, payable to Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! on account of a prepayment of the 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 . In some instances, the fee maintenance Prepayment Premium Prepayment PremiumFor a Mortgage Loan prepayment, amount the Borrower must pay in addition to the prepaid principal and accrued interest per the Loan Documents. set out in the Note NoteInstrument evidencing a Mortgage Loan obligation, including Form 6010 series, any other Fannie Mae-approved note, and all applicable addenda, schedules, and exhibits. will be payable to Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! . In other instances, the Prepayment Premium Prepayment PremiumFor a Mortgage Loan prepayment, amount the Borrower must pay in addition to the prepaid principal and accrued interest per the Loan Documents. payable under the Note NoteInstrument evidencing a Mortgage Loan obligation, including Form 6010 series, any other Fannie Mae-approved note, and all applicable addenda, schedules, and exhibits. must be remitted to the Bond Trustee Bond TrusteeTrustee for a Credit Enhancement Instrument. for payment to bondholders as a redemption premium. In this case, the Borrower BorrowerPerson who is the obligor per the Note. may be required to pay a Termination Fee to Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! pursuant to the Reimbursement Agreement. The Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must be alert to these requirements.

216.04D	Fannie Mae’s Confirmation Required

To obtain Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! ’s confirmation of the prepayment amount, the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must submit a statement detailing the following:

1. the Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! 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 number(s) and bond number(s), the Property PropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). name and address and the expected prepayment date;

2. all amounts that it has determined (and for such amounts due the Bondholders, confirmed with the Bond Trustee Bond TrusteeTrustee for a Credit Enhancement Instrument. ) will be due and payable by the Borrower BorrowerPerson who is the obligor per the Note. on the prepayment date, including:

(a) the full or partial principal prepayment (as of the prepayment date) of the Note NoteInstrument evidencing a Mortgage Loan obligation, including Form 6010 series, any other Fannie Mae-approved note, and all applicable addenda, schedules, and exhibits. , separately specifying any amounts in the PRF PRFAccount you hold accumulating principal amortization payments for variable rate Bond credit enhancements. expected to be applied to principal;

(b) accrued interest up to but not including the date of prepayment of the Note NoteInstrument evidencing a Mortgage Loan obligation, including Form 6010 series, any other Fannie Mae-approved note, and all applicable addenda, schedules, and exhibits. ;

(d) any Prepayment Premium Prepayment PremiumFor a Mortgage Loan prepayment, amount the Borrower must pay in addition to the prepaid principal and accrued interest per the Loan Documents. or Termination Fee required to be paid to the Bondholders or Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! , respectively, under the terms of the Note NoteInstrument evidencing a Mortgage Loan obligation, including Form 6010 series, any other Fannie Mae-approved note, and all applicable addenda, schedules, and exhibits. , the Financing Agreement, the Indenture IndentureBond issuer trust indenture or resolution listing Bond terms. or the Bonds BondsTax-exempt or taxable multifamily revenue bonds, or other tax-exempt or taxable bonds, issued to finance 1 or more Credit Enhancement Mortgage Loan Properties. ;

(e) any termination fee payable to Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! pursuant to the Reimbursement Agreement;

(f) any other amounts due under the Loan Documents Loan DocumentsAll Fannie Mae-approved documents evidencing, securing, or guaranteeing the Mortgage Loan. ; and

(g) all other amounts due upon a redemption of Bonds BondsTax-exempt or taxable multifamily revenue bonds, or other tax-exempt or taxable bonds, issued to finance 1 or more Credit Enhancement Mortgage Loan Properties. under the Bond Documents, including any interest required to cover the gap between 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 and Bond BondTax-exempt or taxable multifamily revenue bonds, or other tax-exempt or taxable bonds, issued to finance 1 or more Credit Enhancement Mortgage Loan Properties. prepayment for which an escrow or collateral is not already provided. (The Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must request this information from the Bond Trustee Bond TrusteeTrustee for a Credit Enhancement Instrument. .)

3. written confirmation from the Bond Trustee Bond TrusteeTrustee for a Credit Enhancement Instrument. of all amounts due the Bondholders.

4. all amounts that will be due and payable to Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! on the day as required by this Section following prepayment, including:

(a) Credit Enhancement Fee Credit Enhancement FeeFee due to Fannie Mae for a Credit Enhancement Instrument. and Liquidity Fee;

(b) any previously unpaid fees or other amounts owed to Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! ; and

(c) any applicable Prepayment Premium Prepayment PremiumFor a Mortgage Loan prepayment, amount the Borrower must pay in addition to the prepaid principal and accrued interest per the Loan Documents. or Termination Fee that is due, broken down into the portions due to the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. and Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! .

The Prepayment Premium Prepayment PremiumFor a Mortgage Loan prepayment, amount the Borrower must pay in addition to the prepaid principal and accrued interest per the Loan Documents. or Termination Fee is a percentage (as specified in the Note NoteInstrument evidencing a Mortgage Loan obligation, including Form 6010 series, any other Fannie Mae-approved note, and all applicable addenda, schedules, and exhibits. or Reimbursement Agreement) multiplied by the UPB UPBUnpaid Principal Balance of the 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 after crediting the scheduled payment due on the date regular mortgage loan payments are due (in some transactions, the first of the month and in others, the 15th of the month) in which a prepayment takes place.

Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! ’s share of the Prepayment Premium Prepayment PremiumFor a Mortgage Loan prepayment, amount the Borrower must pay in addition to the prepaid principal and accrued interest per the Loan Documents. or Termination Fee will be a percentage determined by dividing the sum of the Credit Facility Fee and the Liquidity Fee by the sum of the Credit Facility Fee, Liquidity Fee and the Servicing Fee Servicing FeeFee a Servicer receives for collecting payments, managing operational procedures, and assuming your portion of credit risk for a Mortgage Loan, and which may be expressed as a percentage. .

No Prepayment Premium Prepayment PremiumFor a Mortgage Loan prepayment, amount the Borrower must pay in addition to the prepaid principal and accrued interest per the Loan Documents. or Termination Fee is due in connection with an application of insurance proceeds or condemnation awards, a monthly deposit to the PRF PRFAccount you hold accumulating principal amortization payments for variable rate Bond credit enhancements. , a redemption of Bonds BondsTax-exempt or taxable multifamily revenue bonds, or other tax-exempt or taxable bonds, issued to finance 1 or more Credit Enhancement Mortgage Loan Properties. from amounts transferred from the PRF PRFAccount you hold accumulating principal amortization payments for variable rate Bond credit enhancements. to a redemption account, a reduction and amortization of the 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 as a result of a Bond BondTax-exempt or taxable multifamily revenue bonds, or other tax-exempt or taxable bonds, issued to finance 1 or more Credit Enhancement Mortgage Loan Properties. redemption, or an adjustment to a Reset Rate or a Fixed Rate.

For New Construction/Substantial Rehabilitation Mortgage Loans, other prepayment criteria may apply depending on the transaction structure.

Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! will review the Servicer’s Servicer’sPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. figures and contact the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. to reconcile any discrepancies. Upon completion of its review and any necessary reconciliation, Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! will respond to the Servicer’s Servicer’sPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. verification request in writing. In its response, Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! will confirm the total payoff amount due to the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. from the Borrower BorrowerPerson who is the obligor per the Note. , and will also separately confirm the amounts due to Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! from the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. , as well as individual items comprising such total amounts.

It is the Servicer’s Servicer’sPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. responsibility to prepare lien release documentation.

216.05	Prepayments: Prepayment Reporting

The Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must report the prepayment amount, including any applicable Prepayment Premium Prepayment PremiumFor a Mortgage Loan prepayment, amount the Borrower must pay in addition to the prepaid principal and accrued interest per the Loan Documents. or Termination Fee due Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! and/or any redemption premium due the bondholders, to Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! in accordance with the reporting requirements contained in Part V, Chapter 2: Reporting and Remitting, Section 216.01: Monthly Bond Credit Enhancement Reporting . The date the report is due depends on the execution type of the underlying transaction.

1. If the 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 payments are due on the first of the month, the report is due on the fourth calendar day of the month in which the prepayment occurs, or the next 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. if the fourth is not a 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. .

2. If the 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 payments are due on the 15th of the month, the report is due on the 15th of the month or the next 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. if such day is not a 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. .

216.06	Prepayments: Remittances

The Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must remit any Prepayment Premium Prepayment PremiumFor a Mortgage Loan prepayment, amount the Borrower must pay in addition to the prepaid principal and accrued interest per the Loan Documents. and/or Termination Fee due Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! by 2:00 p.m. Eastern Time, on the next 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. following the day on which the Borrower’s Borrower’sPerson who is the obligor per the Note. prepayment is received.

Depending on the execution and transaction type, the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must also be concerned with invoicing, collecting and remitting the principal amount of the 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 to be prepaid. In all cases, the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must invoice and collect the principal amount being prepaid from the Borrower BorrowerPerson who is the obligor per the Note. . No prepayment of Direct Pay Direct PayCredit enhancement under which Fannie Mae makes principal and interest payments directly to the Bond Trustee (for payment to bondholders) regardless of whether the Borrower has reimbursed Fannie Mae for such payments. Facilities will be allowed until Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! receives the necessary funds from the Borrower BorrowerPerson who is the obligor per the Note. .

Any prepayment of principal on any 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 received by the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. shall be paid, as follows:

1. Standby Execution: Prepayments shall be remitted to the Bond Trustee Bond TrusteeTrustee for a Credit Enhancement Instrument. not later than the Bond BondTax-exempt or taxable multifamily revenue bonds, or other tax-exempt or taxable bonds, issued to finance 1 or more Credit Enhancement Mortgage Loan Properties. 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. immediately after the date of receipt such funds by the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. ; or

2. Direct Pay Direct PayCredit enhancement under which Fannie Mae makes principal and interest payments directly to the Bond Trustee (for payment to bondholders) regardless of whether the Borrower has reimbursed Fannie Mae for such payments. Execution: Prepayments shall be remitted to Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! on the same day as the Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! Advance to the Bond Trustee Bond TrusteeTrustee for a Credit Enhancement Instrument. funding the corresponding bond redemption associated with the prepayment.

216.07	Reporting on Delinquency Status

The Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must electronically submit to Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! using the Multifamily Delinquency Early Warning System (DEWS DEWSMultifamily Delinquency Early Warning System used for reporting the monthly status of Non-Performing Mortgage Loans. ), or any successor system selected by Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! to do such reporting, the monthly delinquency status of the 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 on the 17th calendar day of the month. If the 15th falls on a holiday or weekend, the System is available the next 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. . The Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must plan around this one day window period for the purpose of reporting delinquencies. This rule applies to all execution and transaction types for DUS Bond Credit Enhancement.

Section 217	Mezzanine Loan Reporting and Remitting

NOTE: Except as otherwise required below, the reporting and remitting requirements for Cash Mortgage Loans provided in this Chapter apply to Mezzanine Loans.

217.01	Remitting DUS Plus Mezzanine Loans

For the DUS Plus Mezzanine Loan, the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. is required to remit to Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! via 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. . On each remittance date the amount representing P&I P&IPrincipal and interest (adjusted to the Pass-Through Rate Pass-Through RateMortgage Loan Gross Note Rate minus: for MBS Mortgage Loans, the Guaranty Fee, minus the Servicing Fee; and for Cash Mortgage Loans, the Servicing Fee. ) actually collected from the Mezzanine Borrower must be remitted. The initial remittance date for any DUS Plus Mezzanine Loan is the 18th day of the month following the month in which the DUS Plus Mezzanine Loan is purchased, with monthly remittances due on the 18th day of each month thereafter.

For each DUS Plus Mezzanine Loan, the principal distribution amount remitted must include the sum of:

the principal portion actually collected from the Mezzanine Borrower of the monthly installment due during the period beginning on the second day of the month preceding the month in which a remittance date occurs and ending on the first day of the month in which a remittance date occurs; and
any unscheduled principal recovery collected on a DUS Plus Mezzanine Loan during the month preceding the month in which a remittance date occurs.

The interest distribution amount remitted includes the interest portion of the monthly installment (that portion actually collected from the Mezzanine Borrower), adjusted to the Pass-Through Rate Pass-Through RateMortgage Loan Gross Note Rate minus: for MBS Mortgage Loans, the Guaranty Fee, minus the Servicing Fee; and for Cash Mortgage Loans, the Servicing Fee. , due on the first day of the month in which a remittance date occurs or due at any time (other than the first day) during the preceding month.

The Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must remit funds collected from the Mezzanine Borrower even if they do not represent a full payment. The Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. may not deduct monthly Servicing Fees Servicing FeesFee a Servicer receives for collecting payments, managing operational procedures, and assuming your portion of credit risk for a Mortgage Loan, and which may be expressed as a percentage. until the entire monthly payment has been collected from the Mezzanine Borrower.

The Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. is not required to remit to Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! on the remittance date any amounts representing P&I P&IPrincipal and interest that have not been received from the Mezzanine Borrower and are, therefore, delinquent. Any delinquent payment received after the 18th calendar day of the month in which it is due must be remitted to Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! by 1:00 p.m. ET within 24 hours of its receipt.

217.02	Payoffs

For DUS Plus Mezzanine Loans, proceeds for payments-in-full, including any applicable repayment fees, must be remitted directly to the mezzanine investor within 24 hours after receipt by the DUS DUSDelegated Underwriting and Servicing Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. . The full payment must be reported to Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! by 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. of the month following the month in which the prepayment is received in accordance with Part V of this Guide GuideMultifamily Selling and Servicing Guide controlling all Lender and Servicer requirements unless a Lender Contract specifies otherwise. .

Section 218	Defeasance

218.01	Mortgage Loan Documents Must Permit Defeasance

A Borrower BorrowerPerson who is the obligor per the Note. may elect to defease its 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 only if the Loan Documents Loan DocumentsAll Fannie Mae-approved documents evidencing, securing, or guaranteeing the Mortgage Loan. permit defeasance. If the Borrower’s Borrower’sPerson who is the obligor per the Note. Mortgage Loan Documents Mortgage Loan DocumentsAll Fannie Mae-approved documents evidencing, securing, or guaranteeing the Mortgage Loan. do not permit defeasance, defeasance of the 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 is not permitted.

218.02	Borrower’s Election to Defease

Prior to the Mortgage Loan’s Mortgage Loan’sMortgage 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 Maturity Date Maturity DateDate all Mortgage Loan amounts become fully due and payable per the Loan Documents. and during the Mortgage Loan's Defeasance Period, the Borrower BorrowerPerson who is the obligor per the Note. may defease the entire outstanding balance of the 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 in accordance with the applicable terms and conditions of the Borrower's Borrower'sPerson who is the obligor per the Note. Loan Documents Loan DocumentsAll Fannie Mae-approved documents evidencing, securing, or guaranteeing the Mortgage Loan. and the provisions of this Section.

218.03	Defeasance Option Procedures

To accomplish the defeasance, the following procedures must be followed:

218.03A	Defeasance Documents

Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must obtain the most current Defeasance DefeasanceTransaction where a Property is released from the lien of the Security Instrument and the Lender receives a valid and perfected lien and security interest in substitute collateral acceptable to Fannie Mae and the cash flows thereunder. documents from the Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! website. The Defeasance DefeasanceTransaction where a Property is released from the lien of the Security Instrument and the Lender receives a valid and perfected lien and security interest in substitute collateral acceptable to Fannie Mae and the cash flows thereunder. documents consist of the Defeasance Notice ( Form 4622 ) and other closing documents required by Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! in order for the defeasance to occur.

218.03B	Defeasance Notice

The Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must complete the Defeasance Notice ( Form 4622 ) after verifying the 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 is eligible for defeasance and obtaining from the Borrower BorrowerPerson who is the obligor per the Note. the date on which the Borrower BorrowerPerson who is the obligor per the Note. desires to consummate the Defeasance DefeasanceTransaction where a Property is released from the lien of the Security Instrument and the Lender receives a valid and perfected lien and security interest in substitute collateral acceptable to Fannie Mae and the cash flows thereunder. . The Defeasance Close Date may not be more than 45 calendar days nor less than 30 calendar days after the date on which the Defeasance Notice is received by the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. . The Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must use the Defeasance Calculator application on the Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! web site to estimate the Defeasance Deposit and the estimated Defeasance Deposit must be inserted in the appropriate box in the Defeasance Notice. The information on the Defeasance Notice will not be final until it is confirmed by Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! . Until then, the Defeasance Deposit and other information are estimates. The Defeasance Notice will specify (a) whether a Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! debt instrument will be offered for use as the substitute collateral and, if not, that U.S. Treasury Securities SecuritiesMBS, PFP MBS, or REMIC. will be the substitute collateral; and (b) whether the successor entity will be designated by Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! or Borrower BorrowerPerson who is the obligor per the Note. , and (c) the amount of the Defeasance Commitment Fee.

To be effective, the Borrower BorrowerPerson who is the obligor per the Note. must execute and send the Defeasance Notice to the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. so that the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. receives the Defeasance Notice no earlier than 11:00 a.m. and no later than 3:00 p.m. ET on a 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. .

The Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must then sign and execute the Defeasance Notice and fax the Defeasance Notice and a copy of the Note NoteInstrument evidencing a Mortgage Loan obligation, including Form 6010 series, any other Fannie Mae-approved note, and all applicable addenda, schedules, and exhibits. to be defeased to its Fannie Mae Representative Fannie Mae RepresentativeFannie Mae personnel who assist you with various business matters (e.g., Fannie Mae Deal Team, pricing, delivery, servicing, asset management, etc.). .

Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! must receive the fax by 5:00 p.m. ET on the same day that the Defeasance DefeasanceTransaction where a Property is released from the lien of the Security Instrument and the Lender receives a valid and perfected lien and security interest in substitute collateral acceptable to Fannie Mae and the cash flows thereunder. Deposit was calculated for verification by Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! .

218.03C	Defeasance Commitment Fee

A Defeasance Commitment Fee equal to 1% of the scheduled balance of the 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 as of the Defeasance Close Date, must be paid by the Borrower BorrowerPerson who is the obligor per the Note. to the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. no later than the date and time when the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. receives the executed Defeasance Notice from the Borrower BorrowerPerson who is the obligor per the Note. . The Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must wire the Defeasance Commitment Fee to Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! within 24 hours after receipt of the Borrower's Borrower'sPerson who is the obligor per the Note. executed Defeasance Notice.

218.03D	Verification of the Defeasance Notice

Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! will verify the 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 information contained in the Defeasance Notice as well as the Mortgage Loan's Mortgage Loan'sMortgage 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 eligibility for defeasance. After verification and within two (2) Business Days Business DaysAny 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 the initial receipt of the Defeasance Notice from the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. , Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! will sign the Defeasance Notice and fax it back to the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. along with an Exhibit that details the monthly cash flows of the Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! debt instrument that will replace the Property PropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). as collateral for the 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 .

The Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. will then fax the verified Defeasance Notice to the Borrower BorrowerPerson who is the obligor per the Note. on the same day that the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. receives the verified Defeasance Notice from Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! . In the event that Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! made changes to the Defeasance Notice, the Borrower BorrowerPerson who is the obligor per the Note. must initial the changed portions of the Defeasance Notice and fax it back to the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. on that same day. The Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must then immediately fax the Borrower BorrowerPerson who is the obligor per the Note. -initialed Defeasance Notice to Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! .

If the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. does not

receive the Defeasance Commitment Fee, and
provide confirmation of the Defeasance Notice to the Borrower BorrowerPerson who is the obligor per the Note. ,

then the right to obtain pursuant to that Defeasance Notice shall terminate. If the still wishes to defease the , the must submit a new Defeasance Notice and repeat the process outlined above.

218.03E	Substitute Collateral

On or before the Defeasance Close Date, the Borrower BorrowerPerson who is the obligor per the Note. must deliver to the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. a Defeasance Pledge Agreement ( Form 4529 ), creating a perfected security interest in the substitute collateral in favor of Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! .

218.03F	Assignment and Assumption

The Borrower BorrowerPerson who is the obligor per the Note. must assign all its obligations and rights under the Note NoteInstrument evidencing a Mortgage Loan obligation, including Form 6010 series, any other Fannie Mae-approved note, and all applicable addenda, schedules, and exhibits. , together with the substitute collateral, to a successor entity designated by Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! or, if not so designated by Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! , designated by Borrower BorrowerPerson who is the obligor per the Note. and acceptable to Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! . The Borrower BorrowerPerson who is the obligor per the Note. and the successor entity shall execute and deliver to the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. a Defeasance Assignment and Assumption Agreement ( Form 4528 ).

218.03G	Closing Documents

The Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must deliver to Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! by no later than 10 a.m. ET, five (5) Business Days Business DaysAny 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 Defeasance Close Date, the following documents:

a Borrower's Counsel Opinion Letter ( Form 6618 ) affirming:
- that each Defeasance DefeasanceTransaction where a Property is released from the lien of the Security Instrument and the Lender receives a valid and perfected lien and security interest in substitute collateral acceptable to Fannie Mae and the cash flows thereunder. Document constitutes the valid and legally binding obligation of the Borrower BorrowerPerson who is the obligor per the Note. , enforceable against the Borrower BorrowerPerson who is the obligor per the Note. in accordance with its terms;
- that the defeasance is not subject to avoidance under any applicable federal or state laws;
- that, if the Note NoteInstrument evidencing a Mortgage Loan obligation, including Form 6010 series, any other Fannie Mae-approved note, and all applicable addenda, schedules, and exhibits. is held by a REMIC Trust, then the defeasance has been effected in such a way that does not adversely affect the REMIC Trust; and
- such other opinions, certificates, documents or instruments as Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. may reasonably request;
the Defeasance Assignment and Assumption Agreement ( Form 4528 ); and
the Defeasance Pledge Agreement ( Form 4529 ).

Transmittal of these documents shall be accompanied by a completed Multifamily Defeasance Transmittal Form ( Form 4631 ).

218.03H	Amounts Payable by Borrower

On or before the Defeasance Close Date, the Borrower BorrowerPerson who is the obligor per the Note. must pay to the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. an amount equal to the sum of:

the next scheduled P&I P&IPrincipal and interest payment due under the Note NoteInstrument evidencing a Mortgage Loan obligation, including Form 6010 series, any other Fannie Mae-approved note, and all applicable addenda, schedules, and exhibits. ;
all other sums then due and payable under the Note NoteInstrument evidencing a Mortgage Loan obligation, including Form 6010 series, any other Fannie Mae-approved note, and all applicable addenda, schedules, and exhibits. , the Security Instrument Security InstrumentInstrument creating a lien or encumbrance on 1 or more Properties and securing the Loan Document obligations. and any other Loan Document Loan DocumentAll Fannie Mae-approved documents evidencing, securing, or guaranteeing the Mortgage Loan. ; and
all costs and expenses incurred by the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. in connection with the defeasance, including any out-of-pocket fees and disbursements of the Servicer's Servicer'sPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. legal counsel.

218.03I	Defeasance Deposit

If a Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! investment security will be the substitute collateral, then, on or before 3:00 p.m. ET on the Defeasance Close Date, the Borrower BorrowerPerson who is the obligor per the Note. must pay the Defeasance Deposit (reduced by the Defeasance Commitment Fee) to the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. to be used by the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. , as the Borrower's Borrower'sPerson who is the obligor per the Note. agent, to purchase the Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! Investment Security.

The Borrower BorrowerPerson who is the obligor per the Note. or Closing Agent must wire the Defeasance Deposit to Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. by 3:00 p.m. ET on the Defeasance Closing Date. The Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must wire the Defeasance Deposit (reduced by the Defeasance Commitment Fee) to Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! for receipt by 5:00 p.m. ET on the Defeasance Closing Date.

218.03J	Release

Upon the Borrower's Borrower'sPerson who is the obligor per the Note. compliance with the Defeasance DefeasanceTransaction where a Property is released from the lien of the Security Instrument and the Lender receives a valid and perfected lien and security interest in substitute collateral acceptable to Fannie Mae and the cash flows thereunder. requirements, the Property PropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). will be released from the lien of the Security Instrument Security InstrumentInstrument creating a lien or encumbrance on 1 or more Properties and securing the Loan Document obligations. . Upon release of the Property PropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). , the Note NoteInstrument evidencing a Mortgage Loan obligation, including Form 6010 series, any other Fannie Mae-approved note, and all applicable addenda, schedules, and exhibits. will be secured by the pledge of the Substitute Collateral.

218.03K	Fannie Mae Security Liquidated Damages

If the Borrower BorrowerPerson who is the obligor per the Note. timely pays the Defeasance Commitment Fee and the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. and the Borrower BorrowerPerson who is the obligor per the Note. timely transmit a signed facsimile copy of the Defeasance Notice, but the Borrower BorrowerPerson who is the obligor per the Note. fails to consummate the defeasance, Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! shall have the right to retain the Defeasance Commitment Fee as liquidated damages for the Borrower's Borrower'sPerson who is the obligor per the Note. default and, subject to the terms and conditions of the Note NoteInstrument evidencing a Mortgage Loan obligation, including Form 6010 series, any other Fannie Mae-approved note, and all applicable addenda, schedules, and exhibits. , the Borrower BorrowerPerson who is the obligor per the Note. shall be released from all further obligation to defease the Note NoteInstrument evidencing a Mortgage Loan obligation, including Form 6010 series, any other Fannie Mae-approved note, and all applicable addenda, schedules, and exhibits. under the given Defeasance Notice.

218.03L	Third-Party Costs

In the event that the Defeasance DefeasanceTransaction where a Property is released from the lien of the Security Instrument and the Lender receives a valid and perfected lien and security interest in substitute collateral acceptable to Fannie Mae and the cash flows thereunder. is not consummated on the Defeasance Closing Date for any reason, the Borrower BorrowerPerson who is the obligor per the Note. must reimburse the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. for all third-party costs and expenses incurred by the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. in its reliance on the Defeasance Notice executed by the Borrower BorrowerPerson who is the obligor per the Note. , within five (5) Business Days Business DaysAny 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 the Borrower BorrowerPerson who is the obligor per the Note. receives a written demand for this reimbursement.

218.03M	Post Defeasance Closing Date

Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! will transfer the defeased 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 from the Servicer's Servicer'sPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. servicing portfolio effective on the first day of the second month following the Defeasance Closing Date. The Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. will be required to report and remit payments for the next scheduled P&I P&IPrincipal and interest payment collected as part of the Defeasance Closing. Thereafter, the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. will no longer be required to perform other servicing requirements for the defeased 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 . Beginning on the 18th calendar day of the second calendar month after the Defeasance Closing Date (or the next 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. if such day is not a 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. ) until the maturity of the 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 , the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. will receive the remaining scheduled servicing fee for the 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 minus five (5) basis points provided the Authorization for ACH Remittance ( Form 4630 ) has been submitted.

Section 219	Delinquency Reporting and Certification

On the 17th calendar day of each month, Servicers ServicersPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must take the following actions with respect to Mortgage Loans Mortgage LoansMortgage 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 :

Report all delinquent Mortgage Loans Mortgage LoansMortgage 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 to Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! using the Delinquency Early Warning System (“DEWS DEWSMultifamily Delinquency Early Warning System used for reporting the monthly status of Non-Performing Mortgage Loans. ”), which Servicers ServicersPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. may access through the eServicing System. Delinquency reporting must include delinquencies for Mortgage Loans Mortgage LoansMortgage 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 on Bond Credit Enhancements, even if the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. also elects to report these delinquencies through CESIR CESIRCredit Enhancement Servicing and Investor Reporting System .
Certify as to the delinquency status of all Mortgage Loans Mortgage LoansMortgage 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 . If a Servicer’s Servicer’sPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. 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 portfolio does not include any delinquent Mortgage Loans Mortgage LoansMortgage 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 , the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must certify to that effect.

Prior to the 17th calendar day of each month, Servicers ServicersPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. may use the “Preliminary” Case Status indicator to set up initial delinquency cases in DEWS DEWSMultifamily Delinquency Early Warning System used for reporting the monthly status of Non-Performing Mortgage Loans. .

On the 17th calendar day of each month, Servicers ServicersPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must change all "Preliminary" Case Status indicators to "Open" for all Mortgage Loans Mortgage LoansMortgage 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 still delinquent or delete remaining initial cases for all Mortgage Loans Mortgage LoansMortgage 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 that have cured. No “Preliminary” Case Status cases can remain as of the 17th calendar day of each month.

If the 17th calendar day of a month falls on a weekend or holiday, the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must report and certify on the next 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. .

Servicers ServicersPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must complete the “comments section” in each report with important additional information regarding the delinquent 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 including, at a minimum, the following:

the Servicer’s Servicer’sPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. attempts to contact the delinquent Borrower BorrowerPerson who is the obligor per the Note. ;
the cause for the missed payment(s);
whether payment is expected before the end of the month;
the likelihood of the Borrower BorrowerPerson who is the obligor per the Note. making the next month’s payment;
if the payment will not be made before the end of the month of default, whether the Borrower BorrowerPerson who is the obligor per the Note. will voluntarily turn over the monthly net operating income of the Property PropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). ;
the willingness of the Borrower BorrowerPerson who is the obligor per the Note. to work with the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. to resolve the delinquency; and
whether the 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 is being Special Serviced by Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! 's Special Asset Management Special Asset ManagementTeam performing Fannie Mae’s Special Servicing that can be contacted at [email protected]. (SAM) group (Primary Risk Mortgage Loans Primary Risk Mortgage LoansMortgage Loan where Fannie Mae bears all losses or you and Fannie Mae share losses. ) or the Servicers' Special Servicing group (Secondary Risk Mortgage Loans Secondary Risk Mortgage LoansMortgage Loan where you bear all losses until your recourse obligation is exhausted. ).

Servicers ServicersPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must update at least once per week all delinquency reports with an “Open” status indicator.

Section 220	Reporting Collateral Balances in Custodial Accounts

Servicers ServicersPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must report, on a quarterly basis, the balances of 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 collateral held by Servicers ServicersPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. in their 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. using Collateral Submission Report ( Form 4813 ). Collateral CollateralProperty, Personal Property, or other property securing a Mortgage Loan. balances that must be included in the quarterly reporting include balances 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. whether the collateral is held as cash, securities or letters of credit.

220.01	P&I Custodial Accounts

Except as noted in Part V, Chapter 2: Reporting and Remitting, Section 220.04: What to Report , balances in P&I Custodial Accounts P&I Custodial AccountsCustodial Account for principal and interest deposits. are excluded from this reporting requirement.

220.02	Letters of Credit as Collateral

Balances for any original Letters of Credit Letters of CreditLetter of Credit approved by Fannie Mae per Part I, Chapter 2: Mortgage Loan, Section 204: Letters of Credit. held by the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must be reported. Balances for any original Letter of Credit Letter of CreditLetter of Credit approved by Fannie Mae per Part I, Chapter 2: Mortgage Loan, Section 204: Letters of Credit. held by Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! are not required to be reported.

220.03	Report on Fair Value Basis

If the form of collateral is securities or Letters of Credit Letters of CreditLetter of Credit approved by Fannie Mae per Part I, Chapter 2: Mortgage Loan, Section 204: Letters of Credit. , Servicers ServicersPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must report the balances on a fair value basis (the price that would be received to sell an asset in a transaction between market participants).

220.04	What to Report

Collateral CollateralProperty, Personal Property, or other property securing a Mortgage Loan. that must be reported using the Collateral Submission Report ( Form 4813 ) includes:

Short Term
- any Replacement Reserves Replacement ReservesCustodial Account the Borrower funds during the Mortgage Loan term for Replacements. or repair escrows;
- insurance proceeds held pending repair or damage to the Property PropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). ; or
- condemnation proceeds received in a condemnation action related to the Property PropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). .
Long Term
- any operating deficit or debt service reserve; or
- NCF NCFAt underwriting or for any specified period, the amount calculated per Part II, Chapter 2: Valuation and Income, Section 203: Income Analysis and the applicable products and features in Part III. sweeps – to the extent NCF NCFAt underwriting or for any specified period, the amount calculated per Part II, Chapter 2: Valuation and Income, Section 203: Income Analysis and the applicable products and features in Part III. exceeds monthly P&I P&IPrincipal and interest remitted to Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! in the ordinary course.
Balances in any T&I Custodial Account T&I Custodial AccountCustodial Account for the deposit of T&I and other impound escrow funds. .
Other
- any other escrow, collateral or achievement funds governed by an agreement with the Borrower BorrowerPerson who is the obligor per the Note. ;
- any holdback of 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 proceeds; or
- any tenant security deposits held by the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. .

220.05	When to Report

The Collateral Submission Report ( Form 4813 ) must be submitted to Servicer’s Servicer’sPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. Fannie Mae Representative Fannie Mae RepresentativeFannie Mae personnel who assist you with various business matters (e.g., Fannie Mae Deal Team, pricing, delivery, servicing, asset management, etc.). within thirty (30) days after the end of each calendar quarter.

Section 221	Internal Revenue Service Reporting Requirements

221.01	What to Report

The Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must comply with Internal Revenue Service reporting requirements for:

reporting the receipt of $600 or more of interest payments from any Borrower BorrowerPerson who is the obligor per the Note. who is a natural person (IRS Form 1098);
filing Statements for Recipients of Miscellaneous Income (IRS Form 1099-MISC) to report payments of fees and related expenses to attorneys and other third parties in connection with foreclosure or liquidation proceedings in connection with a 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 and the related Property PropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). ;
filing notices of Acquisition or Abandonment of Secured Property (IRS Form 1099-A) to report the acquisition of a Property PropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). by foreclosure or acceptance of a deed-in-lieu or by a Borrower’s Borrower’sPerson who is the obligor per the Note. abandonment of a property; and
filing notices of Cancellation of Debt (IRS Form 1099-C) to report the cancellation of any part of a Borrower’s Borrower’sPerson who is the obligor per the Note. indebtedness.

Should the Internal Revenue Service change the reporting requirements in connection with any of IRS Form 1098, IRS Form 1099-MISC, IRS Form 1099-A or IRS Form 1099-C, the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must comply with those changed reporting requirements, notwithstanding anything to the contrary contained in this Chapter. The Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. should contact Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! if it believes any portion of this Chapter to be in conflict with such Internal Revenue Service reporting requirements.

221.02	Filing IRS Form 1099 MISC

The Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must report all attorney (or trustee) fees paid by the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. to Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. -retained attorneys or trustees or to Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! -retained attorneys or trustees for handling foreclosure proceedings, by filing Form 1099-MISC (Miscellaneous Income) with the Internal Revenue Service and other parties. This form must be filed in the Servicer's Servicer'sPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. name, using its Internal Revenue Service tax identification number.

If the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. pays for any expenses authorized by Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! for the maintenance, repair, or marketing of an REO REOA Property or interest in a Property acquired by Fannie Mae or on behalf of the MBS Trust, through a Foreclosure Event where title to a Property or interests in that Property are transferred to Fannie Mae or the MBS Trust. Property PropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). , or when the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. pays directly any business that is not a corporation for recurring maintenance costs, minor repair costs, or routine costs in connection with an REO REOA Property or interest in a Property acquired by Fannie Mae or on behalf of the MBS Trust, through a Foreclosure Event where title to a Property or interests in that Property are transferred to Fannie Mae or the MBS Trust. Property PropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). , the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must report such payments to the Internal Revenue Service. To accomplish this, the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must prepare an IRS Form 1099-MISC (Miscellaneous Income) for the appropriate tax year and submit it to the Internal Revenue Service and to the individual payee. This form must be filed in the Servicer's Servicer'sPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. name, using its Internal Revenue Service taxpayer identification number.

221.03	Notifying the Internal Revenue Service about Abandonments or Acquisitions (IRS Form 1099-A)

221.03A	When Required

The Internal Revenue Service requires that information returns be filed when Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! (or a third party) acquires an interest in a Property PropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). in full or partial satisfaction of the 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 or when Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! or the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. has reason to know that a Property PropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). has been abandoned. The Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must file these notices on Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! 's behalf, using IRS Form 1099-A (Acquisition or Abandonment of Secured Property), for all applicable Mortgage Loans Mortgage LoansMortgage 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 (including 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 participations if Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! 's percentage ownership of such 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 is 50% or greater).

The Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must satisfy the reporting requirements for the “owner of record” (instead of on Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! 's behalf) when the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. purchased a delinquent 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 from Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! before the Property PropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). was acquired by the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. in full or partial satisfaction of the 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 .

For purposes of filing these reports:

Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! (or the “owner of record”) acquires an interest in the Property PropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). when any redemption period that follows a foreclosure sale ends without redemption rights being exercised (or when Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! accepts a deed-in-lieu of foreclosure);
A third party acquires an interest in the Property PropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). at the foreclosure sale; and
Abandonment occurs when Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! or the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. has “reason to know” from “all facts and circumstances concerning the status of the Property PropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). ” that the Borrower BorrowerPerson who is the obligor per the Note. intended to discard or has permanently discarded the Property PropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). from use. The Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. , however, will have an additional three months before its reporting obligation arises if the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. expects foreclosure proceedings to begin within the three months after determination that abandonment has occurred.

After an event that triggers a reporting requirement occurs, IRS Form 1099-A must be filed on or before February 28 (or March 31 if filing electronically) of the year following the calendar year in which the event occurred. The Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. also must furnish the Borrower BorrowerPerson who is the obligor per the Note. with an information statement on or before January 31 of that year. The requirement for notifying the Borrower BorrowerPerson who is the obligor per the Note. can be satisfied by sending Copy B of a completed IRS Form 1099-A to the Borrower's Borrower'sPerson who is the obligor per the Note. last known address. When the form is filed on Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! 's behalf, it must show Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! 's name, address, and federal identification number (52-0883107), and include a legend stating that the information is being reported to the Internal Revenue Service. If it is filed by the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. on its own behalf or for the “owner of record,” the name, address, and identification number of the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. or owner of record, respectively, must be provided instead.

221.03B	Preparing IRS Form 1099-A

The Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. is responsible for completing the IRS Form 1099-A accurately, for filing it with the Internal Revenue Service, and for providing the information to the Borrower BorrowerPerson who is the obligor per the Note. and to Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! by the required dates. If the Internal Revenue Service penalizes Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! because a Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. failed to file a return or filed an incorrect return or late return, Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! will require the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. to reimburse Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! for any penalty fees the Internal Revenue Service assesses (unless the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. can document that it met the filing requirements).

Information that must be reported on IRS Form 1099-A includes:

the Borrower's Borrower'sPerson who is the obligor per the Note. taxpayer identification number (the Social Security number if the borrower is a natural person);
the date of acquisition of an interest in the Property PropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). or the date the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. acquired knowledge of the abandonment;
the outstanding UPB UPBUnpaid Principal Balance of the 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 ;
a general description of the Property PropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). ; and
whether the Borrower BorrowerPerson who is the obligor per the Note. is personally liable for the debt and, if personally liable, the fair market value of the Property PropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). at the time of acquisition.

221.04	Notifying the Internal Revenue Service about Cancellations of Indebtedness (IRS Form 1099-C)

221.04A	When Required

The Internal Revenue Service requires certain mortgage holders, including Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! , to file information returns when $600 or more of a 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 is cancelled. Except as provided in Part V, Chapter 2: Reporting and Remitting, Section 221.04D: Exceptions to IRS Form 1099-C Reporting , the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must file these returns on Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! 's behalf, using IRS Form 1099-C, for all applicable Mortgage Loans Mortgage LoansMortgage 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 (including 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 participations if Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! 's percentage ownership of such 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 is 50% or greater). If, in the same calendar year, a 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 is canceled in connection with a foreclosure or abandonment of secured property, it is not necessary to file both Form 1099-A and Form 1099-C for the same Borrower BorrowerPerson who is the obligor per the Note. . Only Form 1099-C need be filed, and the Form 1099-A filing requirement for the Borrower BorrowerPerson who is the obligor per the Note. will be met by completing boxes 4, 5, and 7 on Form 1099-C.

221.04B	Determining When a Debt Is Cancelled

A debt is cancelled (in whole or part) when any of the following occur:

discharge in bankruptcy under Title 11 of the U.S. Code;
receivership, foreclosure, or similar federal or state court proceeding makes the debt unenforceable;
the statute of limitations applicable to collecting the debt expires (if so determined by a court and any appeal period has expired), or expiration of the statutory period for filing a claim or beginning a deficiency judgment proceeding;
foreclosure remedies by law end or bar Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! ’s right to collect the debt (e.g., foreclosure by exercise of the “power of sale” in the Security Instrument Security InstrumentInstrument creating a lien or encumbrance on 1 or more Properties and securing the Loan Document obligations. );
probate or similar proceeding cancels or extinguishes the debt;
Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! and the Borrower BorrowerPerson who is the obligor per the Note. agree to cancel the debt at less than full consideration;
a decision or defined policy of Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! causes collection activity to be discontinued and the debt to be cancelled; or
expiration of a “non-payment testing period”.

The Internal Revenue Service presumes that a debt is cancelled during a calendar year if no payment has been received on the 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 during a period (the “non-payment testing period”) of 36 months, plus the number of calendar months when collection activity was precluded by a stay in bankruptcy or similar bar under state or local law. The presumption may be rebutted, however, if there has been significant, bona fide collection activity at any time during the calendar year, or if facts and circumstances, existing as of January 31 of the calendar year following expiration of the 36-month period, indicate that the indebtedness has not been discharged.

221.04C	Preparing IRS Form 1099-C

The Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. is responsible for completing the Cancellation of Debt (IRS Form 1099-C) accurately, and for filing it with the Internal Revenue Service and providing the information to the Borrower BorrowerPerson who is the obligor per the Note. and to Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! by the required dates. The form must be filed on or before February 28 (or March 31 if filing electronically) of the year following the calendar year in which the discharge of indebtedness occurs.

If the Internal Revenue Service penalizes Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! because the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. failed to file a return or filed an incorrect or late return, Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! will require the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. to reimburse Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! for any penalty fees the Internal Revenue Service assesses (unless the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. can document that it met the filing requirements).

The Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. also must furnish the Borrower BorrowerPerson who is the obligor per the Note. with an information statement before January 31 of that year. The requirement for notifying the Borrower BorrowerPerson who is the obligor per the Note. can be satisfied by sending Copy B of a completed IRS Form 1099-C (or a substitute statement that complies with Internal Revenue Service requirements for substitute forms) to the Borrower's Borrower'sPerson who is the obligor per the Note. last known address, and the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must send Copy C to those states that require it. When the form is filed on Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! 's behalf, it must show Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! 's name as the “Creditor,” Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! 's address and federal identification number (52-0883107), and include a legend identifying the statement as important tax information that is being furnished to the Internal Revenue Service.

Information that must be reported on IRS Form 1099-C includes:

the Borrower's Borrower'sPerson who is the obligor per the Note. name, address, and taxpayer identification number (the Social Security number if the borrower is a natural person);
the date the debt was cancelled;
the amount of the cancelled debt, which does not include interest or any amount received in satisfaction of the debt from a foreclosure sale or other means;
a description of the debt, such as “mortgage loan,” and a description of the Property PropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). if a combined IRS Form 1099-C and 1099-A is filed;
whether the Borrower BorrowerPerson who is the obligor per the Note. is personally liable for the debt;
whether the debt was cancelled in bankruptcy; and
the fair market value of the Property PropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). if a combined IRS Form 1099-C and 1099-A is filed.

If the cancelled 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 had an original principal amount of $10,000 or more, was originated after 1994, and involves Borrowers BorrowersPerson who is the obligor per the Note. who are jointly and severally liable for the debt, a separate information return for each Borrower BorrowerPerson who is the obligor per the Note. must be filed, and each return must report the entire amount of the cancelled debt. If the 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 was originated prior to January 1, 1995, or if the original principal amount of the cancelled 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 was less than $10,000, and if there are multiple Borrowers BorrowersPerson who is the obligor per the Note. , reporting is required only with respect to the primary (or first-named) Borrower BorrowerPerson who is the obligor per the Note. . In addition, only one information return is required, regardless of the origination date or the original principal amount, if the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. knows, or has reason to know, that co-Borrowers were husband and wife living at the same address when the 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 was originated, and does not know or have reason to know that such circumstances have changed when the 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 is cancelled.

221.04D	Exceptions to IRS Form 1099-C Reporting

Interest. Interest need not be reported. If it is reported as part of the cancelled debt, the IRS Form 1099-C instructions require that it be shown in a separate box on the form.

Non-principal amounts. Cancellation of amounts other than stated principal, including penalties, fines, fees, and administrative costs charged to the Borrower BorrowerPerson who is the obligor per the Note. , need not be reported.

Release of a co-Borrower. IRS Form 1099-C need not be filed when one Borrower BorrowerPerson who is the obligor per the Note. is released from a 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 as long as the remaining Borrowers BorrowersPerson who is the obligor per the Note. are liable for the full UPB UPBUnpaid Principal Balance of the 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 .

Guarantor or surety. A guarantor or surety (i.e., any Guarantor GuarantorKey Principal or other Person executing a Payment Guaranty, Non-Recourse Guaranty, or any other Mortgage Loan guaranty. or Key Principal Key PrincipalPerson who controls and/or manages the Borrower or the Property, is critical to the successful operation and management of the Borrower and the Property, and/or may be required to provide a Guaranty. executing a Non-Recourse Guaranty Non-Recourse GuarantyGuaranty executed by a Key Principal on Form 4501 series or Form 6015 series, or approved by Fannie Mae. or a Payment Guaranty Payment GuarantyGuaranty executed by a Key Principal on Form 4502 series or Form 6020 series, or approved by Fannie Mae. ) is not a Borrower BorrowerPerson who is the obligor per the Note. for purposes of the debt cancellation reporting requirements, so IRS Form 1099-C is never required.

221.04E	Coordination with Reporting Abandonments or Acquisitions

If, in the same calendar year, the 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 is cancelled in connection with the acquisition or abandonment of the same Property PropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). securing the 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 , filing a timely and accurate IRS Form 1099-C will satisfy the requirement to file an IRS Form 1099-A.

221.05	Reporting via Magnetic Media

The Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must report IRS Forms 1099-C and 1099-A information on magnetic media and must do so on Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! 's behalf. Even though the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. reports to the Internal Revenue Service on magnetic media, it is still responsible for providing a hard copy of the IRS Forms 1099-C or 1099-A, as applicable, to the Borrower BorrowerPerson who is the obligor per the Note. (Copy B) and to those states that require it (Copy C). Copy B must be sent to the Borrower BorrowerPerson who is the obligor per the Note. no later than January 31.

The Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must review each Borrower’s Borrower’sPerson who is the obligor per the Note. Form W-9 for validity and request a new Form W-9 if any form is invalid. A valid W-9 will include the Borrower’s Borrower’sPerson who is the obligor per the Note. name, tax identification number, date, and signature. In preparing Forms 1099-C or 1099-A, the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must (i) utilize the IRS TIN Matching program and perform tax identification number matching for all United States non-exempt Borrowers BorrowersPerson who is the obligor per the Note. in all circumstances, (ii) notify Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! of any Borrower BorrowerPerson who is the obligor per the Note. that is identified as an unsuccessful TIN Match prior to preparing Form 1099, and (iii) follow up with any Borrower BorrowerPerson who is the obligor per the Note. whose name and tax identification number combination fail the IRS TIN Match. The Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. should also provide to Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! its TCC (Transmittal Control Code) at the beginning of each year, which will allow Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! to communicate to the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. any errors on its 1099 filings.

The Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. does not need to send Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! a copy of the magnetic media filed by the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. with the Internal Revenue Service. However, to ensure that Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! can identify the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. and the loan number for a specific 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 should the Internal Revenue Service contact Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! for additional information or clarification, the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must:

insert the following header information when the IRS Form 1099-C or 1099-A, as applicable, is filed on Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! 's behalf:
- Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! on the first “Payer” line; and
- the Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! loan number for the related 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 on the line for the “Payer's account number for Payee”; and
within thirty (30) days after filing with the Internal Revenue Service, send an email to Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! at [email protected], containing a summary of IRS Forms 1099-C or 1099-A, as applicable, to notify Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! what the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. reported to the Internal Revenue Service on magnetic media.