Insurance Loss Draft or Check Not Payable to Either Fannie Mae or Servicer

If the insurance loss draft or check is not made payable to either 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. , the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must return it to the insurance carrier and request the loss draft or check be reissued in the name of Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! and sent to the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. .  If the check has already been cashed by 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 demand those funds be either 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. and/or deposited in a Custodial Account Custodial AccountAccount established by the Servicer for depositing P&I payments, T&I payments, and escrow, reserve, or other funds received from the Borrower per any Loan Document, including the: Collateral Agreement; Multifamily Loan Agreement; or Security Instrument. meeting the requirements of  Part V, Chapter 3: Custodial Accounts .