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.