Section 208
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| 208.01A | |
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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.
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 .
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. .
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.
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. ).
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 .
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. .
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.
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!! .
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. .
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. .