208.01
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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. ).