209.05
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 | |
|
|
|
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. .
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. .