Section 210
When the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. receives a Borrower’s Borrower’sPerson who is the obligor per the Note. notification of intent to prepay 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 , it must examine the specific Note NoteInstrument evidencing a Mortgage Loan obligation, including Form 6010 series, any other Fannie Mae-approved note, and all applicable addenda, schedules, and exhibits. (including any applicable addendum, exhibit, modification, or amendment) and Security Instrument Security InstrumentInstrument creating a lien or encumbrance on 1 or more Properties and securing the Loan Document obligations. (and any applicable rider, exhibit, modification or amendment) to determine whether prepayment 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 is permitted and, if so, under what conditions. The prepayment provisions of the actual Mortgage Loan Documents Mortgage Loan DocumentsAll Fannie Mae-approved documents evidencing, securing, or guaranteeing the Mortgage Loan. govern in each case.
The Borrower’s Borrower’sPerson who is the obligor per the Note. proposed prepayment date and the timing of its advance notification of its intent to prepay must be consistent with the provisions of the Loan Documents Loan DocumentsAll Fannie Mae-approved documents evidencing, securing, or guaranteeing the Mortgage Loan. .
The Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must obtain from the Borrower BorrowerPerson who is the obligor per the Note. the date on which the Borrower BorrowerPerson who is the obligor per the Note. will prepay 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 Borrower BorrowerPerson who is the obligor per the Note. must give the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. advance notice of its intent to make a full prepayment as required by the Loan Documents Loan DocumentsAll Fannie Mae-approved documents evidencing, securing, or guaranteeing the Mortgage Loan. .
If a Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! form Multifamily Note evidences 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 , a prepayment may be made only on the last 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. before a 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 payment date. Non-Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! form Notes NotesInstrument evidencing a Mortgage Loan obligation, including Form 6010 series, any other Fannie Mae-approved note, and all applicable addenda, schedules, and exhibits. may not contain the same requirement. Some Notes NotesInstrument evidencing a Mortgage Loan obligation, including Form 6010 series, any other Fannie Mae-approved note, and all applicable addenda, schedules, and exhibits. may contain lockout provisions that prohibit full prepayment for a specified period of time. The Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must not permit a payoff that does not comply with the requirements contained in the Loan Document Loan DocumentAll Fannie Mae-approved documents evidencing, securing, or guaranteeing the Mortgage Loan. .
The Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must notify Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! , in writing or through the Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! Payoff Calculator, upon receiving notice from the Borrower BorrowerPerson who is the obligor per the Note. of a planned prepayment. Notice of the planned prepayment must be received by Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! not later than 10 Business Days Business DaysAny 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. prior to the contemplated payoff date. The Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! Payoff Calculator may only be used when the Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! form Multifamily Note evidences 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 ensure that the payoff figure quoted to the Borrower BorrowerPerson who is the obligor per the Note. is correct. Accordingly, before the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. advises the Borrower BorrowerPerson who is the obligor per the Note. of the full prepayment payoff amount, the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must confirm such amount with Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! . The Servicer's Servicer'sPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. request for confirmation of the full prepayment payoff amount must be submitted to Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! at least 10 Business Days Business DaysAny 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. before the scheduled prepayment date. At least 5 Business Days Business DaysAny 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. prior to the scheduled prepayment date, the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must provide the Borrower BorrowerPerson who is the obligor per the Note. written confirmation of the amount required to pay 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 in full.
1. Calculating the Full Prepayment Payoff Amount
To obtain Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! ’s confirmation of the full prepayment payoff amount, the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must either submit a written statement detailing all amounts that it believes will be due and payable by the Borrower BorrowerPerson who is the obligor per the Note. on the prepayment date or submit the information through the Payoff Calculator, including:
- the UPB UPBUnpaid 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 (as of the prepayment date);
- all accrued and to-be accrued interest, broken down into the net interest portion due to Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! (calculated at 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. ) and the portion to be retained by the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. as a 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. , calculated as if the payoff is occurring on the last day of the month in which the prepayment is occurring;
- any unpaid late fees, if applicable;
- any Prepayment Premium Prepayment PremiumFor a Mortgage Loan prepayment, amount the Borrower must pay in addition to the prepaid principal and accrued interest per the Loan Documents. that is due in connection with the full prepayment, broken down into the portions due to Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! and the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. , respectively; and
- any other amounts due 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. , Security Instrument Security InstrumentInstrument creating a lien or encumbrance on 1 or more Properties and securing the Loan Document obligations. , or any other Mortgage Loan Document Mortgage Loan DocumentAll Fannie Mae-approved documents evidencing, securing, or guaranteeing the Mortgage Loan. , including, if applicable, any unpaid fee due under any Collateral Agreement Collateral AgreementAgreement granting a security interest in Mortgage Loan collateral not covered by the Security Instrument. .
2. Fannie Mae Will Not Confirm Nor Is Responsible for Amounts Owing to Servicer
Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! is not responsible for confirming any amounts owed to the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. at the time of the prepayment (e.g., any administrative fees due for services performed by the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. under a Collateral Agreement Collateral AgreementAgreement granting a security interest in Mortgage Loan collateral not covered by the Security Instrument. ); however, the Servicer's Servicer'sPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. payoff statement must clearly denote any such amounts so that Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! can distinguish them from amounts due exclusively 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. is solely responsible for ensuring that any payoff quote given to the Borrower BorrowerPerson who is the obligor per the Note. includes any amounts that are owed exclusively to the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. , as 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 such amounts from any of the funds that the Borrower BorrowerPerson who is the obligor per the Note. remits to cover the amounts confirmed as being due to Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! .
3. Fannie Mae Confirmation of Full Prepayment Payoff Amount for Primary Risk Mortgage Loans
Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! will review the Servicer's Servicer'sPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. figures and contact the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. to reconcile any discrepancies. Upon completion of its review and any necessary reconciliation, Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! will respond in writing to the Servicer's Servicer'sPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. verification request. In its response, Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! will confirm the total payoff amount due to Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! , as well as the individual items comprising such total amount, including:
- the UPB UPBUnpaid 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 ;
- the net accrued interest due Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! ;
- any applicable Prepayment Premium Prepayment PremiumFor a Mortgage Loan prepayment, amount the Borrower must pay in addition to the prepaid principal and accrued interest per the Loan Documents. (broken down into the portions due to Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! and the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. ); and
- any previously unpaid fees or other amounts owed to Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! .
Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! will provide any pertinent instructions for completing the prepayment payoff process, including any specific instructions that the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must include in its payoff quote to the Borrower BorrowerPerson who is the obligor per the Note. .
4. No Quote to Borrower until Fannie Mae Confirmation for Primary Risk Mortgage Loans
To ensure that the Borrower BorrowerPerson who is the obligor per the Note. is quoted the correct payoff amount, including any applicable accrued interest, Prepayment Premium Prepayment PremiumFor a Mortgage Loan prepayment, amount the Borrower must pay in addition to the prepaid principal and accrued interest per the Loan Documents. , late fees, or other amounts that might be owed under the terms of 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 Security Instrument Security InstrumentInstrument creating a lien or encumbrance on 1 or more Properties and securing the Loan Document obligations. , or the other Mortgage Loan Documents Mortgage Loan DocumentsAll Fannie Mae-approved documents evidencing, securing, or guaranteeing the Mortgage Loan. , the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must not quote a final payoff amount to the Borrower BorrowerPerson who is the obligor per the Note. without first obtaining Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! ’s confirmation of the accuracy of the Servicer's Servicer'sPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. figures.
5. Fannie Mae Confirmation of Full Prepayment Payoff Amount for Secondary Risk Mortgage Loans
Unless the Lender’s Contract Lender’s ContractProgram Documents per the Multifamily Selling and Servicing Agreement. provides otherwise, Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! will not review the Servicer's Servicer'sPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. payoff calculation for Secondary Risk Mortgage Loans Secondary Risk Mortgage LoansMortgage Loan where you bear all losses until your recourse obligation is exhausted. . The Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. is solely responsible for ensuring that any payoff quote given to the Borrower BorrowerPerson who is the obligor per the Note. includes all amounts that are owed to Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! and to the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. .
6. Servicer Liability
Whether confirmed by Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! through the Payoff Calculator or the payoff calculation is performed by 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. is required to collect all amounts owing by the Borrower BorrowerPerson who is the obligor per the Note. on 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 payoff. If Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! determines that Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. has provided the Borrower BorrowerPerson who is the obligor per the Note. incorrect information because of an error in the calculation of the payoff quote, the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. will be responsible for any shortfall and must remit all amounts due to Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! whether or not it has collected such amounts from the Borrower BorrowerPerson who is the obligor per the Note. .
1. Full Prepayment Payoff Amount Received on First Business Day of Month
Notwithstanding anything to the contrary above, any full prepayment 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 from or on behalf of a Borrower BorrowerPerson who is the obligor per the Note. that is received by the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. on the first 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 a month will be deemed received in the prior calendar month for purposes of reporting and remitting such full prepayment.
2. Full Prepayment Reported through the eServicing System Due By 2nd Day of Month
The full prepayment must then be reported electronically to Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! through the eServicing System. The report of the full payment must be transmitted in time to reach Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! by the 2nd calendar day of the month following the month of prepayment.
1. Using Pass-Through Rate to Calculate Remittance to Fannie Mae
The Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must use 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. to calculate its P&I remittance to Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! . After collecting payoff proceeds, calculated in the manner described above at the Gross Note Rate Gross Note RateInterest rate stated in the Loan Documents. , the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must subtract its 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. , calculated using a per diem rate based on the interest accrual method provided for in the Loan Documents Loan DocumentsAll Fannie Mae-approved documents evidencing, securing, or guaranteeing the Mortgage Loan. .
2. Remittance Due on Remittance Date
The Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must remit the prepayment amount on the Remittance Date Remittance DateThe 18th day of each month (or the preceding Business Day if the 18th is not a Business Day) on which you must submit your remittance to Fannie Mae for the Mortgage Loan. in the month after the prepayment occurs per the remittance requirements in this Chapter.
1. Calculating the Full Prepayment Payoff Amount
To obtain Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! ’s confirmation of the final payoff amount for a Securitized Mortgage Loan Securitized Mortgage LoanMortgage Loan backing an MBS, PFP MBS, or REMIC. , the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must submit a statement, detailing:
- All amounts that it has determined will be due and payable by the Borrower
BorrowerPerson who is the obligor per the Note.
on the prepayment date, including:
- the UPB UPBUnpaid Principal Balance of the loan (as of the prepayment date);
- all accrued and to-be accrued interest, broken down into the net interest portion due to Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! (calculated at 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. ) and the portion to be retained by the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. as a 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. , calculated as if the payoff is occurring on the last day of the month in which the prepayment is occurring;
- any unpaid late fees, if applicable;
- any Prepayment Premium Prepayment PremiumFor a Mortgage Loan prepayment, amount the Borrower must pay in addition to the prepaid principal and accrued interest per the Loan Documents. , if any, that is due in connection with the full prepayment specifying the respective portions due Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! , the Security SecurityMBS, PFP MBS, or REMIC. certificate holder and Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. ; and
- any other amounts due 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. , Security Instrument Security InstrumentInstrument creating a lien or encumbrance on 1 or more Properties and securing the Loan Document obligations. , or any other Loan Document Loan DocumentAll Fannie Mae-approved documents evidencing, securing, or guaranteeing the Mortgage Loan. , including, if applicable, any unpaid fee due under any Collateral Agreement Collateral AgreementAgreement granting a security interest in Mortgage Loan collateral not covered by the Security Instrument. .
- All amounts that will be due and payable to Fannie Mae
Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!!
by the Servicer
ServicerPrimary Person servicing the Mortgage Loan, including
the originator,
seller, or
a third party.
on the Remittance Date
Remittance DateThe 18th day of each month (or the preceding Business Day if the 18th is not a Business Day) on which you must submit your remittance to Fannie Mae for the Mortgage Loan.
in the month following the month of prepayment, including:
- the UPB UPBUnpaid Principal Balance of the loan;
- a full month's accrued interest, calculated at the MBS MBSMortgage-Backed Security 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. ;
- any applicable Prepayment Premium Prepayment PremiumFor a Mortgage Loan prepayment, amount the Borrower must pay in addition to the prepaid principal and accrued interest per the Loan Documents. broken down into the portions due to the MBS MBSMortgage-Backed Security investor, the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. , and Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! calculated in accordance with the Guide GuideMultifamily Selling and Servicing Guide controlling all Lender and Servicer requirements unless a Lender Contract specifies otherwise. ; and
- any previously unpaid fees or other amounts owed to Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! .
2. Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! Will Not Confirm Nor Is Responsible for Amounts Owing to Servicer
Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! is not responsible for confirming any amounts owed to the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. at the time of the prepayment (e.g., any administrative fees due for services performed by the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. under a Collateral Agreement Collateral AgreementAgreement granting a security interest in Mortgage Loan collateral not covered by the Security Instrument. ); however, the Servicer's Servicer'sPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. payoff statement must clearly denote any such amounts so that Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! can distinguish them from amounts due exclusively to Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! , and the MBS MBSMortgage-Backed Security investor, if applicable.
3. Fannie Mae Confirmation of Full Prepayment Payoff Amount for Primary Risk Mortgage Loans
Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! will review the Servicer's Servicer'sPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. figures and contact the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. to reconcile any discrepancies for Primary Risk Mortgage Loans Primary Risk Mortgage LoansMortgage Loan where Fannie Mae bears all losses or you and Fannie Mae share losses. . Upon completion of its review and any necessary reconciliation, Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! will respond (in writing) to the Servicer's Servicer'sPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. verification request. In its response, Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! will confirm the total payoff amount due to the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. from the Borrower BorrowerPerson who is the obligor per the Note. , and will also separately confirm the amounts due to Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! from the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. , as well as individual items comprising such total amounts, including:
- the UPB UPBUnpaid 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 ; and
- accrued interest due:
- to the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. from the Borrower BorrowerPerson who is the obligor per the Note. ;
- a full month's accrued interest due Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! ;
- any applicable Prepayment Premium Prepayment PremiumFor a Mortgage Loan prepayment, amount the Borrower must pay in addition to the prepaid principal and accrued interest per the Loan Documents. (broken down into the portions 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. , and the MBS MBSMortgage-Backed Security investor); and
- any previously unpaid fees or other amounts owed to Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! .
4. No Quote to Borrower Until Fannie Mae Confirmation for Primary Risk Mortgage Loans
To ensure that the Borrower BorrowerPerson who is the obligor per the Note. is quoted the correct payoff amount, including any applicable accrued interest, Prepayment Premium Prepayment PremiumFor a Mortgage Loan prepayment, amount the Borrower must pay in addition to the prepaid principal and accrued interest per the Loan Documents. , late fees, or other amounts that might be owed under the terms of 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 Security Instrument Security InstrumentInstrument creating a lien or encumbrance on 1 or more Properties and securing the Loan Document obligations. , or the other Mortgage Loan Documents Mortgage Loan DocumentsAll Fannie Mae-approved documents evidencing, securing, or guaranteeing the Mortgage Loan. , the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must not quote a final payoff amount to the Borrower BorrowerPerson who is the obligor per the Note. without first obtaining Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! ’s confirmation of the accuracy of the Servicer's Servicer'sPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. figures.
5. Fannie Mae Confirmation of Full Prepayment Payoff Amount for Secondary Risk Mortgage Loans
Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! will not review the Servicer's Servicer'sPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. payoff calculation for Secondary Risk Mortgage Loans Secondary Risk Mortgage LoansMortgage Loan where you bear all losses until your recourse obligation is exhausted. . The Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. is solely responsible for ensuring that any payoff quote given to the Borrower BorrowerPerson who is the obligor per the Note. includes all amounts that are owed to Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! and to the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. .
6. Servicer Liability
Whether confirmed by Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! through the Payoff Calculator or the payoff calculation is performed by 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. is required to collect all amounts owing by the Borrower BorrowerPerson who is the obligor per the Note. on 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 payoff. If Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! determines that Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. has provided the Borrower BorrowerPerson who is the obligor per the Note. incorrect information because it quotes a final payoff amount to the Borrower BorrowerPerson who is the obligor per the Note. prior to Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! confirmation or has erred in its calculation of the payoff quote where Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! confirmation is not provided, the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. will be responsible for any shortfall and must remit all amounts due to Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! whether it has collected such amounts from the Borrower BorrowerPerson who is the obligor per the Note. .
1. Security Reporting
By the second 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 the month following the month of prepayment, the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must report the amount of the Prepayment Premium Prepayment PremiumFor a Mortgage Loan prepayment, amount the Borrower must pay in addition to the prepaid principal and accrued interest per the Loan Documents. collected to Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! via the eServicing System in accordance with the reporting requirements provided in this Chapter.
2. Mortgage Loan Reporting Requirements
The Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must report the prepayment amount, including any applicable Prepayment Premium Prepayment PremiumFor a Mortgage Loan prepayment, amount the Borrower must pay in addition to the prepaid principal and accrued interest per the Loan Documents. , to Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! by the second 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 the month following the month in which the prepayment occurs in accordance with the reporting requirements provided in this Chapter.
Under MBS MBSMortgage-Backed Security , the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must remit a full month's accrued interest (calculated at the MBS MBSMortgage-Backed Security 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. ) for each month that the MBS MBSMortgage-Backed Security is outstanding, even if a full or partial prepayment occurs during that month. Any shortfall between the interest collected from the Borrower BorrowerPerson who is the obligor per the Note. and the full month's interest that is due to Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! must be deposited in the Servicer's Servicer'sPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. MBS MBSMortgage-Backed Security P&I Custodial Account P&I Custodial AccountCustodial Account for principal and interest deposits. from the Servicer's Servicer'sPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. own funds and remitted 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. must also remit a full month's 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. for each month that the MBS MBSMortgage-Backed Security is outstanding, even if a full or partial prepayment occurs during that month.
The Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must remit the prepayment amount on the Remittance Date Remittance DateThe 18th day of each month (or the preceding Business Day if the 18th is not a Business Day) on which you must submit your remittance to Fannie Mae for the Mortgage Loan. in the month after the payoff occurs per the remittance requirements in this Chapter.