210.05A

Confirming the Full Prepayment Payoff Amount

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. .