Section 212
Partial 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 generally permitted for the application of the proceeds of an insurance claim or a condemnation award. Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must follow the requirements contained in the Loan Documents Loan DocumentsAll Fannie Mae-approved documents evidencing, securing, or guaranteeing the Mortgage Loan. in connection with any such partial prepayment.
The Borrower BorrowerPerson who is the obligor per the Note. is not required to pay a 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. in connection with any prepayment that occurs as a result of the application to the Mortgage Loan Mortgage LoanMortgage debt obligation evidenced, or when made will be evidenced, by the Loan Documents, or a mortgage debt obligation with a Fannie Mae credit enhancement. Test Notes-SV Test Again Sub-bullet test1 Sub-bullet test2 of insurance proceeds or condemnation award proceeds, regardless of when during 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 term such prepayment occurs.
The proceeds representing the partial prepayment must be reported and remitted to Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! in the same manner and timeframe as is required for monthly remittances.