213.02
For any prepayment that occurs before the Yield Maintenance Period End Date Yield Maintenance Period End DateLast day on which a Borrower owes yield maintenance for a voluntary Mortgage Loan prepayment. , the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must first determine the total 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. owing by the Borrower BorrowerPerson who is the obligor per the Note. in accordance with the Loan Documents Loan DocumentsAll Fannie Mae-approved documents evidencing, securing, or guaranteeing the Mortgage Loan. . The Loan Documents Loan DocumentsAll Fannie Mae-approved documents evidencing, securing, or guaranteeing the Mortgage Loan. generally require the Borrower BorrowerPerson who is the obligor per the Note. 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. equal to the greater of (i) 1% of the UPB UPBUnpaid Principal Balance (the “Minimum 1% Prepayment Premium Minimum 1% Prepayment PremiumFor a prepayment, an amount equal to 1% of the UPB. ”), or (ii) yield maintenance.
Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! does not guarantee payment of any portion 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. to the Investor InvestorMBS Investor for an MBS Mortgage Loan, or Fannie Mae for a Cash Mortgage Loan. . The Investor InvestorMBS Investor for an MBS Mortgage Loan, or Fannie Mae for a Cash Mortgage Loan. only receives a share of 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. actually received from the Borrower BorrowerPerson who is the obligor per the Note. . 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 calculate the Investor's Investor'sMBS Investor for an MBS Mortgage Loan, or Fannie Mae for a Cash Mortgage Loan. share of the total 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. as follows using the yield rate specified per the Loan Documents Loan DocumentsAll Fannie Mae-approved documents evidencing, securing, or guaranteeing the Mortgage Loan. :
(Principal prepaid) x (Pass-Through Rate – yield rate) x (present value factor).
If the result is negative, the Investor InvestorMBS Investor for an MBS Mortgage Loan, or Fannie Mae for a Cash Mortgage Loan. receives no 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. share.
For both Securitized Mortgage Loans Securitized Mortgage LoansMortgage Loan backing an MBS, PFP MBS, or REMIC. and Cash Mortgage Loans Cash Mortgage LoansMortgage Loan purchased by Fannie Mae in exchange for cash. , the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must calculate Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! ’s share of the total 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 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. is greater than the Minimum 1% Prepayment Premium Minimum 1% Prepayment PremiumFor a prepayment, an amount equal to 1% of the UPB. , the difference between the total 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. and the Investor’s Investor’sMBS Investor for an MBS Mortgage Loan, or Fannie Mae for a Cash Mortgage Loan. portion will be shared between 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. .
Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! ’s share equals:
- for Securitized Mortgage Loans Securitized Mortgage LoansMortgage Loan backing an MBS, PFP MBS, or REMIC. :
(total Prepayment Premium - Investor’s portion) x (Guaranty Fee / (Guaranty Fee + Servicing Fee)); and
- for Cash Mortgage Loans Cash Mortgage LoansMortgage Loan purchased by Fannie Mae in exchange for cash. :
total Prepayment Premium - Servicer's share (calculated per Part V, Chapter 2: Reporting and Remitting, Section 213.02D: Calculation of Servicer’s Share of Total Prepayment Premium ).
If the total 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. equals the Minimum 1% Prepayment Premium Minimum 1% Prepayment PremiumFor a prepayment, an amount equal to 1% of the UPB. , Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! ’s share equals the entire remaining 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. above the Investor’s Investor’sMBS Investor for an MBS Mortgage Loan, or Fannie Mae for a Cash Mortgage Loan. portion.
The Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. receives a portion 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. only if 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. exceeds the Minimum 1% Prepayment Premium Minimum 1% Prepayment PremiumFor a prepayment, an amount equal to 1% of the UPB. .
The Servicer's Servicer'sPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. share equals:
- for Securitized Mortgage Loans Securitized Mortgage LoansMortgage Loan backing an MBS, PFP MBS, or REMIC. :
(total Prepayment Premium - Investor's portion) x (Servicing Fee / (Guaranty Fee + Servicing Fee)); and
- for Cash Mortgage Loans Cash Mortgage LoansMortgage Loan purchased by Fannie Mae in exchange for cash. :
total Prepayment Premium x (Servicing Fee / (Pass-Through Rate + Servicing Fee)).