Remit the funds due Fannie Mae on the remittance date The servicer is authorized to withdraw funds from the P&I custodial account only for the following purposes: Seventh calendar day of each month, or on the preceding business day if the seventh is not a business day Draft Typeįifth business day of the month following issuance of the related MBS pool The following table describes the schedule for various types of drafts. Maintain records identifying each borrower, the amount of each borrower’s payment, and the custodial account into which each payment is deposited.Īs described in P&I Custodial Accounts in A4-1-02, Establishing Custodial Bank Accounts, the required draft date will differ based on the type of draft.
✓Įstablish a reasonable daily cut-off of its work to ensure that collections are promptly credited to the appropriate account.Įnsure that it deposits any monthly payments collected after the mortgage loan was submitted to Fannie Mae for purchase or securitization, including any payments due from an interest rate buydown account, to the P&I account no later than one business day after it or its designee receives Fannie Mae’s purchase proceeds or the MBS.įannie Mae will consider waiving its next-day-deposit requirement when a servicer uses a computer service bureau or a third party as a collection agent if it feels that adequate controls exist. The following table describes the requirements for the collection and disposition of P&I funds. The servicer must deduct the servicing fees and late charges before the servicer transfers P&I payments from its clearing account to the custodial account. However, the servicer is authorized to transfer the entire P&I payment from its clearing account into the custodial account, as long as it removes its share of the funds no later than the next business day after they are deposited into the custodial account. The servicer of participation mortgage loans must deposit only Fannie Mae’s percentage shares of the funds into the P&I custodial account.
As described in P&I Custodial Accounts in A4-1-02, Establishing Custodial Bank Accounts, the funds in the P&I custodial account must relate to monthly P&I payments due Fannie Mae.
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