301.03B
Verifying Depository Ratings
Requirements
You must monitor the financial viability of custodial fund depositories.
If a depository or its holding company does not meet the Eligible Depository ratings per Part V, Chapter 3: Custodial Accounts, Section 301.03A: Eligible Depository, you must transfer the Custodial AccountCustodial AccountAccounts established by the Servicer for depositing P&I payments, T&I funds, Collateral Agreement deposits, and other similar funds. to an Eligible Depository within 30 days.
Operating Procedures
To determine an Eligible Depository:
- use the most recent financial ratings issued within the past 3 months; and
- confirm the ratings every 3 months.