Section 302
| 302.01 | |
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Operating Procedures
Within 30 days of opening or closing a Custodial AccountCustodial AccountAccounts established by the Servicer for depositing P&I payments, T&I funds, Collateral Agreement deposits, and other similar funds. , or changing the Eligible Depository or Custodial AccountCustodial AccountAccounts established by the Servicer for depositing P&I payments, T&I funds, Collateral Agreement deposits, and other similar funds. information:
Step 1: You and the depository institution must execute the applicable:
- Letter of Authorization for Multifamily P&I Custodial Account (Form 2050);
- Letter of Authorization for Multifamily T&I Custodial Account (Form 2052); or
- Letter of Authorization for Multifamily Collateral Agreement Custodial Account (Form 2051).
Step 2: You must submit the executed document per the form’s instructions.
| 302.02 | |
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Operating Procedures
You must:
- Ensure all Custodial AccountsCustodial AccountsAccounts established by the Servicer for depositing P&I payments, T&I funds, Collateral Agreement deposits, and other similar funds. are titled:
[You], as agent, trustee, and/or bailee for Fannie Mae and/or payments of various mortgagors and/or various owners of interests in mortgage-backed securities (Custodial Account).
- Submit:
- a copy of a
- signature card,
- bank statement, or
- system generated screen print; and
- the applicable Letter of Authorization per Part V, Chapter 3: Custodial Accounts, Section 302.01: Notifications.
- a copy of a
| 302.03 | |
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Requirements
You must deposit any funds no later than the second Business DayBusiness DayAny day other than a Saturday, Sunday, day when Fannie Mae is closed, day when the Federal Reserve Bank of New York is closed, or for any MBS and required remittance withdrawal, day when the Federal Reserve Bank is closed in the district where any of the MBS funds are held. (including any time funds are in a Clearing AccountClearing AccountLender account at an Eligible Depository used either for receiving funds for various loans and for the benefit of multiple investors, and from which segregated funds are transferred to specific Custodial Accounts held solely for the benefit of Fannie Mae, or disbursing funds after transfer… or general ledger account) after receiving them.
Operating Procedures
For deposits:
- Establish a daily cutoff ensuring collections are credited to the appropriate Custodial AccountCustodial AccountAccounts established by the Servicer for depositing P&I payments, T&I funds, Collateral Agreement deposits, and other similar funds. no later than the Business DayBusiness DayAny day other than a Saturday, Sunday, day when Fannie Mae is closed, day when the Federal Reserve Bank of New York is closed, or for any MBS and required remittance withdrawal, day when the Federal Reserve Bank is closed in the district where any of the MBS funds are held. after receiving them.
- Ensure collections deposited to the Clearing AccountClearing AccountLender account at an Eligible Depository used either for
receiving funds for various loans and for the benefit of multiple investors, and from which segregated funds are transferred to specific Custodial Accounts held solely for the benefit of Fannie Mae, or
disbursing funds after transfer… are credited to the applicable Custodial AccountCustodial AccountAccounts established by the Servicer for depositing P&I payments, T&I funds, Collateral Agreement deposits, and other similar funds.
by:
- for non-ACHACHElectronic Automated Clearing House network for processing U.S. banking transactions. funds, the first Business DayBusiness DayAny day other than a Saturday, Sunday, day when Fannie Mae is closed, day when the Federal Reserve Bank of New York is closed, or for any MBS and required remittance withdrawal, day when the Federal Reserve Bank is closed in the district where any of the MBS funds are held. after receiving them; or
- for ACHACHElectronic Automated Clearing House network for processing U.S. banking transactions. funds, the second Business DayBusiness DayAny day other than a Saturday, Sunday, day when Fannie Mae is closed, day when the Federal Reserve Bank of New York is closed, or for any MBS and required remittance withdrawal, day when the Federal Reserve Bank is closed in the district where any of the MBS funds are held. after receiving them, but this does not extend your deadline to remit funds to Fannie Mae.