Accounts and Deposits

Requirements

You must:

• Maintain 1 separate P&I Custodial Account P&I Custodial AccountCustodial Account for principal and interest deposits. for each of these 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. categories:
  • Cash Mortgage Loans Cash Mortgage LoansMortgage Loan purchased by Fannie Mae in exchange for cash. and PFP Mortgage Loans PFP Mortgage LoansMortgage Loan originally purchased as a Cash Mortgage Loan or held in Fannie Mae’s portfolio, but subsequently securitized as an MBS. ;
  • MBS Mortgage Loans MBS Mortgage LoansMortgage Loan purchased by Fannie Mae in exchange for an issued MBS backed by the Mortgage Loan. , including
    • MBS Mortgage Loans MBS Mortgage LoansMortgage Loan purchased by Fannie Mae in exchange for an issued MBS backed by the Mortgage Loan. issued using a REMIC REMICReal Estate Mortgage Investment Conduit election after January 1, 2021, and
    • MBS for Bonds MBS for BondsFannie Mae MBS: issued to credit enhance tax-exempt Bonds; or exchanged for Bonds redeemed at MBS issuance. ;
  • Credit Enhancement Mortgage Loans Credit Enhancement Mortgage LoansMortgage Loan financed by a Bond issuance where Fannie Mae provides credit enhancement by a Credit Enhancement Instrument, or an MBS for Bonds. or transactions with Credit Enhancement Instruments Credit Enhancement InstrumentsAgreement between Fannie Mae and a Bond Trustee where Fannie Mae provides credit enhancement of a Credit Enhancement Mortgage Loan, Bonds issued to finance a Credit Enhancement Mortgage Loan, or an Interest Rate Hedge Agreement; and if applicable, a Bond liquidity facility. ;
  • REMIC REMICReal Estate Mortgage Investment Conduit transactions submitted in the Multifamily Negotiated Transactions (MFNT) application; and
  • any other Securitized Mortgage Loans Securitized Mortgage LoansMortgage Loan backing an MBS, PFP MBS, or REMIC. .
• Not commingle P&I Custodial Account P&I Custodial AccountCustodial Account for principal and interest deposits. funds among 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. categories.  For example, P&I P&IPrincipal and interest funds for an MBS Mortgage Loan MBS Mortgage LoanMortgage Loan purchased by Fannie Mae in exchange for an issued MBS backed by the Mortgage Loan. may not be commingled with P&I P&IPrincipal and interest funds for a Cash Mortgage Loan Cash Mortgage LoanMortgage Loan purchased by Fannie Mae in exchange for cash. , even for the same Borrower BorrowerPerson who is the obligor per the Note. .
• Use P&I Custodial Accounts P&I Custodial AccountsCustodial Account for principal and interest deposits. for all Borrower BorrowerPerson who is the obligor per the Note. P&I P&IPrincipal and interest 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. payments, including any
  • unscheduled principal or interest payments,
  • Delinquency Advances Delinquency AdvancesYour required advances for scheduled monthly Mortgage Loan principal and/or interest per your Lender Contract, or the Guide. , or 
  • recovered Delinquency Advances Delinquency AdvancesYour required advances for scheduled monthly Mortgage Loan principal and/or interest per your Lender Contract, or the Guide. .