303.02

Withdrawals

Requirements

You must only withdraw funds from the P&I Custodial AccountP&I Custodial AccountCustodial Account for principal and interest deposits. to:

  • Remit funds to Fannie Mae.
  • Reimburse a Delinquency AdvanceDelinquency AdvanceYour required advances for scheduled monthly Mortgage Loan principal and/or interest per your Lender Contract, or the Guide. recovered from subsequent collections.
  • Remove funds erroneously deposited.
  • Transfer interest or typical demand deposit or money market account earnings.
  • Pay the Guaranty FeeGuaranty FeeFee retained by Fannie Mae for credit enhancing a Mortgage Loan or assuming credit risk on a Mortgage Loan, and which may be expressed as a percentage. (unless you received a notice of default from any Security Trust Indenture guarantor).
  • Remove fees, charges, or other amounts deposited on a temporary basis, including
    • late charges,
    • Servicing FeesServicing FeesFee a Servicer receives for collecting payments, managing operational procedures, and assuming your portion of credit risk for a Mortgage Loan, and which may be expressed as a percentage. , or
    • unsecuritized excess spread (i.e., when a Mortgage Loan'sMortgage Loan'sMortgage debt obligation evidenced, or when made will be evidenced, by the Loan Documents, or  a mortgage debt obligation with a Fannie Mae credit enhancement. Pass-Through RatePass-Through RateMortgage Loan Gross Note Rate minus the Guaranty Fee, minus the Servicing Fee. is greater than the MBS Pool'sMBS Pool'sMBS Security backed by MBS Mortgage Loans. Pass-Through RatePass-Through RateMortgage Loan Gross Note Rate minus the Guaranty Fee, minus the Servicing Fee. ).
  • Clear and close the account.
  • Transfer any funds to 1 or more other Custodial AccountsCustodial AccountsAccounts established by the Servicer for depositing P&I payments, T&I funds, Collateral Agreement deposits, and other similar funds. per this Chapter.