304.04
Prohibited Uses
Requirements
You must not use any T&I Custodial AccountT&I Custodial AccountCustodial Account for the deposit of T&I and other impound escrow funds. funds to:
- supplement a shortfall in the Borrower'sBorrower'sPerson who is the obligor per the Note. monthly P&IP&IPrincipal and interest payment to Fannie Mae;
- reimburse yourself for any Servicing AdvanceServicing AdvanceAll amounts required to be paid by the Borrower, for all taxes and assessments against each Property, all insurance premiums for insurance for each Property to insurance carrier(s) acceptable to Fannie Mae, in accordance with the Guide, and any other payment, as determined by Fannie Mae,… unless it is recovered from subsequent collections for that Mortgage LoanMortgage 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. ; or
- supplement a shortfall in a Borrower'sBorrower'sPerson who is the obligor per the Note. taxes or insurance payment using another Borrower'sBorrower'sPerson who is the obligor per the Note. tax or insurance deposits.
Guidance
You may use a Borrower'sBorrower'sPerson who is the obligor per the Note. own tax or insurance deposits to cover a shortfall in the Borrower'sBorrower'sPerson who is the obligor per the Note. tax or insurance obligation if you adjust future deposits per Part V, Chapter 3: Custodial Accounts, Section 308.04B: Insufficient Funds.