Consolidated Custodial Accounts

Requirements

Topic	You must...
Securitized Mortgage Loans (Other Than PFP MBS)	Use separate consolidated Custodial AccountsCustodial AccountsAccounts established by the Servicer for depositing P&I payments, T&I funds, Collateral Agreement deposits, and other similar funds. for drafting: P&IP&IPrincipal and interest remittances for Securitized Mortgage LoansSecuritized Mortgage LoansMortgage Loan backing an MBS, PFP MBS, or REMIC. (other than PFP MBSPFP MBSMBS backed by a PFP Mortgage Loan. ); and remittances for all 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. categories per Part V, Chapter 3: Custodial Accounts, Section 303.01: Accounts and Deposits.
Corporate/General Lender Accounts	Not designate your corporate, general ledger, or other internal operating account as a Drafting AccountDrafting AccountCustodial Account established by the Lender for the benefit of Fannie Mae and for which Fannie Mae has authority to transfer funds. .
Records	Maintain records of the commingled fund sources on an individual 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. basis.

Topic

You must...

Securitized Mortgage Loans
(Other Than PFP MBS)

Use separate consolidated Custodial AccountsCustodial AccountsAccounts established by the Servicer for depositing P&I payments, T&I funds, Collateral Agreement deposits, and other similar funds. for drafting:

P&IP&IPrincipal and interest remittances for Securitized Mortgage LoansSecuritized Mortgage LoansMortgage Loan backing an MBS, PFP MBS, or REMIC. (other than PFP MBSPFP MBSMBS backed by a PFP Mortgage Loan. ); and
remittances for all 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. categories per Part V, Chapter 3: Custodial Accounts, Section 303.01: Accounts and Deposits.

Corporate/General Lender Accounts

Not designate your corporate, general ledger, or other internal operating account as a .

Records

Maintain records of the commingled fund sources on an individual basis.

Operating Procedures

Topic	You...
Establishing Accounts	Must submit a Letter of Authorization (Form 2050).
Timely Remittance	Must move all funds due into the account to ensure timely remittance to Fannie Mae.
Cash Mortgage Loans	May temporarily commingle P&IP&IPrincipal and interest funds for all Cash Mortgage LoanCash Mortgage LoanMortgage Loan purchased by Fannie Mae in exchange for cash. categories per Part V, Chapter 3: Custodial Accounts, Section 303.01: Accounts and Deposits into 1 consolidated Drafting AccountDrafting AccountCustodial Account established by the Lender for the benefit of Fannie Mae and for which Fannie Mae has authority to transfer funds. under your master 5-digit ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. number.
Securitized Mortgage Loans	May temporarily commingle P&IP&IPrincipal and interest funds for all Securitized Mortgage LoanSecuritized Mortgage LoanMortgage Loan backing an MBS, PFP MBS, or REMIC. categories per Part V, Chapter 3: Custodial Accounts, Section 303.01: Accounts and Deposits into 1 consolidated Drafting AccountDrafting AccountCustodial Account established by the Lender for the benefit of Fannie Mae and for which Fannie Mae has authority to transfer funds. under your master 5-digit ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. number.
P&I Funds	May designate 1 Drafting AccountDrafting AccountCustodial Account established by the Lender for the benefit of Fannie Mae and for which Fannie Mae has authority to transfer funds. for P&IP&IPrincipal and interest funds for each 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. category per Part V, Chapter 3: Custodial Accounts, Section 303.01: Accounts and Deposits under each of your 9-digit ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. numbers.
Commingling Timing	Cannot commingle funds earlier than 1 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. before the funds will be drafted.
System	Must, for both Cash Mortgage LoansCash Mortgage LoansMortgage Loan purchased by Fannie Mae in exchange for cash. and Securitized Mortgage LoansSecuritized Mortgage LoansMortgage Loan backing an MBS, PFP MBS, or REMIC. , use the Cash Remittance SystemCash Remittance SystemMultifamily system where you set up and maintain banking instructions for Fannie Mae’s drafting of remittances per Part V, Chapter 2: Reporting and Remitting, Section 209: Remittance Procedures. to designate specific Custodial AccountsCustodial AccountsAccounts established by the Servicer for depositing P&I payments, T&I funds, Collateral Agreement deposits, and other similar funds. from which Fannie Mae remittances can be automatically drafted per Part V, Chapter 2: Reporting and Remitting, Section 209.03: Cash Remittance System.