308.04
| 308.04A | |
|
|
|
Operating Procedures
You must:
- Analyze your T&I Custodial AccountT&I Custodial AccountCustodial Account for the deposit of T&I and other impound escrow funds.
records:
- annually 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. ; and
- when a material change occurs in a Borrower'sBorrower'sPerson who is the obligor per the Note. T&I ImpositionsT&I ImpositionsAmounts for taxes, insurance, and other charges assessed against or owing on the Property which you deem necessary to protect the Property and/or prevent Liens imposed on it. .
- Determine if the Borrower'sBorrower'sPerson who is the obligor per the Note. T&I Custodial AccountT&I Custodial AccountCustodial Account for the deposit of T&I and other impound escrow funds. funds, plus the Borrower'sBorrower'sPerson who is the obligor per the Note. required monthly deposits, are sufficient to timely pay all upcoming T&I ImpositionsT&I ImpositionsAmounts for taxes, insurance, and other charges assessed against or owing on the Property which you deem necessary to protect the Property and/or prevent Liens imposed on it. .
| 308.04B | |
|
|
|
Operating Procedures
If the Borrower'sBorrower'sPerson who is the obligor per the Note. T&I Custodial AccountT&I Custodial AccountCustodial Account for the deposit of T&I and other impound escrow funds. funds are insufficient to timely pay all T&I ImpositionsT&I ImpositionsAmounts for taxes, insurance, and other charges assessed against or owing on the Property which you deem necessary to protect the Property and/or prevent Liens imposed on it. , you must
- bill the BorrowerBorrowerPerson who is the obligor per the Note. for any shortage, and/or
- increase the Borrower'sBorrower'sPerson who is the obligor per the Note. monthly T&I Custodial AccountT&I Custodial AccountCustodial Account for the deposit of T&I and other impound escrow funds. deposit.
After adjusting the Borrower'sBorrower'sPerson who is the obligor per the Note. future deposits, you may use those funds for a shortfall in either taxes or insurance.
| 308.04C | |
|
|
|
Requirements
You must not maintain a surplus of more than 2 monthly T&IT&ITaxes or assessments that may become a Lien on the Property and insurance premiums. payments in the T&I Custodial AccountT&I Custodial AccountCustodial Account for the deposit of T&I and other impound escrow funds. .
Operating Procedures
If the T&I Custodial AccountT&I Custodial AccountCustodial Account for the deposit of T&I and other impound escrow funds. has a surplus of more than 2 monthly T&IT&ITaxes or assessments that may become a Lien on the Property and insurance premiums. payments, you must:
- refund the BorrowerBorrowerPerson who is the obligor per the Note. the amount of the surplus above the 2 monthly T&IT&ITaxes or assessments that may become a Lien on the Property and insurance premiums. payments; or
- reduce the Borrower'sBorrower'sPerson who is the obligor per the Note. required monthly T&I Custodial AccountT&I Custodial AccountCustodial Account for the deposit of T&I and other impound escrow funds. deposit to reduce the surplus to no more than 2 monthly T&IT&ITaxes or assessments that may become a Lien on the Property and insurance premiums. payments within 12 months.
You cannot refund any T&I Custodial AccountT&I Custodial AccountCustodial Account for the deposit of T&I and other impound escrow funds. surplus if the BorrowerBorrowerPerson who is the obligor per the Note. or any other party has defaulted under any of the Loan DocumentsLoan DocumentsAll Fannie Mae-approved documents evidencing, securing, or guaranteeing the Mortgage Loan. beyond any grace or cure period.