Eligible Depositories

If the ServicerServicerPrimary Person responsible for servicing the Mortgage Loan (e.g.,  the originator, the selling Lender, or a third-party servicer). is a depository institution, it can establish the account within its own institution so long as:

• it meets Fannie Mae’s criteria for an Eligible DepositoryEligible DepositoryAny Federal Reserve Bank, Federal Home Loan Bank, or other depository institution that: 1.  has its accounts insured by the Federal Deposit Insurance Corporation or the National Credit Union Share Insurance Fund or such other governmental insurer or guarantor as may be acceptable to Fannie Mae; …; and
• does not use its general ledger or internal operating account for the Custodial AccountsCustodial AccountsAccounts established by the Servicer for depositing P&I payments, T&I funds, Collateral Agreement deposits, and other similar funds..

 If the ServicerServicerPrimary Person responsible for servicing the Mortgage Loan (e.g.,  the originator, the selling Lender, or a third-party servicer). does not comply with the above requirements, it must establish the account in an Eligible DepositoryEligible DepositoryAny Federal Reserve Bank, Federal Home Loan Bank, or other depository institution that: 1.  has its accounts insured by the Federal Deposit Insurance Corporation or the National Credit Union Share Insurance Fund or such other governmental insurer or guarantor as may be acceptable to Fannie Mae; ….