301.04
| 301.04A | |
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The ServicerServicerPrimary Person responsible for servicing the Mortgage Loan (e.g., the originator, the selling Lender, or a third-party servicer). is responsible for the safekeeping at all times of the deposits held in Custodial AccountsCustodial AccountsAccounts established by the Servicer for depositing P&I payments, T&I funds, Collateral Agreement deposits, and other similar funds. . The ServicerServicerPrimary Person responsible for servicing the Mortgage Loan (e.g., the originator, the selling Lender, or a third-party servicer). must establish appropriate methods for monitoring the financial viability of the depositories that hold custodial funds.
| 301.04B | |
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Fannie Mae will hold the ServicerServicerPrimary Person responsible for servicing the Mortgage Loan (e.g., the originator, the selling Lender, or a third-party servicer). liable for all losses of funds deposited in Custodial AccountsCustodial AccountsAccounts established by the Servicer for depositing P&I payments, T&I funds, Collateral Agreement deposits, and other similar funds. , including any damages Fannie Mae suffers because of delays in obtaining such funds, regardless of whether the ServicerServicerPrimary Person responsible for servicing the Mortgage Loan (e.g., the originator, the selling Lender, or a third-party servicer). has complied with the requirements of the GuideGuideMultifamily Selling and Servicing Guide that: controls all Lender and Servicer requirements unless a Lender Contract specifies otherwise; and includes any exhibits, appendices, or other referenced forms, as updated, amended, restated, modified, or supplemented. .
| 301.04C | |
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Any losses incurred by the ServicerServicerPrimary Person responsible for servicing the Mortgage Loan (e.g., the originator, the selling Lender, or a third-party servicer). will not be reimbursed by Fannie Mae nor permitted to be applied by the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. in the calculation of any 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. loss claim.
| 301.04D | |
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A Custodial AccountCustodial AccountAccounts established by the Servicer for depositing P&I payments, T&I funds, Collateral Agreement deposits, and other similar funds. must not be overdrawn at any time. If an overdraft occurs, the ServicerServicerPrimary Person responsible for servicing the Mortgage Loan (e.g., the originator, the selling Lender, or a third-party servicer). must immediately advance the ServicerServicerPrimary Person responsible for servicing the Mortgage Loan (e.g., the originator, the selling Lender, or a third-party servicer). ’s own funds to cure the overdraft.