Section 204
| 204.01 | |
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Generally the Borrower'sBorrower'sPerson who is the obligor per the Note. monthly payment consists of P&IP&IPrincipal and interest and deposits for insurance, taxes, replacement reserves and replacement hedges or some combination of such items. In some instances, the payment may include additional funds to be applied toward the UPBUPBUnpaid Principal Balance or to repay funds advanced by the ServicerServicerPrimary Person responsible for servicing the Mortgage Loan (e.g., the originator, the selling Lender, or a third-party servicer). . The ServicerServicerPrimary Person responsible for servicing the Mortgage Loan (e.g., the originator, the selling Lender, or a third-party servicer). must account for each portion of the Borrower'sBorrower'sPerson who is the obligor per the Note. monthly payment in the Servicer'sServicer'sPrimary Person responsible for servicing the Mortgage Loan (e.g., the originator, the selling Lender, or a third-party servicer). records. The ServicerServicerPrimary Person responsible for servicing the Mortgage Loan (e.g., the originator, the selling Lender, or a third-party servicer). must track both actual and scheduled 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. balances (a.k.a., Security Pool and SecuritySecurityMBS, PFP MBS, or REMIC. balances) and reconcile any outstanding difference (e.g., the ServicerServicerPrimary Person responsible for servicing the Mortgage Loan (e.g., the originator, the selling Lender, or a third-party servicer). advances for insufficient BorrowerBorrowerPerson who is the obligor per the Note. payments).
| 204.02 | |
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The interest calculation method is generally specified in the Loan DocumentsLoan DocumentsAll documents evidencing, securing, or guaranteeing the debt obligation executed for a Mortgage Loan and approved by Fannie Mae. . ServicersServicersPrimary Person responsible for servicing the Mortgage Loan (e.g., the originator, the selling Lender, or a third-party servicer). are required to calculate interest due 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. as required by the Loan DocumentsLoan DocumentsAll documents evidencing, securing, or guaranteeing the debt obligation executed for a Mortgage Loan and approved by Fannie Mae. . If the Loan DocumentsLoan DocumentsAll documents evidencing, securing, or guaranteeing the debt obligation executed for a Mortgage Loan and approved by Fannie Mae. do not contain any information regarding the interest calculation method, then ServicersServicersPrimary Person responsible for servicing the Mortgage Loan (e.g., the originator, the selling Lender, or a third-party servicer). should assume a 30/360 accrual method.
Interest will accrue based upon the actual number of days in a calendar month and a 360-day year.
Interest will accrue based upon a 30-day month and a 360-day year.