401.02

Monitoring Compliance with Loan Documents

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. , the ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must monitor the Borrower’sBorrower’sPerson who is the obligor per the Note. compliance with the terms and conditions of the Loan DocumentsLoan DocumentsAll Fannie Mae-approved documents evidencing, securing, or guaranteeing the Mortgage Loan. , and facilitate compliance or take appropriate actions to address any instance of noncompliance.  All Loan DocumentsLoan DocumentsAll Fannie Mae-approved documents evidencing, securing, or guaranteeing the Mortgage Loan. and all other documents required to be retained by the ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must be maintained in accordance with the Program Rules.

In the event of any conflict between or among the requirements of the GuideGuideMultifamily Selling and Servicing Guide controlling all Lender and Servicer requirements unless a Lender Contract specifies otherwise. , the Disclosure DocumentsDisclosure DocumentsDocuments for an Investor for a particular Securitized Mortgage Loan, which may include the MBS Trust Agreement, Prospectus, and any related documents. , the Lender ContractLender ContractProgram Documents per the Multifamily Selling and Servicing Agreement. , and the Loan DocumentsLoan DocumentsAll Fannie Mae-approved documents evidencing, securing, or guaranteeing the Mortgage Loan. , the governing priority shall be, in order:

  • Loan DocumentsLoan DocumentsAll Fannie Mae-approved documents evidencing, securing, or guaranteeing the Mortgage Loan. ;
  • Disclosure DocumentsDisclosure DocumentsDocuments for an Investor for a particular Securitized Mortgage Loan, which may include the MBS Trust Agreement, Prospectus, and any related documents. ;
  • Lender ContractLender ContractProgram Documents per the Multifamily Selling and Servicing Agreement. ; and
  • GuideGuideMultifamily Selling and Servicing Guide controlling all Lender and Servicer requirements unless a Lender Contract specifies otherwise. .