Section 406

Follow-Up Actions by the Servicer

The ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must take all applicable actions required to fully effectuate the transaction, including:

  • amending the recorded Security InstrumentSecurity InstrumentInstrument creating a lien or encumbrance on 1 or more Properties and securing the Loan Document obligations. or filed Uniform Commercial Code (UCCUCCUniform Commercial Code ) financing statements;
  • updating the PropertyPropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). survey;
  • obtaining an endorsement to the mortgagee’s title insurance policy showing no impairment of Fannie Mae’s LienLienLien, mortgage, bond interest, pledge, security interest, charge, or encumbrance of any kind. position, and dating down title to reflect any recorded amendment to the Security InstrumentSecurity InstrumentInstrument creating a lien or encumbrance on 1 or more Properties and securing the Loan Document obligations. ;
  • recording all applicable documents, and sending the required documents through the MAMPMAMPMultifamily Asset Management Portal used to submit Property inspections, operating statements, requested modifications, asset management reports, and data corrections for loan or property attributes. ;
  • sending an executed original copy of any new or amended Loan DocumentLoan DocumentAll Fannie Mae-approved documents evidencing, securing, or guaranteeing the Mortgage Loan. to Multifamily Certification and CustodyMultifamily Certification and CustodyTeam responsible for taking custody of and certifying Mortgage Loans that can be contacted at  [email protected], (800) 940-4646, or for submissions:  Fannie Mae (Multifamily) Certification and Custody 21240 Ridgetop Circle Suite 125-130 Sterling, VA  20166. within 15 Business DaysBusiness DaysAny day other than a Saturday, Sunday, day when Fannie Mae is closed, day when the Federal Reserve Bank of New York is closed, or for any MBS and required remittance withdrawal, day when the Federal Reserve Bank is closed in the district where any of the MBS funds are held. ;
  • following the requirements of Part V, Chapter 3: Custodial Accounts, Section 301: Generally if changes are required to any existing Collateral Agreement Custodial AccountCollateral Agreement Custodial AccountCustodial account established by the Servicer for depositing funds received from the Borrower for Collateral Agreements. , or if any new Collateral Agreement Custodial AccountCollateral Agreement Custodial AccountCustodial account established by the Servicer for depositing funds received from the Borrower for Collateral Agreements. must be established in connection with the transaction;
  • retaining copies of all documents, correspondence, and any internal notes or analysis relating to the transaction in the Servicing FileServicing FileYour file for each Mortgage Loan serviced. ; and
  • taking any other actions the ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. or its legal counsel determines are necessary.