208.01
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This Section 208 shall apply to all loans purchased by Fannie Mae (i) under the DUSDUSDelegated Underwriting and Servicing product line and (ii) under any contracts entered into after June 1, 2012, unless any such contract provides that this Section 208 shall not apply to such contract.
Whether or not the BorrowerBorrowerPerson who is the obligor under the Note. pays to the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. the full amount due under a 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. (other than a Credit Enhancement Mortgage LoanCredit Enhancement Mortgage LoanMortgage Loan underwritten and serviced by the Lender and financed by the issuance of Bonds where Fannie Mae is providing a Credit Enhancement Instrument. ), the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. will remit to Fannie Mae Delinquency AdvancesDelinquency AdvancesFor Primary Risk Mortgage Loans and Secondary Risk Mortgage Loans, an amount advanced by a primary servicer in respect of regularly scheduled monthly interest or principal due on 1 or more Mortgage Loans, to the extent required under its Lender Contract. For Secondary Risk Mortgage Loans only, in… in an amount equal to all monthly P&IP&IPrincipal and interest installments then owed under 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. , net of Servicing FeesServicing FeesFee a Servicer receives for collecting payments, managing operational procedures, and assuming Lender's portion of credit risk for a Mortgage Loan. , in the manner and at the time the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. is required to make remittances under the GuideGuideMultifamily Selling and Servicing Guide and Delegated Underwriting and Servicing Guide, including any exhibits, appendices, or other referenced forms, as updated, amended, restated, modified, or supplemented by any lender memo; provided, however, if a topic is covered in the Multifamily Selling and… or the Lender’s ContractLender’s ContractProgram Documents per the Mortgage Selling and Servicing Agreement. . The LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. ’s agreement to make Delinquency AdvancesDelinquency AdvancesFor Primary Risk Mortgage Loans and Secondary Risk Mortgage Loans, an amount advanced by a primary servicer in respect of regularly scheduled monthly interest or principal due on 1 or more Mortgage Loans, to the extent required under its Lender Contract. For Secondary Risk Mortgage Loans only, in… in respect of a 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. constitutes a separate contractual obligation of the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. to Fannie Mae and is not a guaranty or surety of any obligation of the related BorrowerBorrowerPerson who is the obligor under the Note.. The LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. ’s obligation to fund Delinquency AdvancesDelinquency AdvancesFor Primary Risk Mortgage Loans and Secondary Risk Mortgage Loans, an amount advanced by a primary servicer in respect of regularly scheduled monthly interest or principal due on 1 or more Mortgage Loans, to the extent required under its Lender Contract. For Secondary Risk Mortgage Loans only, in…, except in the case of Secondary Risk Mortgage LoansSecondary Risk Mortgage LoansMortgage Loan where the Lender bears all losses until the Lender’s recourse obligations are exhausted. , is not intended to require advances of the principal balance due on the scheduled or accelerated maturity date for payment in full of a 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 LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. ’s obligation to fund Delinquency AdvancesDelinquency AdvancesFor Primary Risk Mortgage Loans and Secondary Risk Mortgage Loans, an amount advanced by a primary servicer in respect of regularly scheduled monthly interest or principal due on 1 or more Mortgage Loans, to the extent required under its Lender Contract. For Secondary Risk Mortgage Loans only, in… with respect to Secondary Risk Mortgage LoansSecondary Risk Mortgage LoansMortgage Loan where the Lender bears all losses until the Lender’s recourse obligations are exhausted. shall include the obligation to fund the principal balance due on the scheduled or accelerated maturity date for payment in full of a 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. .
Whether or not the BorrowerBorrowerPerson who is the obligor under the Note. pays to the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. the full amount due on a Credit Enhancement Mortgage LoanCredit Enhancement Mortgage LoanMortgage Loan underwritten and serviced by the Lender and financed by the issuance of Bonds where Fannie Mae is providing a Credit Enhancement Instrument. , and whether such amounts are payable under the Financing Agreement, the NoteNoteCurrent instrument evidencing a Mortgage Loan obligation, including Form 6010 (series), any other note approved by Fannie Mae, and all applicable addenda, schedules, and exhibits. , the Reimbursement AgreementReimbursement AgreementFor Bond Credit Enhancements, see Part XIV of the DUS Guide. or other transaction documents, the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. shall make Delinquency AdvancesDelinquency AdvancesFor Primary Risk Mortgage Loans and Secondary Risk Mortgage Loans, an amount advanced by a primary servicer in respect of regularly scheduled monthly interest or principal due on 1 or more Mortgage Loans, to the extent required under its Lender Contract. For Secondary Risk Mortgage Loans only, in… in amounts as follows, each in the amount as required to be made under the Financing Agreement, the NoteNoteCurrent instrument evidencing a Mortgage Loan obligation, including Form 6010 (series), any other note approved by Fannie Mae, and all applicable addenda, schedules, and exhibits. , the Reimbursement AgreementReimbursement AgreementFor Bond Credit Enhancements, see Part XIV of the DUS Guide. or other applicable transaction document, net of any Servicing FeeServicing FeeFee a Servicer receives for collecting payments, managing operational procedures, and assuming Lender's portion of credit risk for a Mortgage Loan. otherwise payable to the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. :
- interest payments as required by the definition of Delinquency AdvancesDelinquency AdvancesFor Primary Risk Mortgage Loans and Secondary Risk Mortgage Loans, an amount advanced by a primary servicer in respect of regularly scheduled monthly interest or principal due on 1 or more Mortgage Loans, to the extent required under its Lender Contract. For Secondary Risk Mortgage Loans only, in…, net of Servicing FeesServicing FeesFee a Servicer receives for collecting payments, managing operational procedures, and assuming Lender's portion of credit risk for a Mortgage Loan. ;
- monthly installments of principal owed on the Credit Enhancement Mortgage LoanCredit Enhancement Mortgage LoanMortgage Loan underwritten and serviced by the Lender and financed by the issuance of Bonds where Fannie Mae is providing a Credit Enhancement Instrument. , or, if the transaction documents of the Credit Enhancement Mortgage LoanCredit Enhancement Mortgage LoanMortgage Loan underwritten and serviced by the Lender and financed by the issuance of Bonds where Fannie Mae is providing a Credit Enhancement Instrument. require the BorrowerBorrowerPerson who is the obligor under the Note. to make deposits to a PRFPRFPrincipal Reserve Fund for Bond Credit Enhancements, see Part XIV of the DUS Guide. in lieu of amortizing the principal of the Credit Enhancement Mortgage LoanCredit Enhancement Mortgage LoanMortgage Loan underwritten and serviced by the Lender and financed by the issuance of Bonds where Fannie Mae is providing a Credit Enhancement Instrument. in whole or in part, deposit in a special custodial account meeting the requirements of the GuideGuideMultifamily Selling and Servicing Guide and Delegated Underwriting and Servicing Guide, including any exhibits, appendices, or other referenced forms, as updated, amended, restated, modified, or supplemented by any lender memo; provided, however, if a topic is covered in the Multifamily Selling and… (“Special Custodial Account”) any amounts that the BorrowerBorrowerPerson who is the obligor under the Note. was obligated under the NoteNoteCurrent instrument evidencing a Mortgage Loan obligation, including Form 6010 (series), any other note approved by Fannie Mae, and all applicable addenda, schedules, and exhibits. , the Reimbursement AgreementReimbursement AgreementFor Bond Credit Enhancements, see Part XIV of the DUS Guide. or other applicable transaction document to pay as deposits to the PRFPRFPrincipal Reserve Fund for Bond Credit Enhancements, see Part XIV of the DUS Guide. and transfer such funds in the Special Custodial Account to the applicable Bond TrusteeBond TrusteeTrustee for a Credit Enhancement Instrument. at such time as the funds are required for a mandatory payment of P&IP&IPrincipal and interest under the BondsBondsTax-exempt or taxable multifamily revenue bonds, or other tax-exempt or taxable bonds, issued to finance 1 or more Credit Enhancement Mortgage Loan Properties. ;
- the annual or other periodic fee of the IssuerIssuerEntity that: issues Bonds for a Credit Enhancement Mortgage Loan; packages mortgages for sale as a Security for an MBS; or issues a Letter of Credit. as a continuing fee for the issuance of the BondsBondsTax-exempt or taxable multifamily revenue bonds, or other tax-exempt or taxable bonds, issued to finance 1 or more Credit Enhancement Mortgage Loan Properties. and the provision of the financing for the PropertyPropertyMultifamily residential property securing the Mortgage Loan and including the land (or Leasehold interest in land), Improvements, and personal property (as defined in the Uniform Commercial Code). ;
- the annual or other periodic continuing trust administration fee of the Bond TrusteeBond TrusteeTrustee for a Credit Enhancement Instrument. ;
- the annual or other periodic continuing fee of the rebate analyst, if any, for its rebate calculation services;
- the annual or other periodic continuing fee of the remarketing agent, if any, for its remarketing services;
- the Credit Enhancement FeeCredit Enhancement FeeFee due to Fannie Mae for a Credit Enhancement Instrument. ;
- if the transaction documents of the Credit Enhancement Mortgage LoanCredit Enhancement Mortgage LoanMortgage Loan underwritten and serviced by the Lender and financed by the issuance of Bonds where Fannie Mae is providing a Credit Enhancement Instrument. require the BorrowerBorrowerPerson who is the obligor under the Note. to make deposits to a PRFPRFPrincipal Reserve Fund for Bond Credit Enhancements, see Part XIV of the DUS Guide. in lieu of amortizing the principal of the Credit Enhancement Mortgage LoanCredit Enhancement Mortgage LoanMortgage Loan underwritten and serviced by the Lender and financed by the issuance of Bonds where Fannie Mae is providing a Credit Enhancement Instrument. in whole or in part, the PRF Fee; and
- if the Credit Enhancement InstrumentCredit Enhancement InstrumentAgreement between Fannie Mae and a Bond Trustee where Fannie Mae provides credit enhancement of a Credit Enhancement Mortgage Loan, Bonds issued to finance a Credit Enhancement Mortgage Loan, or an Interest Rate Hedge Agreement; and if applicable, a Bond liquidity facility. contains a liquidity facility for the BondsBondsTax-exempt or taxable multifamily revenue bonds, or other tax-exempt or taxable bonds, issued to finance 1 or more Credit Enhancement Mortgage Loan Properties. , the Liquidity Fee.
The LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. shall make such advances to the party, in the manner and at the time the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. is required to make such remittances under the GuideGuideMultifamily Selling and Servicing Guide and Delegated Underwriting and Servicing Guide, including any exhibits, appendices, or other referenced forms, as updated, amended, restated, modified, or supplemented by any lender memo; provided, however, if a topic is covered in the Multifamily Selling and…. The LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. ’s agreement to make Delinquency AdvancesDelinquency AdvancesFor Primary Risk Mortgage Loans and Secondary Risk Mortgage Loans, an amount advanced by a primary servicer in respect of regularly scheduled monthly interest or principal due on 1 or more Mortgage Loans, to the extent required under its Lender Contract. For Secondary Risk Mortgage Loans only, in… in respect of a Credit Enhancement Mortgage LoanCredit Enhancement Mortgage LoanMortgage Loan underwritten and serviced by the Lender and financed by the issuance of Bonds where Fannie Mae is providing a Credit Enhancement Instrument. constitutes a separate contractual obligation of the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. to Fannie Mae and is not a guaranty or surety of any obligation of the related BorrowerBorrowerPerson who is the obligor under the Note..
Whether or not BorrowerBorrowerPerson who is the obligor under the Note. makes payments to the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. , the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. shall make Servicing AdvancesServicing AdvancesAll amounts required to be paid by the Borrower, for all taxes and assessments against each Property, all insurance premiums for insurance for each Property to insurance carrier(s) acceptable to Fannie Mae, in accordance with the Guide, and any other payment, as determined by Fannie Mae,… as and when such amounts constituting Servicing AdvancesServicing AdvancesAll amounts required to be paid by the Borrower, for all taxes and assessments against each Property, all insurance premiums for insurance for each Property to insurance carrier(s) acceptable to Fannie Mae, in accordance with the Guide, and any other payment, as determined by Fannie Mae,… are required to be paid.
Whether or not the BorrowerBorrowerPerson who is the obligor under the Note. makes payments to the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. , the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. shall make Servicing AdvancesServicing AdvancesAll amounts required to be paid by the Borrower, for all taxes and assessments against each Property, all insurance premiums for insurance for each Property to insurance carrier(s) acceptable to Fannie Mae, in accordance with the Guide, and any other payment, as determined by Fannie Mae,… on a Credit Enhancement Mortgage LoanCredit Enhancement Mortgage LoanMortgage Loan underwritten and serviced by the Lender and financed by the issuance of Bonds where Fannie Mae is providing a Credit Enhancement Instrument. as and when such amounts constituting Servicing AdvancesServicing AdvancesAll amounts required to be paid by the Borrower, for all taxes and assessments against each Property, all insurance premiums for insurance for each Property to insurance carrier(s) acceptable to Fannie Mae, in accordance with the Guide, and any other payment, as determined by Fannie Mae,… are required to be paid. For each Credit Enhancement Mortgage LoanCredit Enhancement Mortgage LoanMortgage Loan underwritten and serviced by the Lender and financed by the issuance of Bonds where Fannie Mae is providing a Credit Enhancement Instrument. , Servicing AdvancesServicing AdvancesAll amounts required to be paid by the Borrower, for all taxes and assessments against each Property, all insurance premiums for insurance for each Property to insurance carrier(s) acceptable to Fannie Mae, in accordance with the Guide, and any other payment, as determined by Fannie Mae,… shall include, in addition to those items set out in the definition of Servicing AdvancesServicing AdvancesAll amounts required to be paid by the Borrower, for all taxes and assessments against each Property, all insurance premiums for insurance for each Property to insurance carrier(s) acceptable to Fannie Mae, in accordance with the Guide, and any other payment, as determined by Fannie Mae,…, all fees, costs and expenses, whether recurring or non-periodic, not covered by a Delinquency AdvanceDelinquency AdvanceFor Primary Risk Mortgage Loans and Secondary Risk Mortgage Loans, an amount advanced by a primary servicer in respect of regularly scheduled monthly interest or principal due on 1 or more Mortgage Loans, to the extent required under its Lender Contract. For Secondary Risk Mortgage Loans only, in… but necessary, as determined by Fannie Mae, to preserve or protect the BondsBondsTax-exempt or taxable multifamily revenue bonds, or other tax-exempt or taxable bonds, issued to finance 1 or more Credit Enhancement Mortgage Loan Properties. or to exercise any legal or equitable remedies under the Bond Indenture, the BondsBondsTax-exempt or taxable multifamily revenue bonds, or other tax-exempt or taxable bonds, issued to finance 1 or more Credit Enhancement Mortgage Loan Properties. or any of the other transaction documents (other than the Loan DocumentsLoan DocumentsAll documents evidencing, securing, or guaranteeing the debt obligation executed for a Mortgage Loan and approved by Fannie Mae. ).