Entitlement to Default Interest

Between Fannie Mae and the LenderLenderPerson Fannie Mae approved to sell or service Mortgage Loans. , unless the Lender’s ContractLender’s ContractProgram Documents per the Multifamily Selling and Servicing Agreement. expressly provides otherwise, so long as the LenderLenderPerson Fannie Mae approved to sell or service Mortgage Loans. is obligated to make or has made Delinquency AdvancesDelinquency AdvancesYour required advances for scheduled monthly Mortgage Loan principal and/or interest per your Lender Contract, or the Guide. as provided in Part V, Chapter 2: Reporting and Remitting, Section 208.02A: Obligation to Make Delinquency Advances, the LenderLenderPerson Fannie Mae approved to sell or service Mortgage Loans. is entitled to retain 50 percent of the default interest collected from or on behalf of the BorrowerBorrowerPerson who is the obligor per the Note. .  The other 50 percent of such default interest, to the extent collected from or on behalf of the BorrowerBorrowerPerson who is the obligor per the Note. , is remitted to and retained by Fannie Mae.  Notwithstanding anything in this Section 208.05 to the contrary, with respect to any Non-Performing Mortgage LoanNon-Performing Mortgage LoanMortgage Loan with an uncured default. with a Last Paid InstallmentLast Paid InstallmentDue date of the last payment received. prior to March 1, 2012, if the LenderLenderPerson Fannie Mae approved to sell or service Mortgage Loans. is obligated to make Delinquency AdvancesDelinquency AdvancesYour required advances for scheduled monthly Mortgage Loan principal and/or interest per your Lender Contract, or the Guide. then the LenderLenderPerson Fannie Mae approved to sell or service Mortgage Loans. is entitled to all default interest collected from or on behalf of the BorrowerBorrowerPerson who is the obligor per the Note. with respect to such 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. .  If the LenderLenderPerson Fannie Mae approved to sell or service Mortgage Loans. is not obligated to make any Delinquency AdvancesDelinquency AdvancesYour required advances for scheduled monthly Mortgage Loan principal and/or interest per your Lender Contract, or the Guide. on a Non-Performing Mortgage LoanNon-Performing Mortgage LoanMortgage Loan with an uncured default. , all default interest shall be remitted to and retained by Fannie Mae.  Without regard to whether the LenderLenderPerson Fannie Mae approved to sell or service Mortgage Loans. is making Delinquency AdvancesDelinquency AdvancesYour required advances for scheduled monthly Mortgage Loan principal and/or interest per your Lender Contract, or the Guide. , Fannie Mae is always entitled to the interest that accrues at the stated interest rate on the 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 the Lender’sLender’sPerson Fannie Mae approved to sell or service Mortgage Loans. Servicing FeeServicing FeeFee a Servicer receives for collecting payments, managing operational procedures, and assuming your portion of credit risk for a Mortgage Loan, and which may be expressed as a percentage. .