Section 209

Remittance Procedures

The ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must remit to Fannie Mae collections and other amounts due by the specified Remittance DateRemittance DateThe 18th day of each month (or the preceding Business Day if the 18th is not a Business Day) on which you must submit your remittance to Fannie Mae for the Mortgage Loan. established for each product type.

209.01

Definitions

For purposes of this Section, the following terms shall have the definitions set forth below.

209.01A

Interest Distribution Amount

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 interest portion, adjusted to the Pass-Through RatePass-Through RateMortgage Loan Gross Note Rate minus the Guaranty Fee, minus the Servicing Fee.  of the monthly installment (without regard as to whether such amount was collected), due on the first day of the month in which a Remittance DateRemittance DateThe 18th day of each month (or the preceding Business Day if the 18th is not a Business Day) on which you must submit your remittance to Fannie Mae for the Mortgage Loan. occurs or which becomes due at any time during the preceding month except the first day thereof.

209.01B

Principal Distribution Amount

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 total of (1) the principal portion of the monthly installment due during the period beginning on the second day of the month preceding the month in which a Remittance DateRemittance DateThe 18th day of each month (or the preceding Business Day if the 18th is not a Business Day) on which you must submit your remittance to Fannie Mae for the Mortgage Loan. occurs and ending on the first day of the month in which a Remittance DateRemittance DateThe 18th day of each month (or the preceding Business Day if the 18th is not a Business Day) on which you must submit your remittance to Fannie Mae for the Mortgage Loan. occurs, without regard as to whether such amount was collected, and (2) any unscheduled principal recovery collected on 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. during the month preceding the month in which a Remittance DateRemittance DateThe 18th day of each month (or the preceding Business Day if the 18th is not a Business Day) on which you must submit your remittance to Fannie Mae for the Mortgage Loan. occurs.

209.01C

Monthly Remittance

The total of the Interest Distribution Amount and Principal Distribution Amount to be remitted to Fannie Mae on each Remittance DateRemittance DateThe 18th day of each month (or the preceding Business Day if the 18th is not a Business Day) on which you must submit your remittance to Fannie Mae for the Mortgage Loan. .

209.02

Monthly P&I Remittance Due Dates for Cash and MBS Transactions

Monthly P&IP&IPrincipal and interest remittances begin on the initial Remittance DateRemittance DateThe 18th day of each month (or the preceding Business Day if the 18th is not a Business Day) on which you must submit your remittance to Fannie Mae for the Mortgage Loan. . 

Mortgage Loan Type

Initial Remittance Date

Cash Mortgage Loans (including Mortgage Loans backing a PFP MBS)

The month after Fannie Mae purchased 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. .

Securitized Mortgage Loans

The month after the month the MBSMBSMortgage-Backed Security was issued.

 The final Remittance DateRemittance DateThe 18th day of each month (or the preceding Business Day if the 18th is not a Business Day) on which you must submit your remittance to Fannie Mae for the Mortgage Loan. occurs:

  • for Mortgage LoansMortgage LoansMortgage debt obligation evidenced, or when made will be evidenced, by the Loan Documents, or  a mortgage debt obligation with a Fannie Mae credit enhancement. paying off on the scheduled Maturity DateMaturity DateDate all Mortgage Loan amounts become fully due and payable per the Loan Documents. :  in the month 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. matured and the security balance dropped to $0.00 (e.g., if 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. pays off on its scheduled May 1 Maturity DateMaturity DateDate all Mortgage Loan amounts become fully due and payable per the Loan Documents. , the final Remittance DateRemittance DateThe 18th day of each month (or the preceding Business Day if the 18th is not a Business Day) on which you must submit your remittance to Fannie Mae for the Mortgage Loan. will be May 18); or
  • for Mortgage LoansMortgage LoansMortgage debt obligation evidenced, or when made will be evidenced, by the Loan Documents, or  a mortgage debt obligation with a Fannie Mae credit enhancement. being prepaid:  in the month after the month 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. was prepaid (e.g., if 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. prepays anytime between May 2 and May 31, the final Remittance DateRemittance DateThe 18th day of each month (or the preceding Business Day if the 18th is not a Business Day) on which you must submit your remittance to Fannie Mae for the Mortgage Loan. will be June 18).
209.03

Cash Remittance System
209.03A

Drafting Account Use

The ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must make the monthly remittance funds available for drafting by ACHACHElectronic Automated Clearing House network for processing U.S. banking transactions. via the Cash Remittance SystemCash Remittance SystemMultifamily system where you set up and maintain banking instructions for Fannie Mae’s drafting of remittances per Part V, Chapter 2: Reporting and Remitting, Section 209: Remittance Procedures. on the Business DayBusiness DayAny 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. before the Remittance DateRemittance DateThe 18th day of each month (or the preceding Business Day if the 18th is not a Business Day) on which you must submit your remittance to Fannie Mae for the Mortgage Loan. .

209.03B

Drafting Account Setup

To set up a Drafting AccountDrafting AccountCustodial Account established by the Lender for the benefit of Fannie Mae and for which Fannie Mae has authority to transfer funds. before the initial Remittance DateRemittance DateThe 18th day of each month (or the preceding Business Day if the 18th is not a Business Day) on which you must submit your remittance to Fannie Mae for the Mortgage Loan. :

  1. Open a Drafting AccountDrafting AccountCustodial Account established by the Lender for the benefit of Fannie Mae and for which Fannie Mae has authority to transfer funds. with an Eligible Depository per Part V, Chapter 3: Custodial Accounts, Section 301: Generally;
  2. Use the Cash Remittance SystemCash Remittance SystemMultifamily system where you set up and maintain banking instructions for Fannie Mae’s drafting of remittances per Part V, Chapter 2: Reporting and Remitting, Section 209: Remittance Procedures. to designate the custodial bank and Drafting AccountDrafting AccountCustodial Account established by the Lender for the benefit of Fannie Mae and for which Fannie Mae has authority to transfer funds. to be electronically debited or credited.
209.03C

Remittance Transaction Codes

The Cash Remittance SystemCash Remittance SystemMultifamily system where you set up and maintain banking instructions for Fannie Mae’s drafting of remittances per Part V, Chapter 2: Reporting and Remitting, Section 209: Remittance Procedures. uses remittance codes linked to the:

  • Servicer'sServicer'sPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. unique 9-digit ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. number; and
  • specific Drafting AccountDrafting AccountCustodial Account established by the Lender for the benefit of Fannie Mae and for which Fannie Mae has authority to transfer funds. identified for the applicable product and execution.

Only 1 Drafting AccountDrafting AccountCustodial Account established by the Lender for the benefit of Fannie Mae and for which Fannie Mae has authority to transfer funds. per remittance code is permitted, either the:

The ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must ensure the:

  • individual account drafting instructions, including assigned remittance codes, are coordinated with the Servicer'sServicer'sPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. internal fund processing; and
  • transmissions to Fannie Mae include all necessary detail to ensure timely and accurate processing.
209.04

Additional Requirements for Monthly Remittance for Security Transactions
209.04A

Amount of Security Monthly Remittance

The SecuritySecurityMBS, PFP MBS, or REMIC. monthly remittance is the total of the Security Interest Distribution and Security Principal Distribution Amounts.  For each month, the SecuritySecurityMBS, PFP MBS, or REMIC. monthly remittance must include the scheduled principal payment due on the first day of that month plus a full month's interest (calculated at the SecuritySecurityMBS, PFP MBS, or REMIC. Pass-Through RatePass-Through RateMortgage Loan Gross Note Rate minus the Guaranty Fee, minus the Servicing Fee. ) due in arrears for the previous month.  It also may include unscheduled prepayments of principal.

The ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. is required to pass through to Fannie Mae in each SecuritySecurityMBS, PFP MBS, or REMIC. monthly remittance, the full scheduled amounts of P&IP&IPrincipal and interest , regardless of whether such amounts actually have been collected from the BorrowerBorrowerPerson who is the obligor per the Note. .  A full month's interest (calculated at the SecuritySecurityMBS, PFP MBS, or REMIC. Pass-Through RatePass-Through RateMortgage Loan Gross Note Rate minus the Guaranty Fee, minus the Servicing Fee. ) must be included in each SecuritySecurityMBS, PFP MBS, or REMIC. monthly remittance, regardless of whether there has been any partial or full prepayment during the month.

209.04B

Security Interest Distribution Amount

The Security Interest Distribution Amount due is based on the Security BalanceSecurity BalanceFor an MBS Pool, the Issue Date Principal Balance minus any MBS principal distribution amounts included in previous MBS monthly remittances. remaining after application of the 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. payment due on the first of the previous month.  For example, the Security Interest Distribution Amount due on November 18 would be based on the Security BalanceSecurity BalanceFor an MBS Pool, the Issue Date Principal Balance minus any MBS principal distribution amounts included in previous MBS monthly remittances. remaining after application of the 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. payment due on October 1 (not November 1).

209.05

Securitized Mortgage Loans – Remitting Fees to Fannie Mae
209.05A

Guaranty Fee Due on 7th Calendar Day of Month

To compensate Fannie Mae for the liability it assumes in issuing the SecuritySecurityMBS, PFP MBS, or REMIC. , Fannie Mae receives a Guaranty FeeGuaranty FeeFee retained by Fannie Mae for credit enhancing a Mortgage Loan or assuming credit risk on a Mortgage Loan, and which may be expressed as a percentage. .  The Guaranty FeeGuaranty FeeFee retained by Fannie Mae for credit enhancing a Mortgage Loan or assuming credit risk on a Mortgage Loan, and which may be expressed as a percentage. is an obligation of the ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. and must be paid in arrears on the 7th calendar day, or the preceding Business DayBusiness DayAny 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. if the 7th calendar day is not a Business DayBusiness DayAny 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. , of each month, even if there is no collection 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. or 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. reaches its Maturity DateMaturity DateDate all Mortgage Loan amounts become fully due and payable per the Loan Documents. during the month.  Payment of the Guaranty FeeGuaranty FeeFee retained by Fannie Mae for credit enhancing a Mortgage Loan or assuming credit risk on a Mortgage Loan, and which may be expressed as a percentage. begins with the month following the month in which the SecuritySecurityMBS, PFP MBS, or REMIC. is issued.  Fannie Mae will draft the Guaranty FeeGuaranty FeeFee retained by Fannie Mae for credit enhancing a Mortgage Loan or assuming credit risk on a Mortgage Loan, and which may be expressed as a percentage. from the Servicer'sServicer'sPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. applicable designated P&I Custodial AccountsP&I Custodial AccountsCustodial Account for principal and interest deposits. for Securitized Mortgage LoansSecuritized Mortgage LoansMortgage Loan backing an MBS, PFP MBS, or REMIC. .

The Guaranty FeeGuaranty FeeFee retained by Fannie Mae for credit enhancing a Mortgage Loan or assuming credit risk on a Mortgage Loan, and which may be expressed as a percentage. amount due Fannie Mae in any month is equal to either (a) for 30/360 interest accrual Mortgage LoansMortgage LoansMortgage debt obligation evidenced, or when made will be evidenced, by the Loan Documents, or  a mortgage debt obligation with a Fannie Mae credit enhancement. , one-twelfth of the annual Guaranty FeeGuaranty FeeFee retained by Fannie Mae for credit enhancing a Mortgage Loan or assuming credit risk on a Mortgage Loan, and which may be expressed as a percentage. rate times the Security BalanceSecurity BalanceFor an MBS Pool, the Issue Date Principal Balance minus any MBS principal distribution amounts included in previous MBS monthly remittances. remaining after application of the 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. principal payment due on the first day of the previous month, or (b) for actual/360 interest accrual Mortgage LoansMortgage LoansMortgage 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 annual Guaranty FeeGuaranty FeeFee retained by Fannie Mae for credit enhancing a Mortgage Loan or assuming credit risk on a Mortgage Loan, and which may be expressed as a percentage. rate divided by 360 times the number of days occurring in the month immediately preceding the Guaranty FeeGuaranty FeeFee retained by Fannie Mae for credit enhancing a Mortgage Loan or assuming credit risk on a Mortgage Loan, and which may be expressed as a percentage. payment date times the Security BalanceSecurity BalanceFor an MBS Pool, the Issue Date Principal Balance minus any MBS principal distribution amounts included in previous MBS monthly remittances. remaining after application of the 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. principal payment due on the first day of the previous month.  For example, for Securitized Mortgage LoansSecuritized Mortgage LoansMortgage Loan backing an MBS, PFP MBS, or REMIC. the Guaranty FeeGuaranty FeeFee retained by Fannie Mae for credit enhancing a Mortgage Loan or assuming credit risk on a Mortgage Loan, and which may be expressed as a percentage. amount due to Fannie Mae on November 7 is calculated on the Security BalanceSecurity BalanceFor an MBS Pool, the Issue Date Principal Balance minus any MBS principal distribution amounts included in previous MBS monthly remittances. remaining after application of the 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. principal payment due on October 1.

209.05B

Guaranty Fee Remittance

The monthly Guaranty FeeGuaranty FeeFee retained by Fannie Mae for credit enhancing a Mortgage Loan or assuming credit risk on a Mortgage Loan, and which may be expressed as a percentage. must be remitted as long as the SecuritySecurityMBS, PFP MBS, or REMIC. is outstanding, even if there is no collection activity 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. .

The ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must make funds available for the Guaranty FeeGuaranty FeeFee retained by Fannie Mae for credit enhancing a Mortgage Loan or assuming credit risk on a Mortgage Loan, and which may be expressed as a percentage. draft on the 7th calendar day of the month, or the preceding Business DayBusiness DayAny 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. if the 7th is not a Business DayBusiness DayAny 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. .

Under this process, Fannie Mae will send an electronic notice (or “bill”) on the 2nd or 3rd calendar day of each month.  The draft notice will show the amount due for the Guaranty FeesGuaranty FeesFee retained by Fannie Mae for credit enhancing a Mortgage Loan or assuming credit risk on a Mortgage Loan, and which may be expressed as a percentage. .  When the ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. receives the transmission, the ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must review the draft notice for accuracy.  If discrepancies are identified, the ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must contact Fannie Mae by the 5th calendar day of the month to provide details on the amount and nature of the discrepancy.  Fannie Mae will then review its records to validate the discrepancy and make any necessary adjustments to the Guaranty FeeGuaranty FeeFee retained by Fannie Mae for credit enhancing a Mortgage Loan or assuming credit risk on a Mortgage Loan, and which may be expressed as a percentage.  bill.  On the 7th calendar day of the month, Fannie Mae will draft the Guaranty FeesGuaranty FeesFee retained by Fannie Mae for credit enhancing a Mortgage Loan or assuming credit risk on a Mortgage Loan, and which may be expressed as a percentage. from the Servicer'sServicer'sPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. designated P&I Custodial AccountP&I Custodial AccountCustodial Account for principal and interest deposits. for Securitized Mortgage LoansSecuritized Mortgage LoansMortgage Loan backing an MBS, PFP MBS, or REMIC. .  If the 7th calendar day is not a Business DayBusiness DayAny 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. , the draft will take place on the preceding Business DayBusiness DayAny 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. .

209.05C

Same Month Pooling – Interest and Guaranty Fee Remittance for First Reporting Cycle

The Servicer'sServicer'sPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. first remittance to Fannie Mae for 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. submitted under the Same Month PoolingSame Month PoolingDelivery option permitting Mortgage Loans to be pooled and secure an MBS issued in the same month as the Mortgage Loan Origination Date. delivery option is an "interest-only" remittance because the BorrowerBorrowerPerson who is the obligor per the Note. will not have made the first payment.  Accordingly, because the BorrowerBorrowerPerson who is the obligor per the Note. will not be required to send a monthly payment to the ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. under Same Month PoolingSame Month PoolingDelivery option permitting Mortgage Loans to be pooled and secure an MBS issued in the same month as the Mortgage Loan Origination Date. until the month following the date the Servicer'sServicer'sPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. first remittance is due to Fannie Mae, the ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. will have to use some of its own funds to remit the interest that is "scheduled" to be passed through to Fannie Mae for 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. in that month and to make the first required Guaranty FeeGuaranty FeeFee retained by Fannie Mae for credit enhancing a Mortgage Loan or assuming credit risk on a Mortgage Loan, and which may be expressed as a percentage. remittance.  The interest remittance will represent one month's full interest, and will be equal to the Issue DateIssue DateFirst day of the month a Security is issued.  principal balance of 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. times either (a) for 30/360 interest accrual Mortgage LoansMortgage LoansMortgage debt obligation evidenced, or when made will be evidenced, by the Loan Documents, or  a mortgage debt obligation with a Fannie Mae credit enhancement. , one-twelfth of the annual Pass-Through RatePass-Through RateMortgage Loan Gross Note Rate minus the Guaranty Fee, minus the Servicing Fee. of the SecuritySecurityMBS, PFP MBS, or REMIC. , or (b) for actual/360 interest accrual Mortgage LoansMortgage LoansMortgage 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 annual Pass-Through RatePass-Through RateMortgage Loan Gross Note Rate minus the Guaranty Fee, minus the Servicing Fee. of the SecuritySecurityMBS, PFP MBS, or REMIC. divided by 360 times the number of days occurring in the month of issuance of the SecuritySecurityMBS, PFP MBS, or REMIC. .  The Guaranty FeeGuaranty FeeFee retained by Fannie Mae for credit enhancing a Mortgage Loan or assuming credit risk on a Mortgage Loan, and which may be expressed as a percentage. payment will represent one month's full Guaranty FeeGuaranty FeeFee retained by Fannie Mae for credit enhancing a Mortgage Loan or assuming credit risk on a Mortgage Loan, and which may be expressed as a percentage. , and be calculated as provided in Part V, Chapter 2: Reporting and Remitting, Section 209.05A: Guaranty Fee Due on 7th Calendar Day of Month based on Issue DateIssue DateFirst day of the month a Security is issued.  principal balance of 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. .

Fannie Mae will not reimburse the ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. for its interest or Guaranty FeeGuaranty FeeFee retained by Fannie Mae for credit enhancing a Mortgage Loan or assuming credit risk on a Mortgage Loan, and which may be expressed as a percentage. remittance.  However, the ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must:

  • receive a partial month's interest based on the Note Rate from the BorrowerBorrowerPerson who is the obligor per the Note. at closing (from the date of closing through the end of the month), and
  • receive interest based on the Pass-Through RatePass-Through RateMortgage Loan Gross Note Rate minus the Guaranty Fee, minus the Servicing Fee. from the purchaser of the SecuritySecurityMBS, PFP MBS, or REMIC. (from the first day of the month in which the SecuritySecurityMBS, PFP MBS, or REMIC. is issued to the Book-Entry Delivery Date) as part of the sales proceeds for the SecuritySecurityMBS, PFP MBS, or REMIC. .
209.06

Notification to Fannie Mae if Unable to Have Funds Available on any Remittance Date

If, for any reason, the ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. cannot make funds available for drafting on the Business DayBusiness DayAny 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. prior to the designated Remittance DateRemittance DateThe 18th day of each month (or the preceding Business Day if the 18th is not a Business Day) on which you must submit your remittance to Fannie Mae for the Mortgage Loan. , it must immediately notify Fannie Mae by calling the Servicer’sServicer’sPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. Fannie Mae RepresentativeFannie Mae RepresentativeFannie Mae personnel who assist you with various business matters (e.g., Fannie Mae Deal Team, pricing, delivery, servicing, asset management, etc.). .  The ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must describe to Fannie Mae all circumstances and conditions that prevent the monthly remittance from being made on time.