209.03
| 209.03A | |
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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 | |
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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. :
- 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;
- 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 | |
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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:
- P&I Custodial AccountP&I Custodial AccountCustodial Account for principal and interest deposits. 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. category per Part V, Chapter 3: Custodial Accounts, Section 303.01: Accounts and Deposits; or
- consolidated Drafting AccountDrafting AccountCustodial Account established by the Lender for the benefit of Fannie Mae and for which Fannie Mae has authority to transfer funds. .
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.