209.04
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.
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).