210.05
1. Calculating the Full Prepayment Payoff Amount
To obtain Fannie Mae’s confirmation of the final payoff amount for a Securitized Mortgage LoanSecuritized Mortgage LoanMortgage Loan backing an MBS, PFP MBS, or REMIC. , the ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must submit a statement, detailing:
- All amounts that it has determined will be due and payable by the BorrowerBorrowerPerson who is the obligor per the Note.
on the prepayment date, including:
- the UPBUPBUnpaid Principal Balance of the loan (as of the prepayment date);
- all accrued and to-be accrued interest, broken down into the net interest portion due to Fannie Mae (calculated at the Pass-Through RatePass-Through RateMortgage Loan Gross Note Rate minus the Guaranty Fee, minus the Servicing Fee. ) and the portion to be retained by the ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. as a 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. , calculated as if the payoff is occurring on the last day of the month in which the prepayment is occurring;
- any unpaid late fees, if applicable;
- any Prepayment PremiumPrepayment PremiumFor a Mortgage Loan prepayment, amount the Borrower must pay in addition to the prepaid principal and accrued interest per the Loan Documents. , if any, that is due in connection with the full prepayment specifying the respective portions due Fannie Mae, the SecuritySecurityMBS, PFP MBS, or REMIC. certificate holder and ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. ; and
- any other amounts due under the NoteNoteInstrument evidencing a Mortgage Loan obligation, including Form 6010 series, any other Fannie Mae-approved note, and all applicable addenda, schedules, and exhibits. , Security InstrumentSecurity InstrumentInstrument creating a lien or encumbrance on 1 or more Properties and securing the Loan Document obligations. , or any other Loan DocumentLoan DocumentAll Fannie Mae-approved documents evidencing, securing, or guaranteeing the Mortgage Loan. , including, if applicable, any unpaid fee due under any Collateral AgreementCollateral AgreementAgreement granting a security interest in Mortgage Loan collateral not covered by the Security Instrument. .
- All amounts that will be due and payable to Fannie Mae by the ServicerServicerPrimary Person servicing the Mortgage Loan, including
the originator,
seller, or
a third party.
on 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.
in the month following the month of prepayment, including:
- the UPBUPBUnpaid Principal Balance of the loan;
- a full month's accrued interest, calculated at the MBSMBSMortgage-Backed Security Pass-Through RatePass-Through RateMortgage Loan Gross Note Rate minus the Guaranty Fee, minus the Servicing Fee. ;
- any applicable Prepayment PremiumPrepayment PremiumFor a Mortgage Loan prepayment, amount the Borrower must pay in addition to the prepaid principal and accrued interest per the Loan Documents. broken down into the portions due to the MBSMBSMortgage-Backed Security investor, the ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. , and Fannie Mae calculated in accordance with the GuideGuideMultifamily Selling and Servicing Guide controlling all Lender and Servicer requirements unless a Lender Contract specifies otherwise. ; and
- any previously unpaid fees or other amounts owed to Fannie Mae.
2. Fannie Mae Will Not Confirm Nor Is Responsible for Amounts Owing to Servicer
Fannie Mae is not responsible for confirming any amounts owed to the ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. at the time of the prepayment (e.g., any administrative fees due for services performed by the ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. under a Collateral AgreementCollateral AgreementAgreement granting a security interest in Mortgage Loan collateral not covered by the Security Instrument. ); however, the Servicer'sServicer'sPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. payoff statement must clearly denote any such amounts so that Fannie Mae can distinguish them from amounts due exclusively to Fannie Mae, and the MBSMBSMortgage-Backed Security investor, if applicable.
3. Fannie Mae Confirmation of Full Prepayment Payoff Amount for Primary Risk Mortgage Loans
Fannie Mae will review the Servicer'sServicer'sPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. figures and contact the ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. to reconcile any discrepancies for Primary Risk Mortgage LoansPrimary Risk Mortgage LoansMortgage Loan where Fannie Mae bears all losses or you and Fannie Mae share losses. . Upon completion of its review and any necessary reconciliation, Fannie Mae will respond (in writing) to the Servicer'sServicer'sPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. verification request. In its response, Fannie Mae will confirm the total payoff amount due to the ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. from the BorrowerBorrowerPerson who is the obligor per the Note. , and will also separately confirm the amounts due to Fannie Mae from the ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. , as well as individual items comprising such total amounts, including:
- the UPBUPBUnpaid 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. ; and
- accrued interest due:
- any applicable Prepayment PremiumPrepayment PremiumFor a Mortgage Loan prepayment, amount the Borrower must pay in addition to the prepaid principal and accrued interest per the Loan Documents. (broken down into the portions due to Fannie Mae, the ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. , and the MBSMBSMortgage-Backed Security investor); and
- any previously unpaid fees or other amounts owed to Fannie Mae.
4. No Quote to Borrower Until Fannie Mae Confirmation for Primary Risk Mortgage Loans
To ensure that the BorrowerBorrowerPerson who is the obligor per the Note. is quoted the correct payoff amount, including any applicable accrued interest, Prepayment PremiumPrepayment PremiumFor a Mortgage Loan prepayment, amount the Borrower must pay in addition to the prepaid principal and accrued interest per the Loan Documents. , late fees, or other amounts that might be owed under the terms of the NoteNoteInstrument evidencing a Mortgage Loan obligation, including Form 6010 series, any other Fannie Mae-approved note, and all applicable addenda, schedules, and exhibits. , the Security InstrumentSecurity InstrumentInstrument creating a lien or encumbrance on 1 or more Properties and securing the Loan Document obligations. , or the other Mortgage Loan DocumentsMortgage Loan DocumentsAll Fannie Mae-approved documents evidencing, securing, or guaranteeing the Mortgage Loan. , the ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must not quote a final payoff amount to the BorrowerBorrowerPerson who is the obligor per the Note. without first obtaining Fannie Mae’s confirmation of the accuracy of the Servicer'sServicer'sPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. figures.
5. Fannie Mae Confirmation of Full Prepayment Payoff Amount for Secondary Risk Mortgage Loans
Fannie Mae will not review the Servicer'sServicer'sPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. payoff calculation for Secondary Risk Mortgage LoansSecondary Risk Mortgage LoansMortgage Loan where you bear all losses until your recourse obligation is exhausted. . The ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. is solely responsible for ensuring that any payoff quote given to the BorrowerBorrowerPerson who is the obligor per the Note. includes all amounts that are owed to Fannie Mae and to the ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. .
6. Servicer Liability
Whether confirmed by Fannie Mae through the Payoff Calculator or the payoff calculation is performed by the ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. , the ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. is required to collect all amounts owing by the BorrowerBorrowerPerson who is the obligor per the Note. 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. payoff. If Fannie Mae determines that ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. has provided the BorrowerBorrowerPerson who is the obligor per the Note. incorrect information because it quotes a final payoff amount to the BorrowerBorrowerPerson who is the obligor per the Note. prior to Fannie Mae confirmation or has erred in its calculation of the payoff quote where Fannie Mae confirmation is not provided, the ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. will be responsible for any shortfall and must remit all amounts due to Fannie Mae whether it has collected such amounts from the BorrowerBorrowerPerson who is the obligor per the Note. .
1. Security Reporting
By the second 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 the month following the month of prepayment, the ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must report the amount of the Prepayment PremiumPrepayment PremiumFor a Mortgage Loan prepayment, amount the Borrower must pay in addition to the prepaid principal and accrued interest per the Loan Documents. collected to Fannie Mae via the eServicing System in accordance with the reporting requirements provided in this Chapter.
2. Mortgage Loan Reporting Requirements
The ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must report the prepayment amount, including any applicable Prepayment PremiumPrepayment PremiumFor a Mortgage Loan prepayment, amount the Borrower must pay in addition to the prepaid principal and accrued interest per the Loan Documents. , to Fannie Mae by the second 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 the month following the month in which the prepayment occurs in accordance with the reporting requirements provided in this Chapter.
Under MBSMBSMortgage-Backed Security , the ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must remit a full month's accrued interest (calculated at the MBSMBSMortgage-Backed Security Pass-Through RatePass-Through RateMortgage Loan Gross Note Rate minus the Guaranty Fee, minus the Servicing Fee. ) for each month that the MBSMBSMortgage-Backed Security is outstanding, even if a full or partial prepayment occurs during that month. Any shortfall between the interest collected from the BorrowerBorrowerPerson who is the obligor per the Note. and the full month's interest that is due to Fannie Mae must be deposited in the Servicer'sServicer'sPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. MBSMBSMortgage-Backed Security P&I Custodial AccountP&I Custodial AccountCustodial Account for principal and interest deposits. from the Servicer'sServicer'sPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. own funds and remitted to Fannie Mae. The ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must also remit a full month's 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. for each month that the MBSMBSMortgage-Backed Security is outstanding, even if a full or partial prepayment occurs during that month.
The ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must remit the prepayment amount on 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. in the month after the payoff occurs per the remittance requirements in this Chapter.