Reconciliation Required
At the end of each Reporting Period, the ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must reconcile the actual ending 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. balance 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 any given Security Pool to the ending Security BalanceSecurity BalanceFor an MBS Pool, the Issue Date Principal Balance minus any MBS principal distribution amounts included in previous MBS monthly remittances. for that Security Pool. To perform this reconciliation, the LenderLenderPerson Fannie Mae approved to sell or service Mortgage Loans. must use the following calculation:
Function |
Ending Principal Balance for the Mortgage Loan in Security Pool (from current month) |
PLUS |
Prepaid Principal (as of current month) |
MINUS |
Delinquent Principal (as of current month) |
MINUS |
Scheduled Principal (as of current month) |
PLUS |
Principal Portion of Last Installment for Liquidated Mortgage Loan (as of current month) |
|
Adjusted Principal Balance for Security Pool |
MINUS |
Ending Security Balance for Reporting Period |
EQUALS |
Difference |