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. .