209.05C

Same Month Pooling – Interest and Guaranty Fee Remittance for First Reporting Cycle

The Servicer'sServicer'sPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. first remittance to Fannie Mae for 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. submitted under the Same Month PoolingSame Month PoolingDelivery option permitting Mortgage Loans to be pooled and secure an MBS issued in the same month as the Mortgage Loan Origination Date. delivery option is an "interest-only" remittance because the BorrowerBorrowerPerson who is the obligor per the Note. will not have made the first payment.  Accordingly, because the BorrowerBorrowerPerson who is the obligor per the Note. will not be required to send a monthly payment to the ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. under Same Month PoolingSame Month PoolingDelivery option permitting Mortgage Loans to be pooled and secure an MBS issued in the same month as the Mortgage Loan Origination Date. until the month following the date the Servicer'sServicer'sPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. first remittance is due to Fannie Mae, the ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. will have to use some of its own funds to remit the interest that is "scheduled" to be passed through to Fannie Mae 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 that month and to make the first required 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. remittance.  The interest remittance will represent one month's full interest, and will be equal to the Issue DateIssue DateFirst day of the month a Security is issued.  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. times either (a) for 30/360 interest accrual Mortgage LoansMortgage LoansMortgage debt obligation evidenced, or when made will be evidenced, by the Loan Documents, or  a mortgage debt obligation with a Fannie Mae credit enhancement. , one-twelfth of the annual Pass-Through RatePass-Through RateMortgage Loan Gross Note Rate minus the Guaranty Fee, minus the Servicing Fee. of the SecuritySecurityMBS, PFP MBS, or REMIC. , or (b) for actual/360 interest accrual Mortgage LoansMortgage LoansMortgage 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 annual Pass-Through RatePass-Through RateMortgage Loan Gross Note Rate minus the Guaranty Fee, minus the Servicing Fee. of the SecuritySecurityMBS, PFP MBS, or REMIC. divided by 360 times the number of days occurring in the month of issuance of the SecuritySecurityMBS, PFP MBS, or REMIC. .  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. payment will represent one month's full 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. , and be calculated as provided in Part V, Chapter 2: Reporting and Remitting, Section 209.05A: Guaranty Fee Due on 7th Calendar Day of Month based on Issue DateIssue DateFirst day of the month a Security is issued.  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. .

Fannie Mae will not reimburse the ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. for its interest or 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. remittance.  However, the ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must:

  • receive a partial month's interest based on the Note Rate from the BorrowerBorrowerPerson who is the obligor per the Note. at closing (from the date of closing through the end of the month), and
  • receive interest based on the Pass-Through RatePass-Through RateMortgage Loan Gross Note Rate minus the Guaranty Fee, minus the Servicing Fee. from the purchaser of the SecuritySecurityMBS, PFP MBS, or REMIC. (from the first day of the month in which the SecuritySecurityMBS, PFP MBS, or REMIC. is issued to the Book-Entry Delivery Date) as part of the sales proceeds for the SecuritySecurityMBS, PFP MBS, or REMIC. .