Remitting Full Prepayment Payoff Amount

1.  Using Pass-Through Rate to Calculate Remittance to Fannie Mae

The ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must use the Pass-Through RatePass-Through RateMortgage Loan Gross Note Rate minus: for MBS Mortgage Loans, the Guaranty Fee, minus the Servicing Fee; and for Cash Mortgage Loans, the Servicing Fee. to calculate its P&I remittance to Fannie Mae.  After collecting payoff proceeds, calculated in the manner described above at the Gross Note RateGross Note RateMortgage Loan interest rate stated in the Loan Documents., the ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must subtract its 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 using a per diem rate based on the interest accrual method provided for in the Loan DocumentsLoan DocumentsAll Fannie Mae-approved documents evidencing, securing, or guaranteeing the Mortgage Loan..

2.  Remittance Due on Remittance Date

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 prepayment occurs per the remittance requirements in this Chapter.