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 the Guaranty Fee, minus 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 RateInterest 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.