213.02
For any prepayment that occurs before the Yield Maintenance Period End DateYield Maintenance Period End DateLast day on which a Borrower owes yield maintenance for a voluntary Mortgage Loan prepayment. , the ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must first determine the total Prepayment PremiumPrepayment PremiumFor a Mortgage Loan prepayment, amount the Borrower must pay in addition to the prepaid principal and accrued interest per the Loan Documents. owing by the BorrowerBorrowerPerson who is the obligor per the Note. in accordance with the Loan DocumentsLoan DocumentsAll Fannie Mae-approved documents evidencing, securing, or guaranteeing the Mortgage Loan. . The Loan DocumentsLoan DocumentsAll Fannie Mae-approved documents evidencing, securing, or guaranteeing the Mortgage Loan. generally require the BorrowerBorrowerPerson who is the obligor per the Note. to pay a Prepayment PremiumPrepayment PremiumFor a Mortgage Loan prepayment, amount the Borrower must pay in addition to the prepaid principal and accrued interest per the Loan Documents. equal to the greater of (i) 1% of the UPBUPBUnpaid Principal Balance (the “Minimum 1% Prepayment PremiumMinimum 1% Prepayment PremiumFor a prepayment, an amount equal to 1% of the UPB. ”), or (ii) yield maintenance.
Fannie Mae does not guarantee payment of any portion of the Prepayment PremiumPrepayment PremiumFor a Mortgage Loan prepayment, amount the Borrower must pay in addition to the prepaid principal and accrued interest per the Loan Documents. to the InvestorInvestorMBS Investor for an MBS Mortgage Loan, or Fannie Mae for a Cash Mortgage Loan. . The InvestorInvestorMBS Investor for an MBS Mortgage Loan, or Fannie Mae for a Cash Mortgage Loan. only receives a share of any Prepayment PremiumPrepayment PremiumFor a Mortgage Loan prepayment, amount the Borrower must pay in addition to the prepaid principal and accrued interest per the Loan Documents. actually received from the BorrowerBorrowerPerson who is the obligor per the Note. . For a Securitized Mortgage LoanSecuritized Mortgage LoanMortgage Loan backing an MBS, PFP MBS, or REMIC. , the ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must calculate the Investor'sInvestor'sMBS Investor for an MBS Mortgage Loan, or Fannie Mae for a Cash Mortgage Loan. share of the total Prepayment PremiumPrepayment PremiumFor a Mortgage Loan prepayment, amount the Borrower must pay in addition to the prepaid principal and accrued interest per the Loan Documents. as follows using the yield rate specified per the Loan DocumentsLoan DocumentsAll Fannie Mae-approved documents evidencing, securing, or guaranteeing the Mortgage Loan. :
(Principal prepaid) x (Pass-Through Rate – yield rate) x (present value factor).
If the result is negative, the InvestorInvestorMBS Investor for an MBS Mortgage Loan, or Fannie Mae for a Cash Mortgage Loan. receives no Prepayment PremiumPrepayment PremiumFor a Mortgage Loan prepayment, amount the Borrower must pay in addition to the prepaid principal and accrued interest per the Loan Documents. share.
For both Securitized Mortgage LoansSecuritized Mortgage LoansMortgage Loan backing an MBS, PFP MBS, or REMIC. and Cash Mortgage LoansCash Mortgage LoansMortgage Loan purchased by Fannie Mae in exchange for cash. , the ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must calculate Fannie Mae’s share of the total Prepayment PremiumPrepayment PremiumFor a Mortgage Loan prepayment, amount the Borrower must pay in addition to the prepaid principal and accrued interest per the Loan Documents. .
If the Prepayment PremiumPrepayment PremiumFor a Mortgage Loan prepayment, amount the Borrower must pay in addition to the prepaid principal and accrued interest per the Loan Documents. is greater than the Minimum 1% Prepayment PremiumMinimum 1% Prepayment PremiumFor a prepayment, an amount equal to 1% of the UPB. , the difference between the total Prepayment PremiumPrepayment PremiumFor a Mortgage Loan prepayment, amount the Borrower must pay in addition to the prepaid principal and accrued interest per the Loan Documents. and the Investor’sInvestor’sMBS Investor for an MBS Mortgage Loan, or Fannie Mae for a Cash Mortgage Loan. portion will be shared between Fannie Mae and the ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. . Fannie Mae’s share equals:
(total Prepayment Premium - Investor’s portion) x (Guaranty Fee / (Guaranty Fee + Servicing Fee)).
If the total Prepayment PremiumPrepayment PremiumFor a Mortgage Loan prepayment, amount the Borrower must pay in addition to the prepaid principal and accrued interest per the Loan Documents. equals the Minimum 1% Prepayment PremiumMinimum 1% Prepayment PremiumFor a prepayment, an amount equal to 1% of the UPB. , Fannie Mae’s share equals the entire remaining Prepayment PremiumPrepayment PremiumFor a Mortgage Loan prepayment, amount the Borrower must pay in addition to the prepaid principal and accrued interest per the Loan Documents. above the Investor’sInvestor’sMBS Investor for an MBS Mortgage Loan, or Fannie Mae for a Cash Mortgage Loan. portion.
The ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. receives a portion of the Prepayment PremiumPrepayment PremiumFor a Mortgage Loan prepayment, amount the Borrower must pay in addition to the prepaid principal and accrued interest per the Loan Documents. only if the Prepayment PremiumPrepayment PremiumFor a Mortgage Loan prepayment, amount the Borrower must pay in addition to the prepaid principal and accrued interest per the Loan Documents. exceeds the Minimum 1% Prepayment PremiumMinimum 1% Prepayment PremiumFor a prepayment, an amount equal to 1% of the UPB. . The Servicer'sServicer'sPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. share equals:
(total Prepayment Premium - Investor's portion) x (Servicing Fee / (Guaranty Fee + Servicing Fee)).