214.03
The Servicer'sServicer'sPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. request for verification of the final payoff amount must be submitted to Fannie Mae at least 10 days before the scheduled Maturity DateMaturity DateDate all Mortgage Loan amounts become fully due and payable per the Loan Documents. . To obtain Fannie Mae’s confirmation of the final payoff amount, the ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must submit a statement, detailing all amounts that it believes will be due and payable by the BorrowerBorrowerPerson who is the obligor per the Note. on the payoff date, including:
- the UPBUPBUnpaid 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. (as of the payoff date);
- accrued interest, up to the payoff date, broken down into the net interest portion due to Fannie Mae (calculated at the Pass-Through RatePass-Through RateMortgage Loan Gross Note Rate minus the Guaranty Fee, minus the Servicing Fee. ) and the portion to be retained by the ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. as a 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. ;
- any unpaid late fees, if applicable; and
- any other amounts due under the NoteNoteInstrument evidencing a Mortgage Loan obligation, including Form 6010 series, any other Fannie Mae-approved note, and all applicable addenda, schedules, and exhibits. , Security InstrumentSecurity InstrumentInstrument creating a lien or encumbrance on 1 or more Properties and securing the Loan Document obligations. , or any other Mortgage Loan DocumentMortgage Loan DocumentAll Fannie Mae-approved documents evidencing, securing, or guaranteeing the Mortgage Loan. , including, if applicable, any unpaid fee due under any Collateral AgreementCollateral AgreementAgreement granting a security interest in Mortgage Loan collateral not covered by the Security Instrument. .
Fannie Mae is not responsible for confirming any amounts owed to the ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. at the time of the payoff (e.g., any administrative fees due for services performed by the ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. under a Collateral AgreementCollateral AgreementAgreement granting a security interest in Mortgage Loan collateral not covered by the Security Instrument. ); however, the Servicer'sServicer'sPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. payoff statement must clearly denote any such amounts so that Fannie Mae can distinguish them from amounts due exclusively to Fannie Mae. The ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. is solely responsible for ensuring that any payoff quote given to the BorrowerBorrowerPerson who is the obligor per the Note. includes any amounts that are owed exclusively to the ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. , as Fannie Mae will not reimburse the ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. for such amounts from any of the funds that the BorrowerBorrowerPerson who is the obligor per the Note. remits to cover the amounts confirmed as being due to Fannie Mae.
Fannie Mae will review the Servicer'sServicer'sPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. figures and contact the ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. to reconcile any discrepancies. Upon completion of its review and any necessary reconciliation, Fannie Mae will respond (in writing) to the Servicer'sServicer'sPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. verification request. In its response, Fannie Mae will confirm the total payoff amount due to Fannie Mae, as well as the individual items comprising such total amount, including:
- the UPBUPBUnpaid 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. ;
- the net accrued interest due Fannie Mae;
- any applicable 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
- any previously unpaid fees or other amounts owed to Fannie Mae.
Fannie Mae also will provide any pertinent instructions for completing the payoff process, including any specific instructions that the ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must pass along to the BorrowerBorrowerPerson who is the obligor per the Note. with the payoff quote.
To ensure that the BorrowerBorrowerPerson who is the obligor per the Note. is quoted the correct payoff amount, including any applicable accrued interest, 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. , late fees, or other amounts that might be owed under the terms of the NoteNoteInstrument evidencing a Mortgage Loan obligation, including Form 6010 series, any other Fannie Mae-approved note, and all applicable addenda, schedules, and exhibits. , the Security InstrumentSecurity InstrumentInstrument creating a lien or encumbrance on 1 or more Properties and securing the Loan Document obligations. , or the other Mortgage Loan DocumentsMortgage Loan DocumentsAll Fannie Mae-approved documents evidencing, securing, or guaranteeing the Mortgage Loan. , the ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must not quote a final payoff amount to the BorrowerBorrowerPerson who is the obligor per the Note. without first obtaining Fannie Mae’s confirmation of the accuracy of the Servicer'sServicer'sPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. figures.