Section 215
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| 215.01A | |
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To facilitate the return of release documents from Fannie Mae, at all times the ServicerServicerPrimary Person responsible for servicing the Mortgage Loan (e.g., the originator, the selling Lender, or a third-party servicer). must maintain on file with Fannie Mae a master file copy of the Custody Document Transmittal (Form 276) completed with the following information:
- the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. ’s nine digit ServicerServicerPrimary Person responsible for servicing the Mortgage Loan (e.g., the originator, the selling Lender, or a third-party servicer). number;
- “MASTER FORM” entered for the Fannie Mae Loan NumberLoan Number10-digit number assigned by Fannie Mae to each Mortgage Loan. ;
- “Payoff” checked as the liquidation reason; and
- the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. ’s mailing address.
The completed form must be sent to Multifamily Master ServicingMultifamily Master ServicingTeam that can be contacted at [email protected] . If the mailing information for the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. changes at any time, the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must update the master file copy of the Custody Document Transmittal (Form 276) with Fannie Mae.
For each 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. , upon receipt of the payoff funds from the BorrowerBorrowerPerson who is the obligor per the Note. , the ServicerServicerPrimary Person responsible for servicing the Mortgage Loan (e.g., the originator, the selling Lender, or a third-party servicer). must:
- refund to the BorrowerBorrowerPerson who is the obligor per the Note. any T&IT&ITaxes or assessments that may become a Lien on the Property and insurance premiums. escrow funds and any Replacement ReserveReplacement ReserveCustodial Account established by the Lender and funded by deposits from the Borrower over the term of the Mortgage Loan to fund the replacement of capital items at the Property. funds still held by the ServicerServicerPrimary Person responsible for servicing the Mortgage Loan (e.g., the originator, the selling Lender, or a third-party servicer). in connection with 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. (must be accomplished within 30 days of the payoff); and
- send the following to Fannie Mae:
- if the release documents are to be sent to a different mailing address than that listed on the master file copy of the Custody Document Transmittal (Form 276) with Fannie Mae, a transaction-specific Custody Document Transmittal (Form 276), requesting Fannie Mae to return the original NoteNoteInstrument evidencing a Mortgage Loan obligation, including Form 6010 (series), any other note approved by Fannie Mae, and all applicable addenda, schedules, and exhibits. and indicating the different address to which the release documents for that specific 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. should be sent;
- for all recorded Loan DocumentsLoan DocumentsAll documents evidencing, securing, or guaranteeing the debt obligation executed for a Mortgage Loan and approved by Fannie Mae. (e.g., Security InstrumentSecurity InstrumentInstrument creating a lien or encumbrance on 1 or more Properties and securing the obligations under the Loan Documents. ) that require a release, the appropriate release document for the state in which the PropertyPropertyMultifamily residential property securing the Mortgage Loan and including the land (or Leasehold interest in land), Improvements, and personal property (as defined in the Uniform Commercial Code). is located; and
- a request to Multifamily Servicing to release any additional collateral still held by Fannie Mae in connection with 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 execute the necessary releases, and return them, along with the original NoteNoteInstrument evidencing a Mortgage Loan obligation, including Form 6010 (series), any other note approved by Fannie Mae, and all applicable addenda, schedules, and exhibits. (appropriately marked or stamped to evidence full satisfaction), to the ServicerServicerPrimary Person responsible for servicing the Mortgage Loan (e.g., the originator, the selling Lender, or a third-party servicer). . The ServicerServicerPrimary Person responsible for servicing the Mortgage Loan (e.g., the originator, the selling Lender, or a third-party servicer). must return the NoteNoteInstrument evidencing a Mortgage Loan obligation, including Form 6010 (series), any other note approved by Fannie Mae, and all applicable addenda, schedules, and exhibits. to the BorrowerBorrowerPerson who is the obligor per the Note. , file the appropriate UCCUCCUniform Commercial Code termination forms and arrange to have the release documents recorded. Fannie Mae will be responsible for returning any applicable Achievement Letter of CreditAchievement Letter of CreditLetter of Credit that is released as collateral when a certain event occurs or a requirement is met (e.g., construction completion, or minimum occupancy or EGI level reached). to the issuer for cancellation.
Following its return to the ServicerServicerPrimary Person responsible for servicing the Mortgage Loan (e.g., the originator, the selling Lender, or a third-party servicer). of the NoteNoteInstrument evidencing a Mortgage Loan obligation, including Form 6010 (series), any other note approved by Fannie Mae, and all applicable addenda, schedules, and exhibits. and the releases for all recorded Loan DocumentsLoan DocumentsAll documents evidencing, securing, or guaranteeing the debt obligation executed for a Mortgage Loan and approved by Fannie Mae. , Fannie Mae will forward its file 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. to the ServicerServicerPrimary Person responsible for servicing the Mortgage Loan (e.g., the originator, the selling Lender, or a third-party servicer). . The ServicerServicerPrimary Person responsible for servicing the Mortgage Loan (e.g., the originator, the selling Lender, or a third-party servicer). must retain the entire 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. Servicing FileServicing FileFile for each Mortgage Loan serviced by the Lender. for 7 years after 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. payoff.