Section 215
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To facilitate the return of release documents from Fannie Mae, at all times the ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must maintain on file with Fannie Mae a master file copy of the Custody Document Transmittal (Form 276) completed with the following information:
- the Lender’sLender’sPerson Fannie Mae approved to sell or service Mortgage Loans. nine digit ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. 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 Lender’sLender’sPerson Fannie Mae approved to sell or service Mortgage Loans. 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 Fannie Mae approved to sell or service Mortgage Loans. changes at any time, the LenderLenderPerson Fannie Mae approved 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 servicing the Mortgage Loan, including the originator, seller, or a third party. 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 the Borrower funds during the Mortgage Loan term for Replacements. funds still held by the ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. 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 Fannie Mae-approved note, 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 Fannie Mae-approved documents evidencing, securing, or guaranteeing the Mortgage Loan. (e.g., Security InstrumentSecurity InstrumentInstrument creating a lien or encumbrance on 1 or more Properties and securing the Loan Document obligations. ) that require a release, the appropriate release document for the state in which the PropertyPropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per 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 Fannie Mae-approved note, and all applicable addenda, schedules, and exhibits. (appropriately marked or stamped to evidence full satisfaction), to the ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. . The ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must return the NoteNoteInstrument evidencing a Mortgage Loan obligation, including Form 6010 series, any other Fannie Mae-approved note, 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 servicing the Mortgage Loan, including the originator, seller, or a third party. 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. and the releases for all recorded Loan DocumentsLoan DocumentsAll Fannie Mae-approved documents evidencing, securing, or guaranteeing the Mortgage Loan. , 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 servicing the Mortgage Loan, including the originator, seller, or a third party. . The ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. 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 FileYour file for each Mortgage Loan serviced. 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.