Section 215
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To facilitate the return of release documents from Fannie Mae, at all times the Servicer ServicerPrimary 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’s Lender’sPerson Fannie Mae approved to sell or service Mortgage Loans. nine digit Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. number;
- “MASTER FORM” entered for the Fannie Mae Loan Number Loan Number10-digit number assigned by Fannie Mae to each Mortgage Loan. ;
- “Payoff” checked as the liquidation reason; and
- the Lender’s Lender’sPerson Fannie Mae approved to sell or service Mortgage Loans. mailing address.
The completed form must be sent to Multifamily Master Servicing Multifamily Master ServicingTeam that can be contacted at [email protected]. . If the mailing information for the Lender LenderPerson Fannie Mae approved to sell or service Mortgage Loans. changes at any time, the Lender LenderPerson 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 Loan Mortgage 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 Borrower BorrowerPerson who is the obligor per the Note. , the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must:
- refund to the Borrower BorrowerPerson who is the obligor per the Note. any T&I T&ITaxes or assessments that may become a Lien on the Property and insurance premiums. escrow funds and any Replacement Reserve Replacement ReserveCustodial Account the Borrower funds during the Mortgage Loan term for Replacements. funds still held by the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. in connection with the Mortgage Loan Mortgage 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 Note NoteInstrument 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 Loan Mortgage 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 Documents Loan DocumentsAll Fannie Mae-approved documents evidencing, securing, or guaranteeing the Mortgage Loan. (e.g., Security Instrument Security 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 Property PropertyMultifamily 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 Loan Mortgage 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 Note NoteInstrument 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 Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. . The Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must return the Note NoteInstrument evidencing a Mortgage Loan obligation, including Form 6010 series, any other Fannie Mae-approved note, and all applicable addenda, schedules, and exhibits. to the Borrower BorrowerPerson who is the obligor per the Note. , file the appropriate UCC UCCUniform Commercial Code termination forms and arrange to have the release documents recorded. Fannie Mae will be responsible for returning any applicable Achievement Letter of Credit Achievement 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 Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. of the Note NoteInstrument 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 Documents Loan DocumentsAll Fannie Mae-approved documents evidencing, securing, or guaranteeing the Mortgage Loan. , Fannie Mae will forward its file for the Mortgage Loan Mortgage 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 Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. . The Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must retain the entire Mortgage Loan Mortgage 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 File Servicing FileYour file for each Mortgage Loan serviced. for 7 years after a Mortgage Loan Mortgage 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.