216.02
Monthly remittances to the Bond TrusteeBond TrusteeTrustee for a Credit Enhancement Instrument. depend on the execution type for the transaction and applicable transaction requirements.
1. Standby Execution
For StandbyStandbyCredit enhancement under which Fannie Mae makes principal and interest payments directly to the Bond Trustee (for payment to bondholders) if the Borrower fails to make required mortgage note payments or if a bankruptcy event has occurred. executions, the ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must pay the Scheduled Payments (net of the Facility Fee) to the Bond TrusteeBond TrusteeTrustee for a Credit Enhancement Instrument. . The ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must make the payment to the Bond TrusteeBond TrusteeTrustee for a Credit Enhancement Instrument. by wire transfer of same day funds on or before the 5th BondBondTax-exempt or taxable multifamily revenue bonds, or other tax-exempt or taxable bonds, issued to finance 1 or more Credit Enhancement Mortgage Loan Properties. Business DayBusiness DayAny day other than a Saturday, Sunday, day when Fannie Mae is closed, day when the Federal Reserve Bank of New York is closed, or for any MBS and required remittance withdrawal, day when the Federal Reserve Bank is closed in the district where any of the MBS funds are held. before the day on which the bond payment is due to be made by the Bond TrusteeBond TrusteeTrustee for a Credit Enhancement Instrument. to the bondholders. BondBondTax-exempt or taxable multifamily revenue bonds, or other tax-exempt or taxable bonds, issued to finance 1 or more Credit Enhancement Mortgage Loan Properties. Business DayBusiness DayAny day other than a Saturday, Sunday, day when Fannie Mae is closed, day when the Federal Reserve Bank of New York is closed, or for any MBS and required remittance withdrawal, day when the Federal Reserve Bank is closed in the district where any of the MBS funds are held. is determined under the Bond IndentureIndentureBond issuer trust indenture or resolution listing Bond terms. for each separate BondBondTax-exempt or taxable multifamily revenue bonds, or other tax-exempt or taxable bonds, issued to finance 1 or more Credit Enhancement Mortgage Loan Properties. transaction.
2. Direct PayDirect PayCredit enhancement under which Fannie Mae makes principal and interest payments directly to the Bond Trustee (for payment to bondholders) regardless of whether the Borrower has reimbursed Fannie Mae for such payments. Execution
For direct pay executions, the ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must perform the following:
a. The ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must pay to the Bond TrusteeBond TrusteeTrustee for a Credit Enhancement Instrument. , by wire transfer of same day funds on the Bond Payment Date, the following components of the Scheduled Payment:
(1) the PRFPRFAccount you hold accumulating principal amortization payments for variable rate Bond credit enhancements. deposit;
(2) the periodic fees payable to the IssuerIssuerEntity that: issues Bonds for a Credit Enhancement Mortgage Loan; packages mortgages for sale as a Security for an MBS; or issues a Letter of Credit. , Bond TrusteeBond TrusteeTrustee for a Credit Enhancement Instrument. , Rebate Analyst, any Compliance Monitor, Remarketing AgentRemarketing AgentPerson selected by the Issuer to reset the interest rate on the Bonds in order to resell any Bonds tendered by investors on the interest rate reset date. and Tender Agent and any other similar person; and
(3) any other requirement, as specified in the Reimbursement Agreement.
b. The ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must remit the following components of the Scheduled Payment to Fannie Mae in reimbursement of any related Advance under the credit enhancement as provided in this Section:
(1) the interest component; and
(2) any principal component which is to amortize immediately 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. and is not to be deposited into the PRFPRFAccount you hold accumulating principal amortization payments for variable rate Bond credit enhancements. .
c. For Direct PayDirect PayCredit enhancement under which Fannie Mae makes principal and interest payments directly to the Bond Trustee (for payment to bondholders) regardless of whether the Borrower has reimbursed Fannie Mae for such payments. Weekly Variable Rate transactions where the BorrowerBorrowerPerson who is the obligor per the Note. is obligated to make its payments 2 Business DaysBusiness DaysAny day other than a Saturday, Sunday, day when Fannie Mae is closed, day when the Federal Reserve Bank of New York is closed, or for any MBS and required remittance withdrawal, day when the Federal Reserve Bank is closed in the district where any of the MBS funds are held. prior to the 15th of each month and the bondholders must be paid on the 15th of each month, the ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must make its payments by wire transfer of same day funds on the 1st or 15th calendar day of each month. Other requirements may apply, as specified in the Reimbursement Agreement.
If the BorrowerBorrowerPerson who is the obligor per the Note. pays the ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. any amount to replenish a withdrawal from the PRFPRFAccount you hold accumulating principal amortization payments for variable rate Bond credit enhancements. , the ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. shall pay such amount to the Bond TrusteeBond TrusteeTrustee for a Credit Enhancement Instrument. not later than 2:00 p.m. Eastern Time, no later than the Business DayBusiness DayAny day other than a Saturday, Sunday, day when Fannie Mae is closed, day when the Federal Reserve Bank of New York is closed, or for any MBS and required remittance withdrawal, day when the Federal Reserve Bank is closed in the district where any of the MBS funds are held. immediately after receipt of such monies 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 pay the following amounts to Fannie Mae:
1. The interest component of the Scheduled Payment and principal component of the Scheduled Payment which is to amortize immediately 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. and is not to be deposited into the PRFPRFAccount you hold accumulating principal amortization payments for variable rate Bond credit enhancements. . Such amounts reimburse Fannie Mae for the related Advance under a Credit Enhancement InstrumentCredit Enhancement InstrumentAgreement between Fannie Mae and a Bond Trustee where Fannie Mae provides credit enhancement of a Credit Enhancement Mortgage Loan, Bonds issued to finance a Credit Enhancement Mortgage Loan, or an Interest Rate Hedge Agreement; and if applicable, a Bond liquidity facility. or Collateral AgreementCollateral AgreementAgreement granting a security interest in Mortgage Loan collateral not covered by the Security Instrument. .
2. Any accrued and unpaid Activity Fee.
3. Any other amounts due to Fannie Mae under the Reimbursement Agreement other than the Facility Fee.
Fannie Mae will draft such amounts so as to be received by Fannie Mae no later than the Business DayBusiness DayAny day other than a Saturday, Sunday, day when Fannie Mae is closed, day when the Federal Reserve Bank of New York is closed, or for any MBS and required remittance withdrawal, day when the Federal Reserve Bank is closed in the district where any of the MBS funds are held. immediately after the receipt of such monies 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 also collect from the BorrowerBorrowerPerson who is the obligor per the Note. and remit to Fannie Mae any other fees, expenses or additional costs due from the BorrowerBorrowerPerson who is the obligor per the Note. to Fannie Mae under the Reimbursement Agreement. Fannie Mae and/or the Bond TrusteeBond TrusteeTrustee for a Credit Enhancement Instrument. will notify the ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. regarding any such amounts to be invoiced by the ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. for payment by the BorrowerBorrowerPerson who is the obligor per the Note. under the Reimbursement Agreement, the Financing Agreement or other Transaction Document.
Fannie Mae will draft the Facility Fee, net of the Servicer'sServicer'sPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. 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. each month. Fannie Mae will draft such amounts 4 calendar days after such amount is scheduled to be paid by the BorrowerBorrowerPerson who is the obligor per the Note. under the applicable Transaction Document. If the fourth calendar day is not a Business DayBusiness DayAny day other than a Saturday, Sunday, day when Fannie Mae is closed, day when the Federal Reserve Bank of New York is closed, or for any MBS and required remittance withdrawal, day when the Federal Reserve Bank is closed in the district where any of the MBS funds are held. , then such draft will be made on the next Business DayBusiness DayAny day other than a Saturday, Sunday, day when Fannie Mae is closed, day when the Federal Reserve Bank of New York is closed, or for any MBS and required remittance withdrawal, day when the Federal Reserve Bank is closed in the district where any of the MBS funds are held. .
At the written request of the Bond TrusteeBond TrusteeTrustee for a Credit Enhancement Instrument. or if the Reimbursement Agreement or the Financing Agreement requires the BorrowerBorrowerPerson who is the obligor per the Note. to make such payments through 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. will invoice the BorrowerBorrowerPerson who is the obligor per the Note. for any fees and expenses payable by the BorrowerBorrowerPerson who is the obligor per the Note. to the (1) IssuerIssuerEntity that: issues Bonds for a Credit Enhancement Mortgage Loan; packages mortgages for sale as a Security for an MBS; or issues a Letter of Credit. , (2) Bond TrusteeBond TrusteeTrustee for a Credit Enhancement Instrument. , (3) Rating Agency, (4) Remarketing AgentRemarketing AgentPerson selected by the Issuer to reset the interest rate on the Bonds in order to resell any Bonds tendered by investors on the interest rate reset date. , (5) Rebate Analyst, (6) Compliance Monitor or (7) Custodian.
The Servicer’sServicer’sPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. invoice must require the BorrowerBorrowerPerson who is the obligor per the Note. to pay all such amounts to the ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. not later than the earlier of ten days following the receipt of the invoice or the Business DayBusiness DayAny day other than a Saturday, Sunday, day when Fannie Mae is closed, day when the Federal Reserve Bank of New York is closed, or for any MBS and required remittance withdrawal, day when the Federal Reserve Bank is closed in the district where any of the MBS funds are held. such amounts become due. The ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. will remit all such payments received from the BorrowerBorrowerPerson who is the obligor per the Note. to the Bond TrusteeBond TrusteeTrustee for a Credit Enhancement Instrument. , the Rating Agency, or Custodian, as applicable, and, if to the Rating Agency or Custodian, with notice to the Bond TrusteeBond TrusteeTrustee for a Credit Enhancement Instrument. of such payment.