General

The NoteNoteInstrument evidencing a Mortgage Loan obligation, including  Form 6010 series,  any other Fannie Mae-approved note, and  all applicable addenda, schedules, and exhibits.  requires the BorrowerBorrowerPerson who is the obligor per the Note. to give advance notice of a full or partial prepayment to the ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. , the Bond TrusteeBond TrusteeTrustee for a Credit Enhancement Instrument. , and, if a DUS Variable Rate Credit Enhancement, the 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. .  Any partial prepayment must be in an amount corresponding to an authorized denomination of the BondsBondsTax-exempt or taxable multifamily revenue bonds, or other tax-exempt or taxable bonds, issued to finance 1 or more Credit Enhancement Mortgage Loan Properties. .  Typically, Fannie Mae will require its consent to an optional redemption of BondsBondsTax-exempt or taxable multifamily revenue bonds, or other tax-exempt or taxable bonds, issued to finance 1 or more Credit Enhancement Mortgage Loan Properties. .

The ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must always keep in mind that the date on which the BorrowerBorrowerPerson who is the obligor per the Note. must transfer money to the ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. to initiate a prepayment may not be the day that the transfer of funds is treated as a prepayment under the governing documents.  For example, under some documents the BorrowerBorrowerPerson who is the obligor per the Note. must make the prepayment not later than the last 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 the Bond TrusteeBond TrusteeTrustee for a Credit Enhancement Instrument. , under the Bond IndentureIndentureBond issuer trust indenture or resolution listing Bond terms. , must have received funds for redemption of the BondsBondsTax-exempt or taxable multifamily revenue bonds, or other tax-exempt or taxable bonds, issued to finance 1 or more Credit Enhancement Mortgage Loan Properties. .  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. prepayment will not be recognized until the BondsBondsTax-exempt or taxable multifamily revenue bonds, or other tax-exempt or taxable bonds, issued to finance 1 or more Credit Enhancement Mortgage Loan Properties. are actually redeemed or deemed paid and no longer under the requirements of the Bond IndentureIndentureBond issuer trust indenture or resolution listing Bond terms. .