Critical Path Due Dates
The ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must ensure that the final prepayment amount quoted to the BorrowerBorrowerPerson who is the obligor per the Note. prior to prepayment is correct. Accordingly, before the ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. advises the BorrowerBorrowerPerson who is the obligor per the Note. of the final prepayment amount, the ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must verify such amount with the Bond TrusteeBond TrusteeTrustee for a Credit Enhancement Instrument. and Fannie Mae.
1. No less than 10 days prior to the scheduled prepayment date, the ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must obtain the Bond Trustee'sBond Trustee'sTrustee for a Credit Enhancement Instrument. written confirmation of all amounts due and payable in connection with the prepayment.
2. No less than 10 days prior to the scheduled prepayment date, and after verifying amounts due on 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. with 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 request verification of the full or partial prepayment amount from Fannie Mae.
3. No less than 5 days prior to the day the BorrowerBorrowerPerson who is the obligor per the Note. is required to initiate the prepayment, the ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must advise the BorrowerBorrowerPerson who is the obligor per the Note. in writing of the full amount necessary to make the prepayment.
NOTE: The day the BorrowerBorrowerPerson who is the obligor per the Note. is required to initiate the prepayment will be before the day 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 to be redeemed.
4. For weekly variable rate bonds, immediately following the last day on which interest is determined on 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. before the scheduled redemption date of the bonds, the ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must re-verify the amount the BorrowerBorrowerPerson who is the obligor per the Note. must pay for the prepayment. The ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must immediately advise the BorrowerBorrowerPerson who is the obligor per the Note. of any correction required by the re-verification.
The ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. should note that the transaction documents do not uniformly address the redemption premium, if any, payable to Bondholders and Prepayment PremiumPrepayment PremiumFor a Mortgage Loan prepayment, amount the Borrower must pay in addition to the prepaid principal and accrued interest per the Loan Documents. or termination fee, if any, payable to Fannie Mae on account of a prepayment of 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. . In some instances, the fee maintenance Prepayment PremiumPrepayment PremiumFor a Mortgage Loan prepayment, amount the Borrower must pay in addition to the prepaid principal and accrued interest per the Loan Documents. set out in the NoteNoteInstrument evidencing a Mortgage Loan obligation, including Form 6010 series, any other Fannie Mae-approved note, and all applicable addenda, schedules, and exhibits. will be payable to Fannie Mae. In other instances, the Prepayment PremiumPrepayment PremiumFor a Mortgage Loan prepayment, amount the Borrower must pay in addition to the prepaid principal and accrued interest per the Loan Documents. payable under the NoteNoteInstrument evidencing a Mortgage Loan obligation, including Form 6010 series, any other Fannie Mae-approved note, and all applicable addenda, schedules, and exhibits. must be remitted to the Bond TrusteeBond TrusteeTrustee for a Credit Enhancement Instrument. for payment to bondholders as a redemption premium. In this case, the BorrowerBorrowerPerson who is the obligor per the Note. may be required to pay a Termination Fee to Fannie Mae pursuant to the Reimbursement Agreement. The ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must be alert to these requirements.