NOTE: Except as otherwise required below, the reporting and remitting requirements for Cash Mortgage Loans provided in this Chapter apply to Mezzanine Loans.
For the DUS Plus Mezzanine Loan, the ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. is required to remit to Fannie Mae via the Cash Remittance SystemCash Remittance SystemMultifamily system where you set up and maintain banking instructions for Fannie Mae’s drafting of remittances per Part V, Chapter 2: Reporting and Remitting, Section 209: Remittance Procedures. . On each remittance date the amount representing P&IP&IPrincipal and interest (adjusted to the Pass-Through RatePass-Through RateMortgage Loan Gross Note Rate minus the Guaranty Fee, minus the Servicing Fee. ) actually collected from the Mezzanine Borrower must be remitted. The initial remittance date for any DUS Plus Mezzanine Loan is the 18th day of the month following the month in which the DUS Plus Mezzanine Loan is purchased, with monthly remittances due on the 18th day of each month thereafter.
For each DUS Plus Mezzanine Loan, the principal distribution amount remitted must include the sum of:
The interest distribution amount remitted includes the interest portion of the monthly installment (that portion actually collected from the Mezzanine Borrower), adjusted to the Pass-Through RatePass-Through RateMortgage Loan Gross Note Rate minus the Guaranty Fee, minus the Servicing Fee. , due on the first day of the month in which a remittance date occurs or due at any time (other than the first day) during the preceding month.
The ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must remit funds collected from the Mezzanine Borrower even if they do not represent a full payment. The ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. may not deduct monthly Servicing FeesServicing FeesFee 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. until the entire monthly payment has been collected from the Mezzanine Borrower.
The ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. is not required to remit to Fannie Mae on the remittance date any amounts representing P&IP&IPrincipal and interest that have not been received from the Mezzanine Borrower and are, therefore, delinquent. Any delinquent payment received after the 18th calendar day of the month in which it is due must be remitted to Fannie Mae by 1:00 p.m. ET within 24 hours of its receipt.
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For DUS Plus Mezzanine Loans, proceeds for payments-in-full, including any applicable repayment fees, must be remitted directly to the mezzanine investor within 24 hours after receipt by the DUSDUSDelegated Underwriting and Servicing ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. . The full payment must be reported to Fannie Mae by the second 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. of the month following the month in which the prepayment is received in accordance with Part V of this GuideGuideMultifamily Selling and Servicing Guide controlling all Lender and Servicer requirements unless a Lender Contract specifies otherwise. .
