704.02
| 704.02A | |
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If the BorrowerBorrowerPerson who is the obligor under the Note. makes a partial payment, within five (5) business days after receipt of the partial payment the ServicerServicerPrimary Person responsible for servicing the Mortgage Loan (e.g., the originator, the selling Lender, or a third-party servicer). must send a letter to the BorrowerBorrowerPerson who is the obligor under the Note., under the ServicerServicerPrimary Person responsible for servicing the Mortgage Loan (e.g., the originator, the selling Lender, or a third-party servicer).’s letterhead, the Multifamily Partial Payment Letter – Fees (Optional) Assessed (Form 4806).
| 704.02B | |
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If the BorrowerBorrowerPerson who is the obligor under the Note. makes a late and partial payment, within five (5) business days after receipt of the late and partial payment the ServicerServicerPrimary Person responsible for servicing the Mortgage Loan (e.g., the originator, the selling Lender, or a third-party servicer). must send to the BorrowerBorrowerPerson who is the obligor under the Note., under the ServicerServicerPrimary Person responsible for servicing the Mortgage Loan (e.g., the originator, the selling Lender, or a third-party servicer).’s letterhead, the Multifamily Partial Payment Letter – Fees (Optional) Assessed (Form 4806).
If the BorrowerBorrowerPerson who is the obligor under the Note. makes a full payment after the date late charges are assessed, upon receipt of such payment the ServicerServicerPrimary Person responsible for servicing the Mortgage Loan (e.g., the originator, the selling Lender, or a third-party servicer). must send within five (5) business days the BorrowerBorrowerPerson who is the obligor under the Note., under its letterhead, the Multifamily Late Payment Letter – Fees (Optional) Assessed (Form 4805).
If the amount of the payment received from the BorrowerBorrowerPerson who is the obligor under the Note. is not sufficient to cure all Monetary Defaults, the ServicerServicerPrimary Person responsible for servicing the Mortgage Loan (e.g., the originator, the selling Lender, or a third-party servicer). shall obtain direction from Fannie Mae Special Asset ManagementSpecial Asset ManagementTeam that performs the work of the Special Servicer for Fannie Mae that can be contacted at [email protected] prior to applying the amount to past-due payments and advancing the LPILPIDue date of the last payment received. date. Fannie Mae may, at its option, require the ServicerServicerPrimary Person responsible for servicing the Mortgage Loan (e.g., the originator, the selling Lender, or a third-party servicer). to hold any such payments received in suspense until the BorrowerBorrowerPerson who is the obligor under the Note. has paid all amounts necessary to cure all Monetary Defaults.
| 704.02D | |
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If the amount of the payment received from the BorrowerBorrowerPerson who is the obligor under the Note. is not sufficient to cure all Monetary Defaults, the ServicerServicerPrimary Person responsible for servicing the Mortgage Loan (e.g., the originator, the selling Lender, or a third-party servicer). shall obtain direction from Fannie Mae Special Asset ManagementSpecial Asset ManagementTeam that performs the work of the Special Servicer for Fannie Mae that can be contacted at [email protected] prior to applying the amount to past-due payments and advancing the LPILPIDue date of the last payment received. date. Fannie Mae may, at its option, require the ServicerServicerPrimary Person responsible for servicing the Mortgage Loan (e.g., the originator, the selling Lender, or a third-party servicer). to hold any such payments received in suspense until the BorrowerBorrowerPerson who is the obligor under the Note. has paid all amounts necessary to cure all Monetary Defaults.
| 704.02E | |
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If the BorrowerBorrowerPerson who is the obligor under the Note. fails to make any payment at all, within five (5) business days following the date late charges are incurred the ServicerServicerPrimary Person responsible for servicing the Mortgage Loan (e.g., the originator, the selling Lender, or a third-party servicer). must send to the BorrowerBorrowerPerson who is the obligor under the Note., under the ServicerServicerPrimary Person responsible for servicing the Mortgage Loan (e.g., the originator, the selling Lender, or a third-party servicer).’s letterhead, the Multifamily No Payment Received Letter – Fees (Optional) Assessed (Form 4807).
The ServicerServicerPrimary Person responsible for servicing the Mortgage Loan (e.g., the originator, the selling Lender, or a third-party servicer). must send to its Fannie Mae RepresentativeFannie Mae RepresentativeFannie Mae personnel who assist you with various business matters (e.g., Fannie Mae Deal Team, pricing, delivery, servicing, asset management, etc.). a copy of any letter sent to the BorrowerBorrowerPerson who is the obligor under the Note. pursuant to this Chapter at the same time as it sends such letter to the BorrowerBorrowerPerson who is the obligor under the Note.. After outside counsel is engaged, any correspondence with the BorrowerBorrowerPerson who is the obligor under the Note. related to the Payment DefaultPayment DefaultFailure of a Borrower to pay when due and in full any payment required for the Mortgage Loan, including, but not limited to, principal, interest, late charges, default interest, fees, prepayment premium, escrows, or other collateral accounts for taxes, insurance premiums, and assessments, other… or Performance DefaultPerformance DefaultFailure of a Borrower to perform any promise or covenant within any applicable grace periods under the related Mortgage Loan other than a failure that constitutes a Payment Default., or the Course of ActionCourse of ActionFor Non-Performing Mortgage Loans, loss mitigation activities per Part V: Servicing and Asset Management, Chapter 7., must be made by or through the outside counsel.