Calculation of Payoff Amount

For either Primary Risk Mortgage LoansPrimary Risk Mortgage LoansMortgage Loan where Fannie Mae bears all losses or where the Lender and Fannie Mae share losses. or Secondary Risk Mortgage LoansSecondary Risk Mortgage LoansMortgage Loan where the Lender bears all losses until the Lender’s recourse obligations are exhausted. , if in the course of performing loss mitigation actions the Special ServicerSpecial ServicerServicer (which may be Fannie Mae, the Servicer, or a third-party special servicer contracted by Fannie Mae) responsible for implementing the loss mitigation actions for a Non-Performing Mortgage Loan. requires a computation of the payoff amount for 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. (e.g., for a demand letter to BorrowerBorrowerPerson who is the obligor per the Note. after acceleration, preparation of litigation pleadings for foreclosure judgment or deficiency suit, determination of foreclosure bid, etc.), the ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. shall calculate the full payoff amount and submit it for Fannie Mae’s confirmation in accordance with Part V, Chapter 2: Reporting and Remitting, Section 214.03: Calculating and Obtaining Confirmation of Payoff Amount.  In those instances, if there is not an actual payoff of the Nonperforming 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. expected, the anticipated foreclosure date or the “as of” date for the payoff shall be used as the “payoff date” in the calculation.  In addition, the ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. ’s request for verification of the payoff amount must be submitted to Fannie Mae for confirmation at least two (2) business days before such payoff amount is needed by the Special ServicerSpecial ServicerServicer (which may be Fannie Mae, the Servicer, or a third-party special servicer contracted by Fannie Mae) responsible for implementing the loss mitigation actions for a Non-Performing Mortgage Loan. or outside counsel for its demand letter, litigation pleadings, or other use.