Actual/actual biweekly mortgage loan activity must be reported to Fannie Mae daily as received. For mortgage loans with a biweekly payment, the servicer must deposit the difference between the interest collected from the borrowers and the interest due on the loan into its designated draft account.
The servicer must remit funds to Fannie Mae for a mortgage loan with biweekly payments when
a full installment of P&I has accumulated for a mortgage loan that has an actual/actual remittance type, or
the biweekly payment is scheduled to be remitted (whether or not it was collected from the borrower) for a mortgage loan that has a scheduled/actual or scheduled/scheduled remittance type.
For more information please see: C-3-01, Responsibilities Related to Remitting P & I Funds to Fannie Mae.