Servicing Guide

Published September 9, 2020

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What criteria must be followed when remitting funds to Fannie Mae for mortgage loans with interest rate buydowns?

If the servicer holds the buydown funds, the servicer must remit to Fannie Mae the interest buydown funds along with the payment received from the borrower as a full contractual payment each month.

If Fannie Mae holds the buydown funds for a first lien mortgage loan that is purchased for its portfolio, Fannie Mae will automatically apply funds that it holds toward the interest due each month. Therefore, the servicer must adjust its individual mortgage loan records to reflect the application of Fannie Mae's portion of the payment.

The servicer must return any money it has held in association with an interest buydown to Fannie Mae, when either

  • the buydown term ends, or
  • the mortgage loan is liquidated, whichever occurs first. 

See below for related Q&A:

Will Fannie Mae impose any fees if all funds that are due to Fannie Mae are not remitted on or before the remittance due date?

What requirements must be followed when remitting funds to Fannie Mae for Delinquent MBS Mortgage Loans?

What requirements must be followed when remitting funds to Fannie Mae for Delinquent Portfolio Mortgage Loans?

What requirements must be followed when remitting funds to Fannie Mae for a mortgage loan with biweekly payments?

How should over-remittances be handled?

For more information please see: C-3-01, Responsibilities Related to Remitting P & I Funds to Fannie Mae.

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If you have additional questions, Fannie Mae customers can visit Ask Poli to get information from other Fannie Mae published sources.

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