The servicer must arrange for drafting of custodial funds in a manner consistent with the requirements of the Servicing Guide and Lender Contract. The servicer must refer to the following table to designate a drafting arrangement for a custodial account or to change an existing arrangement.
|1||Confirm Fannie Mae’s Payments Team (see F-4-03, List of Contacts) has a completed and executed Certificate of Authority, Incumbency, and Specimen Signatures (Form 360) on file.
Note: Form 360 must be accompanied by the Resolution(s)/Evidence of Authorization to be considered complete.
Complete an Authorization for Automatic Transfer of Funds (Form 1072) for each drafting arrangement with its custodial bank(s).
For more information please see F-1-03, Establishing and Implementing Custodial Accounts