Servicing Guide

Published July 15, 2020

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What are the servicer's responsibilities when establishing drafting arrangements?

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.

Step Servicer Action
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.

2

Complete an Authorization for Automatic Transfer of Funds (Form 1072) for each drafting arrangement with its custodial bank(s).

3

Send the completed and executed Form 360, as applicable, and Form 1072 to Fannie Mae for processing.

For more information please see F-1-03, Establishing and Implementing Custodial Accounts

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