Servicing Guide

Published November 10, 2020

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What procedures must a servicer follow for establishing, implementing, and monitoring custodial accounts and drafting requirements?

As described in P&I Custodial Accounts in A4-1-02, Establishing Custodial Bank Accounts, the funds in the P&I custodial account must relate to monthly P&I payments due Fannie Mae. The servicer of participation mortgage loans must deposit only Fannie Mae’s percentage shares of the funds into the P&I custodial account. However, the servicer is authorized to transfer the entire P&I payment from its clearing account into the custodial account, as long as it removes its share of the funds no later than the next business day after they are deposited into the custodial account. The servicer must deduct the servicing fees and late charges before the servicer transfers P&I payments from its clearing account to the custodial account.

The following table describes the requirements for the collection and disposition of P&I funds.

The servicer must...
 

Establish a reasonable daily cut-off of its work to ensure that collections are promptly credited to the appropriate account.

 

Ensure that it deposits any monthly payments collected after the mortgage loan was submitted to Fannie Mae for purchase or securitization, including any payments due from an interest rate buydown account, to the P&I account no later than one business day after it or its designee receives Fannie Mae’s purchase proceeds or the MBS.

Fannie Mae will consider waiving its next-day-deposit requirement when a servicer uses a computer service bureau or a third party as a collection agent if it feels that adequate controls exist.

 

Maintain records identifying each borrower, the amount of each borrower’s payment, and the custodial account into which each payment is deposited.

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

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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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