Servicing Guide

Published November 10, 2020

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When is the servicer authorized to withdraw funds from a P&I custodial account?

The servicer is authorized to withdraw funds from the P&I custodial account only for the following purposes:

  • remit the funds due Fannie Mae on the remittance date;
  • reimburse itself for delinquency advances for scheduled/actual and scheduled/scheduled remittance types that are recovered from subsequent collections (to the extent that such collections are payments on the related mortgage loan or are not required to be included in the funds due to Fannie Mae on the next remittance date);
  • remove amounts that have been deposited in error;
  • remove fees, charges, funds due related to servicing transfers, and other amounts that are deposited into the account
  • on a temporary basis;
  • remove interest earned on an interest-bearing custodial account; and
  • clear and terminate the account.

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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