Servicing Guide

Published October 14, 2020

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What are the requirements for establishing and maintaining custodial accounts for T&I funds?

As described in T&I Custodial Accounts in A4-1-02, Establishing Custodial Bank Accounts, funds in the T&I custodial account may not be commingled with P&I funds, the servicer’s general corporate funds, or with funds held by the servicer for other investors.

The following table describes requirements the servicer must adhere to when establishing custodial accounts for T&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.

 

Deposit the borrower’s escrow account balance and funds for any interest rate buydown account that are not scheduled for application toward the monthly payment into the T&I custodial account no later than one business day after it (or its designee) receives Fannie Mae’s purchase proceeds or the MBS, for newly purchased or securitized mortgage loans. Fannie Mae may waive 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 if the servicer maintains separate T&I custodial accounts for different remittance types identifying

  • each borrower,

  • the amount of each borrower’s escrow or other deposits, 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.

Guide Resources

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Visit Selling and Servicing Guide Communications and Forms

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