Servicing Guide

Published October 14, 2020

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What are the servicer responsibilities related to collecting advances when a mortgage loan is paid in full?

When a mortgage loan is paid in full, the servicer is responsible for collecting any advances made on behalf of the borrower along with the mortgage loan payoff, in accordance with C-1.2-03, Processing Payments in Full. The following table describes the servicer’s responsibilities related to collecting advances. 

The servicer must...
 

Collect any funds advanced on behalf of the borrower.

 

Remit the repayment as a special remittance to Fannie Mae, and within 30 days of the payoff date, if Fannie Mae advanced the funds.

Note: The repayment of advances must not be included as part of the payoff proceeds. 

For more information please see Servicing Guide F-1-09, Processing Mortgage Loan Payments and Payoffs. 

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