If the transferee servicer continues to store the custodial documents with the existing document custodian, it must execute the Master Custodial Agreement, in accordance with Fannie Mae’s Requirements for Document Custodians. If the transferee servicer already has a master custodial agreement on file with that document custodian, the transferee servicer must obtain an MBS Custodian Recertification (Form 2002) in connection with the servicing transfer within six months of the transfer date.
The transferee servicer and the transferor servicer must work out appropriate arrangements for paying the costs of transferring the documents and obtaining the required pool recertification in an expeditious manner. MBS pool documents that will be held by a new document custodian or by the transferee servicer must be recertified, and Form 2002 must be completed and submitted to the transferee servicer’s Fannie Mae office within six months of the transfer date. In the event the transferee servicer cannot complete recertification of the transferred mortgage loans and cannot cure an exception to recertification within six months of the transfer date, the transferee servicer must contact its Fannie Mae Servicing Representative (see F-4-03, List of Contacts) for further discussion and resolution.
Custodial Documents for Participation Pool Mortgage Loans
For participation pool mortgage loans that Fannie Mae holds in its portfolio, any original mortgage notes that the transferor servicer has in its possession must be transferred to Fannie Mae’s DDC for permanent retention no later than 30 days after the transfer date. To ensure that the transferred documents are appropriately identified, a label showing the Fannie Mae loan number must be affixed to the notes. The documents that are being turned over to Fannie Mae for custody also must be annotated on the trial balance that is submitted to Fannie Mae in connection with the servicing transfer.
For more information please see Servicing Guide F-1-11, Post-Delivery Servicing Transfers.