Servicing Guide

Published September 9, 2020

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What are the requirements for remitting principal and interest payments for a scheduled/scheduled mortgage loan?

The procedure for remitting P&I payments for scheduled/scheduled remittance type mortgage loans differs based on the type of mortgage loan (portfolio or MBS). For MBS mortgage loans, the procedure differs based on the type of remittance cycle (standard, RPM, or MBS Express). 

The following table provides remitting instructions for scheduled/scheduled remittance type mortgage loans in accordance with C-3-01, Responsibilities Related to Remitting P&I Funds to Fannie Mae. 

Mortgage Loan Type The servicer must...

Portfolio mortgage loan

Make all funds due to Fannie Mae available for drafting by the 18th calendar day of each month (or the preceding business day if the 18th is not a business day).

Note: To assist the servicer in ensuring it will have sufficient funds in its drafting account, we will provide the Remittance Detail – Principal & Interest Report for P&I remittances by the third business day of each month.

MBS mortgage loan

Determine the date by which funds must be available for drafting by Fannie Mae based on which remittance cycle (and, in some instances, on which remittance date) the servicer selected when it created the MBS pool.

Note: To assist a servicer in ensuring it will have sufficient funds on hand in its drafting account, Fannie Mae will provide the Remittance Detail – Principal & Interest Report for P&I remittances and the Remittance Detail – Guaranty Fee report for guaranty fee remittances by the third business day of each month. 

Remittance Cycle Remittance Requirements
Standard Funds must be available for drafting on the 18th calendar day of the month, or the preceding business day if the 18th is not a business day.
  • For pools that have a sixth day of the month designated remittance date, the funds must be available for drafting on the fifth day of the month.

  • For pools that have other designated remittance dates, the funds must be available for drafting on the designated remittance date (or the preceding business day if the designated remittance date is not a business day).

RPM Funds must be available for drafting on the designated remittance date.
MBS Express Funds must be available for drafting on two different dates depending on the type of funds being remitted.
  • Remittances related to unscheduled principal (payoffs, curtailments, repurchases, and other removals) must be in the servicer’s designated draft account in time for Fannie Mae to draft them on the fourth business day of the month after they were collected.

  • Remittances related to scheduled P&I must be in the servicer’s designated draft account in time for Fannie Mae to draft them on the 18th calendar day of the month or the preceding business day if the 18th is not a business day.

For more information please see Servicing Guide F-1-21, Remitting and Accounting to Fannie Mae.

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