Fannie Mae initiates drafts for guaranty fees, guaranty fee buydown charges, and deposits for guaranty fee buyup charges. The following table lists the steps the servicer must follow to enable successful drafts/deposits for guaranty fees and buydown/buyup charges, in accordance with C-3-01, Responsibilities Related to Remitting P&I Funds to Fannie Mae.
Designate a custodial bank account from which Fannie Mae will draft the fees. See F-1-03, Establishing and Implementing Custodial Accounts for detailed requirements.
Complete an Authorization for Automatic Transfer of Funds (Form 1072) to authorize Fannie Mae to draft/deposit the fees from the designated account.
Retrieve the electronic draft notice (or “bill”) from Fannie Mae’s website. This notice shows the amount due for the guaranty fees, any guaranty fee buydown charges, any adjustment to offset any guaranty fee buyup payment that Fannie Mae owes the servicer, and the total net amount due Fannie Mae.
Review the draft notice for accuracy. If the net of the fees and charges the servicer calculates does not agree with the amount shown on the draft notice, the servicer must contact its Fannie Mae Investor Reporting Representative (see F-4-03, List of Contacts) immediately to provide details on the amount and nature of the discrepancy. Fannie Mae will review its records to validate the discrepancy the servicer identified and make any necessary adjustments to the bill.
Remit the fees and charges to the designated custodial account so they are available to Fannie Mae on the seventh calendar day of the month, or on the preceding business day if the seventh is not a business day.
For more information please see Servicing Guide F-1-21, Remitting and Accounting to Fannie Mae.