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F-3-03, Acronyms and Glossary of Defined Terms: C (07/13/2022)

calendar day

Any day in a month, including Saturdays, Sundays, and Holidays. This term is only used within the context of the Investor Reporting process. (Also see "business day" in this Glossary)

call abandonment rate

The percentage of calls that are not intercepted by a live operator before being disconnected (pure data with no exclusions for servicer thresholds, service levels, or call blocking).

call blockage rate

The percentage of calls that did not connect internally with the servicer due to circuit unavailability or programmatic blockage of calls by the automated call distribution system.

call option

A provision in the mortgage that gives Fannie Mae the right to call the mortgage due and payable at the end of a specified period for whatever reason.

cancellation of MI

Notification by the mortgage insurer that it has cancelled coverage in connection with a specified mortgage loan as of a specified date due to a breach of one or more provisions of the applicable mortgage guaranty insurance policy.


The addition of certain amounts due under the mortgage loan—such as T&I payments made by the servicer or delinquent interest installments—to the UPB of the mortgage loan, either because the borrower was unable to pay them or the servicer paid them on the borrower’s behalf.

Cash Remittance System (CRS)

The system used to process P&I remittances for actual/actual remittance type mortgage loans, as well as special remittances for all mortgage loan types.

cash reserves

Liquid assets such as cash, savings, money market funds, or marketable stocks or bonds (excluding retirement accounts).

claim denial (MI)

Notification by the mortgage insurer that a claim will not be paid in connection with a specified mortgage loan due to a breach of one or more provisions of the applicable mortgage guaranty insurance policy (for example, its obligation to produce documents).

clearing account

A bank account that is used for the temporary deposit of funds until they can be appropriately identified and transferred into a permanent account.


For Fannie Mae’s purposes, this term is used to describe any borrower other than the first borrower whose name appears on the mortgage note, even when that person owns the property jointly with the first borrower (and is jointly and severally liable for the note).


unit in a cooperative project

compensatory fee

A fee Fannie Mae charges as compensation for damages that may be incurred as the result of a seller/servicer’s failure to comply with a specific policy or procedure or to emphasize the importance Fannie Mae places on a particular aspect of the seller/servicer’s performance.

concurrent mortgage loan sale

An exchange of mortgage loans of like terms and quality between Fannie Mae and another seller.

concurrent sales participation pool mortgage loan

A mortgage loan that is part of a participation pool that was created as a result of a concurrent mortgage loan sale.


Depending on context, may refer to a determination that a building is not fit for use or is dangerous and must be destroyed, or the taking of private property for a public purpose through an exercise of the right of eminent domain.


unit in a condominium project

conforming mortgage loan

A conventional mortgage loan that had an origination-date principal balance not exceeding the current Fannie Mae loan limit. (“Current” refers to when Fannie Mae purchased or securitized the mortgage.) If a mortgage was originated prior to the current year, the loan limit that was in effect on the origination date is disregarded.

contractual payment

The payment required of the borrower in accordance with (or under) the promissory note and security instrument. The borrower's monthly contractual payment includes any required monthly escrow payment.

cooperative (co-op) project

A residential or mixed-use building wherein a corporation or trust holds title to the property and sells shares of stock representing the value of a single apartment unit to individuals who, in turn, receive a proprietary lease as evidence of title.


Consumer Price Index


Condo Project Manager


See bankruptcy cramdown. 

credit score

When used by Fannie Mae, the classic FICO score developed by Fair Isaac Corporation.


Collateral Underwriter


Committee on Uniform Security Identification Procedures

custodial account

A bank account that a seller/servicer must establish to hold the funds of others—the borrower and Fannie Mae—as opposed to any account established to hold the seller/servicer’s corporate funds.

custody documents

The original mortgage note, and, in some cases, the original MI or loan guaranty certificate, and, if the mortgage has been modified, the modification agreement.