Fannie Mae Servicing Guide A2-3-06 — Prepayment Premiums

fnma-svc-a2-3-06

Fannie Mae Servicing Guide A2-3-06 — Prepayment Premiums.

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      paragraph_quote: A2-3-06, Prepayment Premiums (11/12/2014) The servicer must not collect prepayment premiums from the borrower when a mortgage loan is paid in full —unless the mortgage loan was delivered under a negotiated contract that speciﬁcally permitted enforcement of the provisions of the mortgage documents that authorized the charging of a premium for prepayments. Even then, the servicer must not charge the prepayment premium when the mortgage debt is accelerated as the result of the borrower’s default in making their mortgage loan payments. If the servicer collects prepayment premiums under the terms of a negotiated contract, it must report any prepayment premium it collects for a given mortgage loan (even if the premium is not remitted to Fannie Mae) as part of the monthly activity information it provides through Fannie Mae’s investor reporting system. Recent Related Announcements There are no recently issued Announcements related to this topic. Chapter A2-4, Fannie Mae’s Quality Control Review Introduction This chapter contains information on Fannie Mae’s quality control review.

Verbatim regulatory text (1)

Verbatim provisions from Fannie Mae Servicing Guide A2-3-06 — Prepayment Premiums — each quote is a verified substring of the regulator-published source snapshot, not retyped. Quoted for reference; this is not legal advice. The operational layer (P&P updates, prompts) lives in the regulation update kits.

Fannie Mae Servicing Guide A2-3-06 — Prepayment Premiums

A2-3-06, Prepayment Premiums (11/12/2014) The servicer must not collect prepayment premiums from the borrower when a mortgage loan is paid in full —unless the mortgage loan was delivered under a negotiated contract that speciﬁcally permitted enforcement of the provisions of the mortgage documents that authorized the charging of a premium for prepayments. Even then, the servicer must not charge the prepayment premium when the mortgage debt is accelerated as the result of the borrower’s default in making their mortgage loan payments. If the servicer collects prepayment premiums under the terms of a negotiated contract, it must report any prepayment premium it collects for a given mortgage loan (even if the premium is not remitted to Fannie Mae) as part of the monthly activity information it provides through Fannie Mae’s investor reporting system. Recent Related Announcements There are no recently issued Announcements related to this topic. Chapter A2-4, Fannie Mae’s Quality Control Review Introduction This chapter contains information on Fannie Mae’s quality control review.

Source: Fannie Mae Servicing Guide A2-3-06 — Prepayment Premiums · source URL · snapshot cf63a82bbb4adfba