All MBS mortgages are accounted for as the scheduled/scheduled remittance type. This means that a servicer may have to advance its own funds to cover the amount Fannie Mae is due on a mortgage for which the monthly payment of principal and interest is late.
Under the standard remittance cycle, lenders remit scheduled P&I payments on the 18th of the month in which they are due from the borrowers (or, if the 18th is not a business day, on the business day preceding the 18th). Unscheduled principal payments must be remitted by the 18th of the month following collection.
The table below provides references to the Announcements that have been issued that are related to this topic.
|Announcement SEL-2011–11||October 25, 2011|