Servicing Guide

Published September 18, 2018

C-3-02: Remitting Payoff Proceeds (11/12/2014)

The servicer must determine the appropriate schedule and the correct amount of funds due to Fannie Mae based on the mortgage loan’s remittance type and remittance cycle.

The servicer must follow the applicable procedures in F-1-23, Remitting and Accounting to Fannie Mae.

Funds to pay off a balloon mortgage loan must be remitted to Fannie Mae under the standard procedures for remitting payoffs for mortgage loans that have the same remittance type as the balloon mortgage loan. See also Fannie Mae’s Balloon Mortgage Loan Servicing Manual for additional information.