The servicer must provide payoff statements to the borrower or his or her agent, when
requested. The servicer must also collect and remit sufficient funds to Fannie Mae
to satisfy the debt and ensure the proper accounting and reporting of the mortgage
loan payoff, once received.
The servicer must remit all funds that are due to Fannie Mae for that month under
the schedule established for each remittance type and, if applicable, remittance cycle.
If the servicer does not remit funds due to Fannie Mae on or before the remittance
due date, Fannie Mae may impose a compensatory fee.