Fannie Mae Updates Custodial Bank Account Guidance
August 24, 2012
Fannie Mae announced last week that it is amending its guidance regarding custodial bank accounts, effective immediately. Prior to the companys Aug. 15 servicing guide announcement, tax and insurance escrow funds for Fannie mortgage loans with all remittance types could be commingled in the same custodial account, although the servicer could establish separate accounts for T&I payments for each remittance type if it chose to do so.