source:
  type: guide
  id: fnma-svc-f-3-16
  authority: 'Fannie Mae Servicing Guide F-3-16 — Acronyms and Glossary of Defined
    Terms: P'
  description: 'Fannie Mae Servicing Guide F-3-16 — Acronyms and Glossary of Defined
    Terms: P.'
  coverage_tier: operative
obligations:
- id: fnma-svc-f-3-16-full
  canonical_id: fnma-svc-f-3-16-full
  section: 'Fannie Mae Servicing Guide F-3-16 — Acronyms and Glossary of Defined Terms:
    P'
  type: do
  tags:
  - regulator-direct
  - fnma
  - servicing-guide
  - corpus-expansion
  - tier-operative
  primary_source:
    tier: 1
    authority: 'Fannie Mae Servicing Guide F-3-16 — Acronyms and Glossary of Defined
      Terms: P'
    source_class: fnma-guide
    source_url: https://singlefamily.fanniemae.com/media/document/pdf/servicing-guide
    snapshot_id: cf63a82bbb4adfba
    fetched_at: '2026-05-22T23:53:19Z'
    content_hash: sha256:89df66c43baad07f8a8dd9d224492fff7d15e8839edba02ad0e74c7e50fe5da3
    paragraph_quote: 'F-3-16, Acronyms and Glossary of Deﬁned Terms: P (10/11/2023)
      P&I principal and interest PACER Public Access to Court Electronic Records pair-oﬀ
      A process under which a lender that is unable to meet the terms of a mandatory
      delivery commitment either pays Fannie Mae a fee or, under certain circumstances
      for whole loans transactions, receives cash back from Fannie Mae, calculated
      against the unused portion of the commitment. PAL price-adjusted loan participation
      certiﬁcate The instrument that evidences an undivided interest in mortgages
      and obligations secured thereby. participation interest Published May 13, 2026
      740 An individual interest in a mortgage loan, as speciﬁed in the applicable
      participation certiﬁcate. participation pool The group of mortgage loans that
      back a participation certiﬁcate. Fannie Mae purchases only a percentage interest
      in each of the mortgage loans. That interest is the same percentage that is
      speciﬁed on the participation certiﬁcate. participation pool mortgage loan A
      mortgage loan that is part of a participation pool that Fannie Mae purchased
      for its portfolio. pass-through rate The rate at which interest is paid to Fannie
      Mae for a mortgage loan. For mortgage loans held in Fannie Mae’s portfolio,
      it is the lower of the required yield or the mortgage interest rate after deduction
      of a minimum servicing fee. payment deferral A retention workout option that
      defers past-due P&I payments and certain other amounts advanced as a non- interest
      bearing balance, due and payable at maturity of the mortgage loan or earlier
      upon the sale or transfer of the property, reﬁnance of the mortgage loan, or
      payoﬀ of the interest-bearing UPB. payment rate The percentage rate used to
      calculate the monthly payment when the payment will not fully amortize the mortgage.
      It diﬀers from the interest accrual rate. PCS Permanent Change of Station PERS
      Project Eligibility Review Service PFP Pooled from Portfolio PITI principal,
      interest, taxes, and insurance PITIA principal, interest, taxes, insurance,
      and other assessments PMI Private Mortgage Insurance pool Published May 13,
      2026 741 A collection of mortgage loans (or participation interests) delivered
      pursuant to one or more MBS commitments that secure an individual issuance of
      MBS. pool accrual rate The rate of interest that accrues to the security holder
      of a stated-structure ARM MBS pool. It is subject to change in accordance with
      adjustments to the index. pool issue date The ﬁrst day of the month in which
      MBS are issued. pool purchase contract See MBS commitment deﬁnition. pool transaction
      Any MBS transaction between Fannie Mae and a seller in which Fannie Mae purchases
      a group of mortgage loans or participation interests from the seller for the
      sole purpose of backing all or part of an issuance of MBS. Pooled from Portfolio
      (PFP) A PFP mortgage loan is a mortgage loan that has been securitized into
      an MBS pool directly from Fannie Mae’s portfolio. Such mortgage loan was either
      sold to Fannie Mae as a whole loan mortgage loan or is an MBS mortgage loan
      that was reclassiﬁed into Fannie Mae’s portfolio prior to being re-pooled. portfolio
      mortgage loan A mortgage loan purchased by Fannie Mae to hold in its mortgage
      portfolio. principal distribution amount For a particular remittance date, Fannie
      Mae’s share of the aggregate principal portions of the monthly installments
      for mortgage loans in an MBS pool that became due from the second day of the
      preceding month to and including the ﬁrst day of the remittance month (whether
      or not they were actually collected) and those unscheduled principal recoveries
      that were collected during the month preceding the month in which the remittance
      is made. This is the principal amount that will be drafted from the servicer’s
      custodial account. principal forbearance A portion of the UPB that does not
      accrue interest, also referred to as a non-interest bearing balance, that is
      payable upon the earliest of the maturity of a mortgage loan modiﬁcation, sale
      or transfer of the property, reﬁnance of the mortgage loan, or payoﬀ of the
      interest-bearing UPB project development A condo, PUD, or co-op housing project.
      Property 360 Refers to Fannie Mae technology used to manage expense reimbursements,
      REOgram conﬁrmations, and pre- foreclosure preservation. Published May 13, 2026
      742 property securing a mortgage loan Consists of the land, all improvements
      erected on the land, including any replacements or additions erected after the
      origination of the mortgage loan, and all easements, appurtenances, and ﬁxtures
      that are part of the property or the improvements. PTR pass-through rate PUD
      planned unit development purchase date The date on which Fannie Mae disburses
      the purchase proceeds for a whole loan delivery; the date on which Fannie Mae
      purchases a pool or mortgage loan in an early funding transaction. purchase
      price The percentage of par that Fannie Mae applies to the UPB of a mortgage
      submitted as a whole loan delivery to determine the amount of the purchase proceeds;
      the amount that Fannie Mae will pay the lender on the purchase date for a pool
      or mortgage loan being purchased in an early funding transaction.'
  judgment: false
