source:
  type: regulation
  id: fnma-svc-c-1
  authority: "FNMA Servicing Guide C-1 — Processing Mortgage Loan Payments"
  description: 'Servicing Guide Chapter C-1 governs payment application order, custodial deposit timing, and related processing rules.

    '
obligations:
- id: fnma-svc-c-1-payment-application-order
  canonical_id: fnma-svc-c-1-payment-application-order
  section: "FNMA Servicing Guide C-1.1-01 — Servicer Responsibilities for Processing Mortgage Loan Payments"
  description: '[LENDER] must apply scheduled payments, including late charges (if

    applicable), in the order specified in the security instrument. When

    multiple payments are received, each payment must be applied separately.

    '
  type: do
  audit_question: Can [LENDER] evidence that scheduled payments (including late charges, where applicable) are applied in the order specified in the security instrument, and that each of multiple received payments is applied separately?
  workflow_phase: servicing
  owner_role: default_servicing_analyst
  secondary_owner_role: compliance_officer
  cadence: continuous
  consequence: ''
  tags:
  - round-b
  - regulator-direct
  - fnma
  - servicing-guide
  - payment-processing
  - application-order
  - promoted
  primary_source:
    tier: 1
    authority: FNMA Servicing Guide C-1.1-01
    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: "Apply scheduled payments, including late charges (if applicable), in the order speciﬁed in the"
    drafter_attestation: 'Copied verbatim from FNMA Servicing Guide snapshot cf63a82bbb4adfba (chapter C-1) at 2026-05-22.

      '
  promoted_at: '2026-05-23T00:25:10+00:00'
  promoted_from: fnma-svc-c-1-roundb-v1.yaml
  program_review: Does the program ensure scheduled payments (including late charges where applicable) are applied in the security-instrument order, and each of multiple received payments is applied separately?
  file_review: Sample payment-application records; confirm security-instrument order and separate application of multiple payments.
  judgment: false
- id: fnma-svc-c-1-custodial-24-hour-deposit
  canonical_id: fnma-svc-c-1-custodial-24-hour-deposit
  section: "FNMA Servicing Guide C-1.1-01 — Servicer Responsibilities for Processing Mortgage Loan Payments"
  description: '[LENDER] must deposit all funds into a custodial account in a financial

    institution that meets Fannie Mae''s rating requirements for custodial

    depositories (or within its own institution if it qualifies) within 24

    hours of receipt. When [LENDER] uses a lockbox agent, payments must be

    deposited into the collection clearing account no later than the 1st

    business day after lockbox-agent receipt, and into the applicable

    custodial account no later than the 2nd business day after lockbox-agent

    receipt.

    '
  type: do
  audit_question: For every payment processed on a Fannie Mae mortgage loan, can [LENDER] evidence custodial-account deposit within 24 hours of receipt (and, where a lockbox agent is used, deposit into the collection clearing account by the 1st business day and into the custodial account by the 2nd business day after lockbox-agent receipt)?
  workflow_phase: servicing
  owner_role: default_servicing_analyst
  secondary_owner_role: compliance_officer
  cadence: continuous
  consequence: ''
  tags:
  - round-b
  - regulator-direct
  - fnma
  - servicing-guide
  - custodial-account
  - lockbox
  - 24-hour
  - promoted
  primary_source:
    tier: 1
    authority: FNMA Servicing Guide C-1.1-01
    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: "Deposit all funds into a custodial account in a ﬁnancial institution that meets Fannie Mae’s rating"
    drafter_attestation: 'Copied verbatim from FNMA Servicing Guide snapshot cf63a82bbb4adfba (chapter C-1) at 2026-05-22.

      '
  promoted_at: '2026-05-23T00:25:10+00:00'
  promoted_from: fnma-svc-c-1-roundb-v1.yaml
  program_review: Does the program ensure custodial-account deposit within 24 hours of receipt, and for lockbox-agent payments, into the collection clearing account by the 1st and the custodial account by the 2nd business day after lockbox receipt?
  file_review: Sample payments; confirm 24-hour custodial deposit (and the 1st/2nd-business-day lockbox-agent deposit timing where applicable).
  judgment: false
_promotion_history:
- promoted_at: '2026-05-23T00:25:10+00:00'
  candidate_path: C:\Users\earlc\broker-tools\obligations\_remediation\_round_b_drafts\fnma-svc-c-1-roundb-v1.yaml
  candidates_promoted: 2
  candidates_skipped_existing: 0
