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  • Interest Rate Conversion Agreement

    Document describing the terms and conditions when a Mortgage Loan Mortgage LoanMortgage debt obligation evidenced, or when made will be evidenced, by the Loan Documents, or  a mortgage debt obligation with a Fannie Mae credit enhancement. Test Notes-SV Test Again Sub-bullet test1 Sub-bullet test2 interest rate may convert from an adjustable rate to a fixed rate.

  • Investor

    MBS Investor MBS InvestorFor MBS Mortgage Loans, either a Third Party MBS Investor for Lender-Arranged Sales, or the Multifamily Trading Desk. for an MBS Mortgage Loan MBS Mortgage LoanMortgage Loan purchased by Fannie Mae in exchange for an issued MBS backed by the Mortgage Loan. , or Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! for a Cash Mortgage Loan Cash Mortgage LoanMortgage Loan purchased by Fannie Mae in exchange for cash. .

  • IRP

    Interest Reduction Payment

  • Issue Date

    First day of the month a Security SecurityMBS, PFP MBS, or REMIC. is issued. 

  • Issue Date Principal Balance

    For any Securitized Mortgage Loan Mortgage LoanMortgage debt obligation evidenced, or when made will be evidenced, by the Loan Documents, or  a mortgage debt obligation with a Fannie Mae credit enhancement. Test Notes-SV Test Again Sub-bullet test1 Sub-bullet test2 , the UPB UPBUnpaid Principal Balance  of the Note NoteInstrument evidencing a Mortgage Loan obligation, including  Form 6010 series,  any other Fannie Mae-approved note, and  all applicable addenda, schedules, and exhibits.  after crediting:

    • the principal portion of any scheduled monthly installment due on or before the Security SecurityMBS, PFP MBS, or REMIC. Issue Date Issue DateFirst day of the month a Security is issued.  , whether or not collected; and
    • any unscheduled principal payment received on or before the Security SecurityMBS, PFP MBS, or REMIC. Issue Date Issue DateFirst day of the month a Security is issued.  .

  • Issuer

    Entity that:

    • issues Bonds BondsTax-exempt or taxable multifamily revenue bonds, or other tax-exempt or taxable bonds, issued to finance 1 or more Credit Enhancement Mortgage Loan Properties. for a Credit Enhancement Mortgage Loan Credit Enhancement Mortgage LoanMortgage Loan financed by a Bond issuance where Fannie Mae provides credit enhancement by a Credit Enhancement Instrument, or an MBS for Bonds. ;
    • packages mortgages for sale as a Security SecurityMBS, PFP MBS, or REMIC. for an MBS MBSMortgage-Backed Security ; or
    • issues a Letter of Credit Letter of CreditLetter of Credit approved by Fannie Mae per Part I, Chapter 2: Mortgage Loan, Section 204: Letters of Credit. .