U
Uniform Commercial Code
Value of the Property PropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). determined by the Lender LenderPerson Fannie Mae approved to sell or service Mortgage Loans. to size the 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 per Part II, Chapter 2: Valuation and Income, Section 202: Appraisal and Valuation .
Ratio, expressed as a percentage, of the
- Underwritten Net Cash Flow Net Cash FlowAt underwriting or for any specified period, the amount calculated per Part II, Chapter 2: Valuation and Income, Section 203: Income Analysis and the applicable products and features in Part III. , divided by
- Underwriting Value Underwriting ValueValue of the Property determined by the Lender to size the Mortgage Loan per Part II, Chapter 2: Valuation and Income, Section 202: Appraisal and Valuation. .
Ratio of Underwritten Net Cash Flow Net Cash FlowAt underwriting or for any specified period, the amount calculated per Part II, Chapter 2: Valuation and Income, Section 203: Income Analysis and the applicable products and features in Part III. to the annual debt service for 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 amount based on a level debt service payment with the applicable amortization, and calculated per Part II, Chapter 2: Valuation and Income, Section 203: Income Analysis , as adjusted for the applicable products and features in Part III.
Net Operating Income Net Operating IncomeAt underwriting or for any specified period, the Property's total Effective Gross Income minus operating expenses. as adjusted by the Lender LenderPerson Fannie Mae approved to sell or service Mortgage Loans. per Part II, Chapter 2: Valuation and Income, Section 203: Income Analysis and the applicable products and features in Part III.
Appraised Value Appraised ValueAppraiser’s opinion of the Property's market value documented in the Appraisal, on an “as is” basis, unless use of an “as completed” basis is specifically permitted per the Guide. assuming an Affordable Regulatory Agreement Affordable Regulatory AgreementRecorded or unrecorded regulatory, land use, extended use, restrictive covenant, or similar agreement or restriction that is imposed by a Public Entity, placing rent, income, or other affordability restrictions on the use or occupancy of the Property, but which does not include a HAP Contract. or Private Affordability Agreement Private Affordability AgreementRecorded or unrecorded regulatory, land use, extended use, restrictive covenant, agreement, or restriction that is imposed by any non-Public Entity, placing rent, income, or other affordability restrictions on the use or occupancy of the Property. Test Notes added- SV is not in effect.
Unpaid Principal Balance
Uniform Standards of Professional Appraisal Practice