C

  • Custodial Account

    Account established by the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. for depositing P&I P&IPrincipal and interest  payments, T&I T&ITaxes or assessments that may become a Lien on the Property and insurance premiums.  payments, and escrow, reserve, or other funds received from the Borrower BorrowerPerson who is the obligor per the Note. per any Loan Document Loan DocumentAll Fannie Mae-approved documents evidencing, securing, or guaranteeing the Mortgage Loan. , including the:

    • Collateral Agreement Collateral AgreementAgreement granting a security interest in Mortgage Loan collateral not covered by the Security Instrument. ;
    • Multifamily Loan Agreement Multifamily Loan AgreementAgreement evidencing Mortgage Loan terms using Form 6001 series Loan Documents, or another Fannie Mae-approved form. ; or
    • Security Instrument Security InstrumentInstrument creating a lien or encumbrance on 1 or more Properties and securing the Loan Document obligations. .

  • Custodial Bank Account Management Application

    System used to enter or update Eligible Depository or Custodial Account Custodial AccountAccount established by the Servicer for depositing P&I payments, T&I payments, and escrow, reserve, or other funds received from the Borrower per any Loan Document, including the: Collateral Agreement; Multifamily Loan Agreement; or Security Instrument. information per Part V, Chapter 3: Custodial Accounts .

D

  • Date of Default

    Date the initial Payment Default Payment DefaultBorrower's failure to fully pay any required Mortgage Loan payment when due, including, principal, interest, late charges, default interest, fees, pricing incentive recapture, prepayment premium, escrows, or other collateral accounts for taxes, insurance, … or Performance Default Performance DefaultBorrower's failure to perform any promise or covenant within any applicable grace periods per the Mortgage Loan, other than a Payment Default. occurred.

  • Deal ID

    For a Structured Transaction, the number assigned by MSFMS MSFMSMultifamily Structured Facilities Management System performing collateral delivery and securitization functions for Structured Transactions. .

  • Debt Service Coverage Ratio

    On an annual basis or any specified period, the ratio of 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 total of:  principal, interest, and required Mezzanine Financing Mezzanine FinancingSubordinate debt financing provided to a direct or indirect owner of a Borrower that is secured by a pledge of the direct or indirect equity interest in the Borrower held by the owner, and not by a Lien on the Property. or Hard Pay Preferred Equity Hard Pay Preferred EquityPreferred Equity structure in the Borrower including the Preferred Equity investor's right to a Control Takeover while the Mortgage Loan is outstanding if the Preferred Equity investor fails to receive returns required to be paid regardless of: available Excess Net Cash Flow; or whether the… payments.

  • Debt Service Reserve Account

    Springing Debt Service Reserve Springing Debt Service ReserveSpringing Debt Service Reserve per the Master Credit Facility Agreement that a Borrower may be required to fund in the event of a Springing Trigger. per the Master Credit Facility Agreement Master Credit Facility AgreementAgreement evidencing the terms and conditions of a Credit Facility. that a Borrower BorrowerPerson who is the obligor per the Note. may be required to fund in the event of a Springing Trigger Springing TriggerPer the Master Credit Facility Agreement, a defined event that permits the Lender to require the Borrower to fund the Debt Service Reserve Account.  .

  • Debt Service Reserve Release Test

    Master Credit Facility Agreement Master Credit Facility AgreementAgreement evidencing the terms and conditions of a Credit Facility. requirement for a Debt Service Reserve Account Debt Service Reserve AccountSpringing Debt Service Reserve per the Master Credit Facility Agreement that a Borrower may be required to fund in the event of a Springing Trigger. to be returned to the Borrower BorrowerPerson who is the obligor per the Note. .

  • Decontrol Event

    For Properties PropertiesMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). located in New York City, an event that causes a property or unit to be removed from rent control but subject to rent-stabilization pursuant to New York City rent stabilization laws.

  • Dedicated Student Housing Property

    Multifamily rental 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). in which 80% or more of the units are leased to undergraduate or graduate students.

  • Defeasance

    Transaction where a 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). is released from the lien of the Security Instrument Security InstrumentInstrument creating a lien or encumbrance on 1 or more Properties and securing the Loan Document obligations. and the Lender LenderPerson Fannie Mae approved to sell or service Mortgage Loans. receives a valid and perfected lien and security interest in substitute collateral acceptable to Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! and the cash flows thereunder.