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Basis for determining the Gross Note Rate Gross Note RateInterest rate stated in the Loan Documents. of an ARM Loan ARM LoanMortgage Loan with an interest rate that periodically adjusts based on an Index per the Note or Loan Documents. , including any required alternative index that may be determined necessary by Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! because the Index IndexBasis for determining the Gross Note Rate of an ARM Loan, including any required alternative index that may be determined necessary by Fannie Mae because the Index is no longer widely accepted or has been replaced as the index for similar financial instruments. is no longer widely accepted or has been replaced as the index for similar financial instruments.
For any 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). , the estimate of the maximum dollar amount needed to replace, repair, or reproduce 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). , but excluding any land value.
Business value, goodwill, and any other intangible value attributed to 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). being operated as a multifamily housing development.
Interest rate agreement between the Borrower BorrowerPerson who is the obligor per the Note. and a provider for which the Borrower BorrowerPerson who is the obligor per the Note. receives payments at the end of each period when the interest rate exceeds the Cap Strike Rate Cap Strike RateIndex interest rate specified in the Interest Rate Cap Agreement at or above which a payment obligation will be triggered by the Interest Rate Cap provider. . The Interest Rate Cap Interest Rate CapInterest rate agreement between the Borrower and a provider for which the Borrower receives payments at the end of each period when the interest rate exceeds the Cap Strike Rate. The Interest Rate Cap provides a ceiling (or cap) on the Borrower's Mortgage Loan interest payments. provides a ceiling (or cap) on the Borrower's Borrower'sPerson who is the obligor per the Note. 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 payments.
Contract ContractProgram Documents per the Multifamily Selling and Servicing Agreement. setting forth the terms and conditions of an Interest Rate Cap Interest Rate CapInterest rate agreement between the Borrower and a provider for which the Borrower receives payments at the end of each period when the interest rate exceeds the Cap Strike Rate. The Interest Rate Cap provides a ceiling (or cap) on the Borrower's Mortgage Loan interest payments. , Hedge, or Swap.
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.
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. .
Interest Reduction Payment
First day of the month a Security SecurityMBS, PFP MBS, or REMIC. is issued.
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. .