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  • Lender Contract

    Program Documents per the Multifamily Selling and Servicing Agreement Multifamily Selling and Servicing AgreementProgram Documents per the Multifamily Selling and Servicing Agreement. .

  • Lender Loan Origination Function

    Any:

    • Lender LenderPerson Fannie Mae approved to sell or service Mortgage Loans. internal roles or job functions reporting up to the Chief Production Officer;
    • Lender LenderPerson Fannie Mae approved to sell or service Mortgage Loans. employees who receive a commission or bonus if 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 closes, including any employees or functions that report up to these roles and/or their immediate supervisor;
    • Mortgage Loan Brokers Mortgage Loan BrokersThird-party Person who arranges Mortgage Loan financing on the Borrower’s behalf, or Transfers/Assumptions on behalf of the new Borrower for an assumption, or transferee for a transfer. ; or
    • Correspondents.

  • Lender Risk Management

    Team that can be contacted at [email protected].

  • Lender Senior Executive

    For any Lender LenderPerson Fannie Mae approved to sell or service Mortgage Loans. any:  

    a.  senior executive officer serving as its president, chief executive officer, chief financial officer, chief operating officer, chief production officer, chief underwriter, chief asset manager, chief legal officer, chief information security officer, chief compliance officer, or substantially equivalent position;

    b.  individual with voting or approval rights over whether the Lender LenderPerson Fannie Mae approved to sell or service Mortgage Loans. commits to make 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 ; or

    c.  Immediate Family Member Immediate Family MemberAn individual’s child, stepchild, grandchild, grandparent, spouse, sibling, step-sibling, parent, or step-parent. of, or individual having a close relationship with, any individual identified in (a) or (b).

  • Lender-Arranged Sale

    MBS MBSMortgage-Backed Security sold to the Lender LenderPerson Fannie Mae approved to sell or service Mortgage Loans. and held on its balance sheet or delivered to a Third Party MBS Investor Third Party MBS InvestorMBS Investor for an MBS Mortgage Loan that is not the Multifamily Trading Desk. .

  • Letter of Credit

    Letter of Credit Letter of CreditLetter of Credit approved by Fannie Mae per Part I, Chapter 2: Mortgage Loan, Section 204: Letters of Credit. approved by Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! per Part I, Chapter 2: Mortgage Loan, Section 204: Letters of Credit.

  • LIBOR

    London Interbank Offered Rate is the benchmark interest rate banks quote to lend funds to one another in the international interbank market for short-term loans.

  • Lien

    Lien, mortgage, bond interest, pledge, security interest, charge, or encumbrance of any kind.

  • LIHTC Average Income

    Internal Revenue Code Section 42 election allowing LIHTC LIHTCFederal program offering tax credits to owners of eligible properties that contain low-income occupants and rent restrictions. property owners to rent units to households earning up to 80% of AMI, provided:

    • a minimum of 40% of the residential units are both rent-restricted and occupied by households with a maximum income up to an average of 60% of AMI; and
    • the unit's rents are limited to 30% of the qualifying income level.

    For example, for a 30% AMI unit, the maximum rent that may be charged to a household is 30% of AMI. 

  • Limited Equity Cooperative Property

    Cooperative Organization Cooperative OrganizationCorporation or legal entity where each shareholder or equity owner is granted the right to occupy a unit in a multifamily residential property under a proprietary lease or occupancy agreement. that has income, rent, or equity build-up restriction (not including any transfer taxes), which may be dictated by a governmental entity, a third-party capital provider, or its own organizational documents.