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  • Negotiated Seller Number

    Number assigned by Fannie Mae identifying the PersonPersonLegal person, including an individual, estate, trust, corporation, partnership, limited liability company, financial institution, joint venture, association, or other organization or entity (whether governmental or private). currently servicing a Structured Transaction.

  • Net Cash Flow

    At underwriting or for any specified period, the amount calculated per Part VII, Chapter 1: Valuation and Income, Section 103: Income Analysis and the applicable products and features in Part III.

  • Net Operating Income

    At underwriting or for any specified period, the Property'sProperty'sMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). total Effective Gross IncomeEffective Gross IncomeFor any specified period, the Property's total Net Rental Income, plus commercial income, plus other income, all calculated per Part VII, Chapter 1: Valuation and Income, Section 103: Income Analysis and the applicable products and features in Part III. minus operating expenses.

  • Net Rental Income

    For any specified period, the Property'sProperty'sMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). net rental income calculated per Part VII, Chapter 1: Valuation and Income, Section 103: Income Analysis and the applicable products and features in Part III.

  • New Construction

    PropertyPropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). recently developed/constructed with any certificates of occupancy received within 12 months before the Commitment DateCommitment DateDate a Commitment is confirmed by Fannie Mae per Part IV, Chapter 2: Rate Lock and Committing, Section 204: Commitments. .

  • Non-Contiguous Parcels

    Multiple parcels of land securing a Mortgage LoanMortgage 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. that do not share common boundaries or that are separated by dedicated or private streets that are major arterials.

  • Non-Performing Mortgage Loan

    Mortgage LoanMortgage 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. with an uncured default.

  • Non-Recourse Guaranty

    GuarantyGuarantyPayment Guaranty, Non-Recourse Guaranty, or other guaranty by a Guarantor for the Mortgage Loan. executed by a Key PrincipalKey PrincipalPerson who controls and/or manages the Borrower or the Property, is critical to the successful operation and management of the Borrower and the Property, and/or may be required to provide a Guaranty. on Form 4501 series or Form 6015 series, or approved by Fannie Mae.

  • Note

    Instrument evidencing a Mortgage LoanMortgage 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. obligation, including 

    • Form 6010 series, 
    • any other Fannie Mae-approved note, and 
    • all applicable
      • addenda,
      • schedules, and
      • exhibits. 

O

  • OFAC

    U.S. Treasury Department, Office of Foreign Assets Control.