TierTierTier 1, Tier 2, Tier 3, or Tier 4 per the Multifamily Underwriting Standards (Form 4660). 1, TierTierTier 1, Tier 2, Tier 3, or Tier 4 per the Multifamily Underwriting Standards (Form 4660). 2, TierTierTier 1, Tier 2, Tier 3, or Tier 4 per the Multifamily Underwriting Standards (Form 4660). 3, or TierTierTier 1, Tier 2, Tier 3, or Tier 4 per the Multifamily Underwriting Standards (Form 4660). 4 per the Multifamily Underwriting Standards (Form 4660).

Applicable DUS Pricing Memo or non-DUS Pricing Memo communicating pricing for various products and features.

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. where Fannie MaeFannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! bears all losses or you and Fannie MaeFannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! share losses.

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). who owns or controls, in the aggregate, directly or indirectly (together with that Person'sPerson'sLegal 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). Immediate Family MembersImmediate Family MembersAn individual’s child, stepchild, grandchild, grandparent, spouse, sibling, step-sibling, parent, or step-parent. , if an individual), specified interests in the BorrowerBorrowerPerson who is the obligor per the Note. per Part I, Chapter 3: Borrower, Guarantor, Key Principals, and Principals, Section 303: Key Principals, Principals, and Guarantors.

Multifamily buildings

• on multiple PropertiesPropertiesMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). ,
• owned by the same BorrowerBorrowerPerson who is the obligor per the Note. , and
• that comply with Part II, Chapter 1: Attributes and Characteristics, Section 102.01: Single Borrower Ownership. 

Multifamily residential real estate securing the 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. , including the

• fee simple or LeaseholdLeaseholdProperty held under a long-term lease or Ground Lease. interest,
• ImprovementsImprovementsBuildings, structures, improvements, and alterations, including the multifamily housing dwellings, now or hereafter constructed or placed on the Property, including all fixtures (as defined in the UCC). , and
• personal property (per the Uniform Commercial Code).

Assessment of 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). physical condition and historical operation.

An assessment of 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). overall condition per the MBAMBAMortgage Bankers Association Standard Inspection Form, expressed on a scale from 1 (the best Property Condition RatingProperty Condition RatingAn assessment of the Property’s overall condition per the MBA Standard Inspection Form, expressed on a scale from 1 (the best Property Condition Rating) to 5 (lowest Property Condition Rating). ) to 5 (lowest Property Condition RatingProperty Condition RatingAn assessment of the Property’s overall condition per the MBA Standard Inspection Form, expressed on a scale from 1 (the best Property Condition Rating) to 5 (lowest Property Condition Rating). ).

Party occupying a dwelling unit in a PropertyPropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). in full compliance with a lease.

Agreement between you and the InvestorInvestorMBS Investor for an MBS Mortgage Loan, or Fannie Mae for a Cash Mortgage Loan. containing the terms of the Lender-Arranged SaleLender-Arranged SaleMBS sold to the Lender and held on its balance sheet or delivered to a Third Party MBS Investor. or Multifamily Trading DeskMultifamily Trading DeskTeam that quotes interest rate pricing for a Mortgage Loan and can be contacted at (888) 889-1118. trade of the 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. and the MBSMBSMortgage-Backed Security terms and conditions relating to the underlying MBSMBSMortgage-Backed Security , if applicable, which may be documented via a recorded telephone conversation.