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Special Flood Hazard Area designated by FEMA FEMAFederal Emergency Management Agency .
Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. implementing Non-Performing Mortgage Loan Non-Performing Mortgage LoanMortgage Loan with an uncured default. loss mitigation actions, including
- Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! ,
- you, or
- a third-party.
Principal PrincipalPerson who owns or controls, in the aggregate, directly or indirectly (together with that Person's Immediate Family Members, if an individual), specified interests in the Borrower per Part I, Chapter 3: Borrower, Guarantor, Key Principals, and Principals, Section 303: Key Principals, Principals,… equity owner and/or primary decision maker of the Borrower BorrowerPerson who is the obligor per the Note. (often the Key Principal Key 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. or the Person PersonLegal 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). Controlling ControllingPossessing, directly or indirectly, the power to direct or cause the management and operations of an entity (e.g., through the ownership of voting securities or other ownership interests, or by contract). the Key Principal Key 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. ).
Voluntary agreement signed by the Borrower BorrowerPerson who is the obligor per the Note. and recorded in the land records against 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). , putting rent and income restrictions in place to preserve or create multifamily affordable housing.
Per the Master Credit Facility Agreement Master Credit Facility AgreementAgreement evidencing the terms and conditions of a Credit Facility. , a defined event that permits the Lender LenderPerson Fannie Mae approved to sell or service Mortgage Loans. to require the Borrower BorrowerPerson who is the obligor per the Note. to fund the 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. .
Certified document listing all real estate equity interests the Person PersonLegal 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). owns.
Percentage of 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). units physically occupied by Qualified Occupants Qualified OccupantsParty occupying a dwelling unit in a Property in full compliance with a lease. , per Part II, Chapter 1: Attributes and Characteristics, Section 105.02: Qualified Occupants as adjusted for the applicable Part III products and features.
Credit enhancement under which Fannie Mae makes principal and interest payments directly to the Bond Trustee (for payment to bondholders) if the Borrower fails to make required mortgage note payments or if a bankruptcy event has occurred.
Optional process permitting a Rate Lock Rate LockAgreement between you and the Investor containing the terms of the Lender-Arranged Sale or Multifamily Trading Desk trade of the Mortgage Loan and the MBS terms and conditions relating to the underlying MBS, if applicable, which may be documented via a recorded telephone conversation. before completing full 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 underwriting, per Part IV, Chapter 3: Streamlined Rate Lock.
Equity interests in the Borrower's Borrower'sPerson who is the obligor per the Note. organizational structure (not including Preferred Equity Preferred EquityA direct or indirect investment in the Borrower, for which the organizational documents provide that equity investor with: an asset management fee or other fee before dividends, distributions, payments, or returns are paid to the investors; or preferred or unequal rights to receive… ) where the investor has:
- Forced Sale Forced SaleRight of a direct or indirect equity investor in the Borrower to require a sale or other disposition of the Property (whether via deed or a transfer of the direct or indirect ownership interests in Borrower). rights; or
- Control Takeover Control TakeoverRight of an equity investor in the Borrower to, directly or indirectly, in violation of the Loan Agreement: change Control of the Borrower, Key Principal, or Guarantor; or effect a transfer of any direct or indirect ownership interest in the Borrower, Key Principal, or Guarantor. rights.