B

  • Breakage Fee

    Aggregated costs and damages owed to the Investor InvestorMBS Investor for an MBS Mortgage Loan, or Fannie Mae for a Cash Mortgage Loan. if you fail to Deliver DeliverSubmission of all correct, accurate, and certifiable documents, data, and information with all applicable documents properly completed, executed, and recorded as needed, and any deficiencies resolved to Fannie Mae’s satisfaction. the Mortgage Loan Delivery Package Mortgage Loan Delivery PackageLoan Documents and underwriting material required in connection with the Delivery of a Mortgage Loan. per the Guide GuideMultifamily Selling and Servicing Guide controlling all Lender and Servicer requirements unless a Lender Contract specifies otherwise. .

  • Brokered Transaction

    Any 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 sourced by you using a third party (e.g., a Mortgage Loan Broker Mortgage Loan BrokerThird-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 Correspondent) for which the third party receives a referral or other similar fee paid by you or by, or on behalf of, the Borrower BorrowerPerson who is the obligor per the Note. .  The following are not Brokered Transactions Brokered TransactionsAny Mortgage Loan sourced by you using a third party (e.g., a Mortgage Loan Broker or Correspondent) for which the third party receives a referral or other similar fee paid by you or by, or on behalf of, the Borrower.  The following are not Brokered Transactions, even when a referral or other… , even when a referral or other similar fee is paid or received:

    • you use an investment sale broker retained solely to assist in selling a Portfolio Mortgage Loan Portfolio Mortgage LoanMortgage Loan purchased by Fannie Mae and held as of a certain date regardless of whether it is a Cash Mortgage Loan or an MBS Mortgage Loan. 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). that is not being refinanced with Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! ;
    • the third party is another multifamily Lender LenderPerson Fannie Mae approved to sell or service Mortgage Loans. ;
    • the third party continues receiving ongoing referral or other similar fees after the Mortgage Loan Origination Date Mortgage Loan Origination DateDate you fund a Mortgage Loan to the Borrower. for subsequent Mortgage Loans Mortgage LoansMortgage 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 originated by you with that same Sponsor SponsorPrincipal equity owner and/or primary decision maker of the Borrower (often the Key Principal or the Person Controlling the Key Principal). and with which the third party is not involved; or
    • the third party owns more than 5% of your total equity.

  • Bulk Delivery

    Structured Transaction governed by a Bulk Delivery Agreement Bulk Delivery AgreementAgreement evidencing the terms and conditions of a Bulk Delivery. that allows future:

    • 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 additions; and/or
    • 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). substitutions.

  • Bulk Delivery Agreement

    Agreement evidencing the terms and conditions of a Bulk Delivery Bulk DeliveryStructured Transaction governed by a Bulk Delivery Agreement that allows future: Mortgage Loan additions; and/or Property substitutions. .

  • Business Day

    Any day other than a

    • Saturday,
    • Sunday,
    • day when Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! is closed,
    • day when the Federal Reserve Bank of New York is closed, or
    • for any MBS MBSMortgage-Backed Security and required remittance withdrawal, day when the Federal Reserve Bank is closed in the district where any of the MBS MBSMortgage-Backed Security funds are held.

  • Business Environmental Risk

    Risk of material environmental or environmentally-driven impact on the business or property associated with a 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). or the past, current or planned use of a 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). , including all “non-scope considerations” under current ASTM ASTMAmerican Society for Testing Materials E 1527, asbestos or asbestos-containing materials, radon, lead-based paint, lead in drinking water, wetlands, regulatory compliance, health and safety, indoor air quality, biological agents, mold, etc.

C

  • Cap Strike Rate

    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. interest rate specified in the Interest Rate Cap Agreement Interest Rate Cap AgreementContract setting forth the terms and conditions of an Interest Rate Cap, Hedge, or Swap. at or above which a payment obligation will be triggered by 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. provider.

  • Capital Markets Early Funding Desk

    Team that can be contacted for ASAP ASAPVarious As Soon As Pooled purchase options expediting the sale of Mortgage Loans per the applicable ASAP Contracts. funding at (866) 944-3863 or [email protected].

  • Capitalization Rate Derivation

    Independent determination of the appropriate capitalization rate for a specific 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). .

  • Captive Insurer

    Insurance company wholly owned and controlled by its insureds, whose primary purpose is to insure the risks of its owners, and its insureds benefit from the captive insurer's underwriting profits.