C

  • Cooperative Property Sponsor

    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 invested in, converted, or is converting a residential rental apartment building to a Cooperative PropertyCooperative PropertyMultifamily residential property owned by a Cooperative Organization. and continues to own unsold shares in the Cooperative OrganizationCooperative 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. .

  • Cost Certification

    Independent third-party audit report itemizing 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). construction and development costs, including a statement of eligible and qualified basis, submitted to the state housing finance agency to obtain IRS Form 8609(s).

  • Course of Action

    Approved loss mitigation activities for Non-Performing Mortgage LoansNon-Performing Mortgage LoansMortgage Loan with an uncured default. .

  • Credit Enhancement Fee

    Fee due to Fannie Mae for a Credit Enhancement InstrumentCredit Enhancement InstrumentAgreement between Fannie Mae and a Bond Trustee where Fannie Mae provides credit enhancement of a Credit Enhancement Mortgage Loan, Bonds issued to finance a Credit Enhancement Mortgage Loan, or an Interest Rate Hedge Agreement; and if applicable, a Bond liquidity facility. .

  • Credit Enhancement Instrument

    Agreement between Fannie Mae and a Bond TrusteeBond TrusteeTrustee for a Credit Enhancement Instrument. where Fannie Mae provides credit enhancement of a Credit Enhancement Mortgage LoanCredit Enhancement Mortgage LoanMortgage Loan financed by a Bond issuance where Fannie Mae provides credit enhancement by a Credit Enhancement Instrument, or an MBS for Bonds. , BondsBondsTax-exempt or taxable multifamily revenue bonds, or other tax-exempt or taxable bonds, issued to finance 1 or more Credit Enhancement Mortgage Loan Properties. issued to finance a Credit Enhancement Mortgage LoanCredit Enhancement Mortgage LoanMortgage Loan financed by a Bond issuance where Fannie Mae provides credit enhancement by a Credit Enhancement Instrument, or an MBS for Bonds. , or an Interest Rate Hedge AgreementInterest Rate Hedge AgreementContract setting forth the terms and conditions of an Interest Rate Cap, Hedge, or Swap. ; and if applicable, a BondBondTax-exempt or taxable multifamily revenue bonds, or other tax-exempt or taxable bonds, issued to finance 1 or more Credit Enhancement Mortgage Loan Properties. liquidity facility.

  • Credit Enhancement 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. financed by a BondBondTax-exempt or taxable multifamily revenue bonds, or other tax-exempt or taxable bonds, issued to finance 1 or more Credit Enhancement Mortgage Loan Properties. issuance where Fannie Mae provides credit enhancement by

    • a Credit Enhancement InstrumentCredit Enhancement InstrumentAgreement between Fannie Mae and a Bond Trustee where Fannie Mae provides credit enhancement of a Credit Enhancement Mortgage Loan, Bonds issued to finance a Credit Enhancement Mortgage Loan, or an Interest Rate Hedge Agreement; and if applicable, a Bond liquidity facility. , or
    • an MBS for BondsMBS for BondsFannie Mae MBS: issued to credit enhance tax-exempt Bonds; or exchanged for Bonds redeemed at MBS issuance. .

  • Credit Facility

    Structured Transaction governed by a Master Credit Facility AgreementMaster Credit Facility AgreementAgreement evidencing the terms and conditions of a Credit Facility. requiring Mortgage LoansMortgage 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. and PropertiesPropertiesMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). to be

    • cross-defaulted, and
    • cross-collateralized.

  • CUSIP

    Committee on Uniform SecuritiesSecuritiesMBS, PFP MBS, or REMIC. Identification Procedures 9-digit security identification number assigned by Fannie Mae to identify the MBS PoolMBS PoolMBS Security backed by MBS Mortgage Loans. in the book-entry system.

  • Custodial Account

    Accounts established by the ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. for depositing P&IP&IPrincipal and interest  payments, T&IT&ITaxes or assessments that may become a Lien on the Property and insurance premiums.  funds, Collateral AgreementCollateral AgreementAgreement granting a security interest in Mortgage Loan collateral not covered by the Security Instrument. deposits, and other similar funds.

D

  • Date of Default

    Date the initial Payment DefaultPayment DefaultBorrower's failure to fully pay any required Mortgage Loan payment when due, including, principal, interest, late charges, default interest, fees, pricing incentive recapture, prepayment premium, escrows, or other collateral accounts for taxes, insurance, … or Performance DefaultPerformance DefaultBorrower's failure to perform any promise or covenant within any applicable grace periods per the Mortgage Loan, other than a Payment Default. occurred.