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Part I

Mortgage Loan

Chapter 1
Overview
- Section 101
  Using the Guide
  - 101.01 Organization
  - 101.02 References
- Section 102
  Delegation and Underwriting
- Section 103
  Transaction Approval Memo
- Section 104
  Representations
Chapter 2
Mortgage Loan
- Section 201
  Registration and Multifamily Affordability Estimator
- Section 202
  Delegated Mortgage Loans
- Section 203
  Pre-Review Mortgage Loans
- Section 204
  Letters of Credit
Chapter 3
Borrower, Guarantor, Key Principals, and Principals
- Section 301
  Generally
- Section 302
  Borrower Organizational Structure
- Section 303
  Key Principals, Principals, and Guarantors
- Section 304
  Limited Experience Owner
- Section 305
  Financial Statements
- Section 306
  Schedule of Real Estate Owned (SREO)
- Section 307
  Certifications
  - 307.01 Multifamily Underwriting Certificate (Form 6460)
  - 307.02 Brokered Transaction Certifications
- Section 308
  Fraudulent Conveyance
- Section 309
  Applicant Experience Check
- Section 310
  Compliance
- Section 311
  Execution of Non-Recourse Guaranty
- Section 312
  Conflict Mortgage Loans
  - 312.01 Description
  - 312.02 Restrictions

Part II

Property

Chapter 1
Attributes and Characteristics
- Section 101
  Eligible Properties
- Section 102
  Multiple Properties
  - 102.01 Multiple Parcels
- Section 103
  Property Ownership; Leasehold
- Section 104
  Ground Leased Properties
- Section 105
  Minimum Occupancy
- Section 106
  Certificates of Occupancy
- Section 107
  Phased Properties
- Section 108
  Shared Use Properties
- Section 109
  Commercial Leases
- Section 110
  Renewable Energy Generation Systems
- Section 111
  Oil/Gas Wells and Mineral Exploration
- Section 112
  Property Management and Agreement
Chapter 2
Valuation and Income
- Section 201
  Income Analysis
- Section 202
  Refinance Risk Analysis
  - 202.01 Base Assumptions
  - 202.02 Alternative Assumptions
- Section 203
  Cash Out Analysis
Chapter 3
Legal Compliance
- Section 301
  Zoning and Legally Non-Conforming Status
  - 301.01 Zoning and Legal Non-Conforming Use
  - 301.02 Legal Non-Conforming Characteristics
- Section 302
  Easements
- Section 303
  Liens and Encumbrances
- Section 304
  Title Insurance
- Section 305
  Survey
- Section 306
  Security Interests in Personal Property
Chapter 4
Inspections and Reserves
Chapter 5
Property and Liability Insurance

Part III

Products and Features

Chapter 1
Student Housing Properties
- Section 101
  Description
  - 101.01 Student Housing Property
  - 101.02 Dedicated Student Housing Property
- Section 102
  Generally
- Section 103
  Dedicated Student Housing Property
- Section 104
  Underwritten NCF
- Section 105
  Replacement Reserve
Chapter 2
Military Housing Properties
Chapter 3
Moderate Rehabilitation Mortgage Loans
- Section 301
  Description
- Section 302
  Underwriting
- Section 303
  Rehabilitation Work Costing More than $20,000 Per Unit
- Section 304
  Supplemental Mortgage Loans
Chapter 4
Green Mortgage Loans
- Section 401
  Generally
- Section 402
  Green Building Certification
- Section 403
  Green Rewards Mortgage Loans
- Section 404
  Annual Energy Reporting
Chapter 5
Seniors Housing Properties
- Section 501
  Generally
- Section 502
  Eligible Properties
- Section 503
  Continuing Care Retirement Communities (CCRCs)
- Section 504
  Seniors Housing Property Income
- Section 505
  Replacement Reserve
- Section 506
  Medicaid Funds
- Section 507
  Consultant Reports
Chapter 6
Manufactured Housing Communities
- Section 601
  Description
- Section 602
  Lender Eligibility
- Section 603
  Legal and Property Compliance
- Section 604
  Property Insurance
- Section 605
  Survey
- Section 606
  Property Income and Underwritten NCF
- Section 607
  Replacement Reserve
Chapter 7
Multifamily Affordable Housing Properties
- Section 701
  Generally
- Section 702
  MAH Property Eligibility
- Section 703
  Property Income and Underwriting
- Section 704
  Subordinate Financing
- Section 705
  Restrictive Covenants and Affordable Regulatory Agreements
- Section 706
  ROAR Loan
- Section 707
  HAP Contract Properties
  - 707.01 Properties with Both HAP Contracts and LIHTC Units
  - 707.02 HAP Contract Review Sheet
- Section 708
  Refinancing Section 236 Properties – IRP is Maintained
- Section 709
  LIHTC Properties – Lender Equity Interest
- Section 710
  Transactions with Fannie Mae Debt and Equity Interests
- Section 711
  FHA Risk Sharing
Chapter 8
Cooperative Properties
- Section 801
  Description
- Section 802
  Eligible Mortgage Loans
- Section 803
  Underwriting
- Section 804
  Income Analysis
- Section 805
  Limited Equity Cooperative Properties
Chapter 9
Small Mortgage Loans
- Section 901
  Generally
- Section 902
  Key Principal Guaranty Obligation
- Section 903
  Occupancy
- Section 904
  Corporate Leases; Leases to One Entity
- Section 905
  Property Income Analysis
- Section 906
  Property Management
- Section 907
  Property Condition
- Section 908
  Replacement Reserve
- Section 909
  Environmental Matters and Inspections
- Section 910
  Borrower, Key Principals, Guarantors, and Principals
- Section 911
  Credit Reports
Chapter 10
Healthy Housing Rewards
- Section 1001
  Healthy Housing Rewards
- Section 1002
  Healthy Design
- Section 1003
  Enhanced Resident Services
Chapter 11
Adjustable Rate Mortgage (ARM) Loans
- Section 1101
  Description
- Section 1102
  Underwriting
- Section 1103
  Prepayment Terms
- Section 1104
  ARM 5/5 Loan Optional 5-Year Adjustable Rate Term Renewal Eligibility
Chapter 12
Structured Adjustable Rate Mortgage (SARM) Loans
- Section 1201
  Description
- Section 1202
  Underwriting
- Section 1203
  Actual Amortization Calculation
- Section 1204
  Prepayment Terms
- Section 1205
  Interest Rate Caps
Chapter 13
Hybrid Adjustable Rate Mortgage (Hybrid ARM) Loans
- Section 1301
  Description
- Section 1302
  Interest Rate Conversion Date
- Section 1303
  Prepayment Terms
- Section 1304
  Monthly Principal and Interest Payments
Chapter 14
Supplemental Mortgage Loans
- Section 1401
  Description
- Section 1402
  Supplemental Mortgage Loans
Chapter 15
Split Mortgage Loans and Bifurcated Mortgage Loans
- Section 1501
  Description
- Section 1502
  Characteristics
Chapter 16
Mezzanine Financing and Preferred Equity
- Section 1601
  Mezzanine Financing
- Section 1602
  Preferred Equity
Chapter 17
Structured Transactions
- Section 1701
  Description
- Section 1702
  Credit Facilities
- Section 1703
  Bulk Deliveries
Chapter 18
Choice Refinance Loans
- Section 1801
  Eligibility
- Section 1802
  Lender Delegation
- Section 1803
  Prepayment Premium and Origination Fees
- Section 1804
  Streamlined Underwriting
- Section 1805
  Property Ownership Change
Chapter 19
Bond Transactions and Credit Enhancement Mortgage Loans
- Section 1901
  Description
- Section 1902
  Outside Counsel
- Section 1903
  Third Parties
- Section 1904
  Legal Documents
- Section 1905
  Fannie Mae LIHTC Investment in Credit-Enhanced Bonds
- Section 1906
  Credit Enhancing Fixed Rate Bonds
- Section 1907
  Credit Enhancing Variable Rate Bonds
- Section 1908
  Facility Fee
- Section 1909
  Taxable Tails and Supplemental Mortgage Loans
- Section 1910
  Third-Party Subordinate Financing
- Section 1911
  Moderate Rehabilitation Mortgage Loan with Side-by-Side Bond Financing
Chapter 20
Forward Commitments
Chapter 21
Condominium Properties
Chapter 22
Sponsor-Dedicated Workforce (SDW) Housing Properties
- Section 2201
  Description
- Section 2202
  Compliance

Part IV

Committing and Delivery

Chapter 1
Pricing, Fees, and Prepayment Premiums
- Section 101
  Pricing
- Section 102
  Fees
- Section 103
  Prepayment Premiums
Chapter 2
Rate Lock and Committing
- Section 201
  Pre-Commitment
- Section 202
  Obtaining a Rate Lock
- Section 203
  Good Faith Deposits
- Section 204
  Commitments
- Section 205
  ASAP Options
Chapter 3
Streamlined Rate Lock
- Section 301
  Description
  - 301.01 Eligibility
  - 301.02 Timing
- Section 302
  Preliminary Underwriting
- Section 303
  Rate Lock
- Section 304
  Commitment
- Section 305
  Rate Lock and Commitment Extensions
- Section 306
  Full Underwriting
- Section 307
  Dual Commitment Option
  - 307.01 Description
  - 307.02 Additional Proceeds
Chapter 4
Delivery
- Section 401
  Delivery Deadline
- Section 402
  Submission
  - 402.01 Data and Documents
  - 402.02 Participation Interests
- Section 403
  Warehouse Lender
- Section 404
  Wiring
  - 404.01 Wiring Instructions
  - 404.02 Wiring Payee Codes
- Section 405
  Delivery
  - 405.01 Acceptability and Delivery Tolerance
  - 405.02 Data Changes
- Section 406
  MBS Delivery Options
- Section 407
  Delivery Problems and Changes
  - 407.01 Delivery Problems
  - 407.02 Changing the Book-Entry Date
- Section 408
  Delivery Failure
Chapter 5
Purchase
- Section 501
  Generally
- Section 502
  Purchase Amount
- Section 503
  Third Party MBS Investor Delivery Scenarios
- Section 504
  MBS Mortgage Loan Disclosure
- Section 505
  ASAP
Chapter 6
Structured Transactions
- Section 601
  Registration
- Section 602
  Approval
- Section 603
  Commitment
- Section 604
  Delivery
  - 604.01 Delivery Process
  - 604.02 MSFMS Data Errors
- Section 605
  MBS Disclosure
- Section 606
  Features and Activities
  - 606.01 Process
  - 606.02 Asset Management Activities
Chapter 7
Variable Rate Conversions and Renewals
Chapter 8
Bond Transactions and Credit Enhancement Mortgage Loans
- Section 801
  Credit Enhancement Mortgage Loan Committing and Delivery
- Section 802
  Data and Document Delivery
  - 802.01 Credit Enhancement Mortgage Loans
  - 802.02 Interest Rate Cap

Part V

Servicing and Asset Management

Chapter 1
Servicing
Chapter 2
Reporting and Remitting
- Section 201
  Generally
- Section 202
  Collection, Tracking and Reporting of Monthly P&I Payments and T&I Amounts
- Section 203
  Reporting Loan Activity and Security Balance
- Section 204
  Calculation of Interest Due
- Section 205
  ARM Mortgage Loan Interest Rate and Monthly Payment Changes
- Section 206
  Application of Monthly Payments
- Section 207
  Payment Shortages
- Section 208
  Delinquency and Servicing Advances
- Section 209
  Remittance Procedures
- Section 210
  Full Prepayments
- Section 211
  Partial Prepayments Not From Insurance or Condemnation Proceeds
- Section 212
  Prepayments (Full or Partial) Involving Insurance Proceeds or Condemnation Awards
- Section 213
  Prepayment Premium Sharing
- Section 214
  Maturing Mortgage Loans/Payoffs
- Section 215
  Post-Payoff Actions
- Section 216
  DUS Bond Credit Enhancement Transactions – Reporting and Remitting Requirements
- Section 217
  Mezzanine Loan Reporting and Remitting
  - 217.01 Remitting DUS Plus Mezzanine Loans
  - 217.02 Payoffs
- Section 218
  Defeasance
- Section 219
  Delinquency Reporting and Certification
- Section 220
  Reporting Collateral Balances in Custodial Accounts
- Section 221
  Internal Revenue Service Reporting Requirements
Chapter 3
Custodial Accounts
Chapter 4
Asset Management: Loan Document Administration
- Section 401
  Servicing Requirements
- Section 402
  Delegation of Decision-Making Authority; Retention of Outside Legal Counsel
- Section 403
  Execution of Documents by Servicer – Limited Power of Attorney
- Section 404
  Execution of Documents by Fannie Mae
- Section 405
  Fees Due to Fannie Mae
- Section 406
  Follow-Up Actions by the Servicer
- Section 407
  Subordinate Financing
- Section 408
  Administration of Collateral Agreements
- Section 409
  Interest Rate Hedge Requirements
- Section 410
  Ground Leases
- Section 411
  Notice of Lien or Noncompliance with Applicable Laws, Ordinances and Regulations
- Section 412
  Property Forfeitures and Seizures
- Section 413
  Property and Liability Insurance
- Section 414
  Casualty Losses – Performing Mortgage Loans
- Section 415
  Casualty Losses – Non-Performing Mortgage Loans
- Section 416
  Credit Facilities and Bulk Deliveries
- Section 417
  Seniors Housing Properties
- Section 418
  Credit Enhancement Mortgage Loans and Multifamily Affordable Housing Properties
- Section 419
  MH Communities with Tenant Site Lease Protections
- Section 420
  Single Asset Entity Conversion
- Section 421
  Loan Document Amendments
- Section 422
  Maturing Mortgage Loans
Chapter 5
Surveillance
- Section 501
  Generally
- Section 502
  Property Inspections
- Section 503
  Financial Analysis of Operations
- Section 504
  Loan Agreement Compliance
- Section 505
  OFAC Compliance

Appendix

Related Documents for
Part IV, Chapter 8: Bond Transactions and Credit Enhancement Mortgage Loans

Document Name	Document Description
Form 4643	Hedge Delivery Information Form

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