Servicing
Requirements
As Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. of a Controlling Conflict Mortgage Loan, you must not
- participate in loss mitigation or special asset management decisions if it becomes a Non-Performing Mortgage Loan Non-Performing Mortgage LoanMortgage Loan with an uncured default. , or
- be notified of, or participate in, any negotiations or communications between Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! and the Borrower BorrowerPerson who is the obligor per the Note. , 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 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,… (or any Affiliate AffiliateWhen referring to an affiliate of a Lender, any other Person or entity that Controls, is Controlled by, or is under common Control with, the Lender. When referring to an affiliate of a Borrower or Key Principal: any Person that owns any direct ownership interest in Borrower or Key… of any of them).
Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! will make reasonable efforts to provide copies of written communications between Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! and other parties.
These servicing restrictions apply as long as the 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 is considered a Controlling Conflict Mortgage Loan.
- Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! has sole discretion to decide what action, if any, to take regarding any Controlling Conflict Mortgage Loan, any 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). securing a Controlling Conflict Mortgage Loan, or any Borrower BorrowerPerson who is the obligor per the Note. or Guarantor GuarantorKey Principal or other Person executing a Payment Guaranty, Non-Recourse Guaranty, or any other Mortgage Loan guaranty. .
- If Fannie Mae
Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!!
decides that a Controlling Conflict Mortgage Loan has a material risk of default or other characteristics of increased risk, it can
- designate a substitute servicer or subservicer, or
- terminate (with or without cause) your right to service the 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 .
- Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! will comply with the Program Rules Part 3 Sections B and C relating to Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! initiated servicing transfers. After servicing is transferred, you will retain your loss sharing obligation.