Description
Requirements
A Split Mortgage Loan consists of 2 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 , a Senior Mortgage Loan Senior Mortgage LoanSenior loan purchased by Fannie Mae. and a Subordinate Loan Subordinate LoanMultifamily residential real estate loan secured by a Lien against the Property having a lesser priority than the Lien securing another multifamily residential real estate loan on the same Property. , that are underwritten concurrently. A Split Mortgage Loan allows the Borrower BorrowerPerson who is the obligor per the Note. to divide the debt or increase the leverage on a property.
A Bifurcated Mortgage Loan Bifurcated Mortgage LoanSingle Senior Mortgage Loan that is evidenced by 2 Notes with the same payment and collateral priority. is a single Senior Mortgage Loan Senior Mortgage LoanSenior loan purchased by Fannie Mae. that is evidenced by 2 Notes NotesInstrument evidencing a Mortgage Loan obligation, including Form 6010 series, any other Fannie Mae-approved note, and all applicable addenda, schedules, and exhibits. with the same payment and collateral priority. A Bifurcated Mortgage Loan Bifurcated Mortgage LoanSingle Senior Mortgage Loan that is evidenced by 2 Notes with the same payment and collateral priority. allows the Borrower BorrowerPerson who is the obligor per the Note. to deleverage a portion of the debt.
Split Mortgage Loans and Bifurcated Mortgage Loans Bifurcated Mortgage LoansSingle Senior Mortgage Loan that is evidenced by 2 Notes with the same payment and collateral priority. are sometimes referred to as A/B Structures. Split Mortgage Loans and Bifurcated Mortgage Loans Bifurcated Mortgage LoansSingle Senior Mortgage Loan that is evidenced by 2 Notes with the same payment and collateral priority. are not the same as the Dual Commitment Option Dual Commitment OptionFor a Streamlined Rate Lock Mortgage Loan trade with the Multifamily Trading Desk, your ability to increase the Mortgage Loan Rate Lock amount. described in Part IV, Chapter 3: Streamlined Rate Lock, Section 307: Dual Commitment Option .