Generally

Requirements

You must:

• Underwrite, originate, and service a Forward Commitment Forward CommitmentCommitment to purchase a permanent Mortgage Loan for a to-be constructed or rehabilitated Property. 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 as if it were an immediate funding 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 .
• Agree to issue the Borrower Commitment Borrower CommitmentYour written commitment with the Borrower to originate a Mortgage Loan, and any separate written or oral rate lock agreements between you and the Borrower to rate lock the Mortgage Loan. .
• Determine the construction lender has 
  • completed its underwriting, and 
  • agreed to issue a construction financing commitment.
• Confirm the Investor InvestorMBS Investor for an MBS Mortgage Loan, or Fannie Mae for a Cash Mortgage Loan. will
  • issue its commitment to purchase the MBS MBSMortgage-Backed Security , and
  • meet the Forward Commitment Forward CommitmentCommitment to purchase a permanent Mortgage Loan for a to-be constructed or rehabilitated Property. conditions, including timing.