Section 407
| 407.01 | |
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Requirements
You must require any Tier TierTier 1, Tier 2, Tier 3, or Tier 4 per the Multifamily Underwriting Standards (Form 4660). 2 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 Borrower BorrowerPerson who is the obligor per the Note. to make monthly escrow deposits for real estate taxes and insurance premiums.
Guidance
You may choose not to fund monthly escrow deposits for real estate taxes for a Tier TierTier 1, Tier 2, Tier 3, or Tier 4 per the Multifamily Underwriting Standards (Form 4660). 3 or Tier TierTier 1, Tier 2, Tier 3, or Tier 4 per the Multifamily Underwriting Standards (Form 4660). 4 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 .
Requirements
If you choose not to fund monthly deposits for real estate taxes then you must ensure all taxes are paid timely.
| 407.03 | |
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Guidance
You may choose not to fund monthly escrow deposits for insurance premiums for a Tier TierTier 1, Tier 2, Tier 3, or Tier 4 per the Multifamily Underwriting Standards (Form 4660). 3 or Tier TierTier 1, Tier 2, Tier 3, or Tier 4 per the Multifamily Underwriting Standards (Form 4660). 4 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 .
Requirements
If you choose not to fund monthly deposits for insurance premiums, you must require the Borrower BorrowerPerson who is the obligor per the Note. to provide annual proof of payment of all insurance premiums.