Chapter 17

Choice Refinance Loans

Section 1701	Eligibility

Requirements

A Choice Refinance Loan Choice Refinance LoanMortgage Loan refinancing a Portfolio Mortgage Loan using streamlined underwriting per Part III, Chapter 17: Choice Refinance Loans. is a Portfolio Mortgage Loan Portfolio Mortgage LoanMortgage Loan purchased by Fannie Mae and held as of a certain date regardless of whether it is a Cash Mortgage Loan or an MBS Mortgage Loan. that is eligible for a streamlined underwriting process which reduces origination costs.

To use the Choice Refinance Loan Choice Refinance LoanMortgage Loan refinancing a Portfolio Mortgage Loan using streamlined underwriting per Part III, Chapter 17: Choice Refinance Loans. streamlined underwriting, you must ensure:

Topic	Requirements
Prerequisites	You have been the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. of the Portfolio Mortgage Loan Portfolio Mortgage LoanMortgage Loan purchased by Fannie Mae and held as of a certain date regardless of whether it is a Cash Mortgage Loan or an MBS Mortgage Loan. for the last 12 months. The Choice Refinance Loan Choice Refinance LoanMortgage Loan refinancing a Portfolio Mortgage Loan using streamlined underwriting per Part III, Chapter 17: Choice Refinance Loans. complies with Form 4660 . The Portfolio Mortgage Loan Portfolio Mortgage LoanMortgage Loan purchased by Fannie Mae and held as of a certain date regardless of whether it is a Cash Mortgage Loan or an MBS Mortgage Loan. is not in default. The Borrower BorrowerPerson who is the obligor per the Note. has demonstrated a commitment to its obligations under the Portfolio Mortgage Loan Portfolio Mortgage LoanMortgage Loan purchased by Fannie Mae and held as of a certain date regardless of whether it is a Cash Mortgage Loan or an MBS Mortgage Loan. by maintaining the 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). in good physical condition, providing competent 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). management services, and complying with the requirements under the Loan Documents Loan DocumentsAll Fannie Mae-approved documents evidencing, securing, or guaranteeing the Mortgage Loan. . You completed a full PCA PCAAssessment of the Property's physical condition and historical operation. per Part II, Chapter 4: Lease Audits, Inspections, and Reserves, Section 404: Property Condition Assessment (PCA) , and Form 4099 . The 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). : is operating on a stabilized basis; has a most recent overall inspection rating of 1 or 2; and during the underwriting inspection, does not show any: adverse change in 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). condition, except normal wear and tear; or life safety issues.
Loan History	The Portfolio Mortgage Loan Portfolio Mortgage LoanMortgage Loan purchased by Fannie Mae and held as of a certain date regardless of whether it is a Cash Mortgage Loan or an MBS Mortgage Loan. : has a good payment history, with no delinquencies of 60 days or more during the 3 years immediately preceding the proposed refinance; is not on the current Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! Watchlist WatchlistThe risk rating classification if you or Fannie Mae determine the Mortgage Loan has heightened credit risk. ; had no declared non-Payment Defaults Payment DefaultsBorrower's failure to fully pay any required Mortgage Loan payment when due, including, principal, interest, late charges, default interest, fees, pricing incentive recapture, prepayment premium, escrows, or other collateral accounts for taxes, insurance, … that remained uncured for more than 120 days; was underwritten and delivered per then-applicable Guide GuideMultifamily Selling and Servicing Guide controlling all Lender and Servicer requirements unless a Lender Contract specifies otherwise. provisions; and is serviced per the Guide GuideMultifamily Selling and Servicing Guide controlling all Lender and Servicer requirements unless a Lender Contract specifies otherwise. . There were no unauthorized assumptions or changes in ownership, and no unauthorized Liens LiensLien, mortgage, bond interest, pledge, security interest, charge, or encumbrance of any kind. filed against the 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). .
Additional Collateral	The Portfolio Mortgage Loan Portfolio Mortgage LoanMortgage Loan purchased by Fannie Mae and held as of a certain date regardless of whether it is a Cash Mortgage Loan or an MBS Mortgage Loan. does not have a Letter of Credit Letter of CreditLetter of Credit approved by Fannie Mae per Part I, Chapter 2: Mortgage Loan, Section 204: Letters of Credit. or additional cash collateral.
Pricing	The pricing that was approved for the Portfolio Mortgage Loan Portfolio Mortgage LoanMortgage Loan purchased by Fannie Mae and held as of a certain date regardless of whether it is a Cash Mortgage Loan or an MBS Mortgage Loan. does not apply to the Choice Refinance Loan Choice Refinance LoanMortgage Loan refinancing a Portfolio Mortgage Loan using streamlined underwriting per Part III, Chapter 17: Choice Refinance Loans. .
Underwriting	The Choice Refinance Loan Choice Refinance LoanMortgage Loan refinancing a Portfolio Mortgage Loan using streamlined underwriting per Part III, Chapter 17: Choice Refinance Loans. , regardless of the Underwritten DSCR Underwritten DSCRRatio of Underwritten Net Cash Flow to the annual debt service for a Mortgage Loan amount based on a level debt service payment with the applicable amortization, and calculated per Part II, Chapter 2: Valuation and Income, Section 203: Income Analysis, as adjusted for the applicable products and… , must be of sufficient credit quality to repay the refinanced 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 without individually negotiated debt relief.

Section 1702	Lender Delegation

Requirements

You are delegated to underwrite the Choice Refinance Loan Choice Refinance LoanMortgage Loan refinancing a Portfolio Mortgage Loan using streamlined underwriting per Part III, Chapter 17: Choice Refinance Loans. if:

the Portfolio Mortgage Loan Portfolio Mortgage LoanMortgage Loan purchased by Fannie Mae and held as of a certain date regardless of whether it is a Cash Mortgage Loan or an MBS Mortgage Loan. and the Choice Refinance Loan Choice Refinance LoanMortgage Loan refinancing a Portfolio Mortgage Loan using streamlined underwriting per Part III, Chapter 17: Choice Refinance Loans. fall under the same Pre-Review Pre-ReviewRequirement that you obtain Fannie Mae’s approval before you Rate Lock a Mortgage Loan. categories in the Form 4660 , and Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! approved those same Pre-Review Pre-ReviewRequirement that you obtain Fannie Mae’s approval before you Rate Lock a Mortgage Loan. categories for the Portfolio Mortgage Loan Portfolio Mortgage LoanMortgage Loan purchased by Fannie Mae and held as of a certain date regardless of whether it is a Cash Mortgage Loan or an MBS Mortgage Loan. ; or
the Choice Refinance Loan Choice Refinance LoanMortgage Loan refinancing a Portfolio Mortgage Loan using streamlined underwriting per Part III, Chapter 17: Choice Refinance Loans. falls under the Pre-Review Pre-ReviewRequirement that you obtain Fannie Mae’s approval before you Rate Lock a Mortgage Loan. categories in the Form 4660 , and has the same structure as the Portfolio Mortgage Loan Portfolio Mortgage LoanMortgage Loan purchased by Fannie Mae and held as of a certain date regardless of whether it is a Cash Mortgage Loan or an MBS Mortgage Loan. , even though the Portfolio Mortgage Loan Portfolio Mortgage LoanMortgage Loan purchased by Fannie Mae and held as of a certain date regardless of whether it is a Cash Mortgage Loan or an MBS Mortgage Loan. was not a Pre-Review Mortgage Loan Pre-Review Mortgage LoanMortgage Loan that is not delegated to you and requires Fannie Mae’s approval before Rate Lock. when it was Committed CommittedContractual agreement between you and Fannie Mae where Fannie Mae agrees to buy a Mortgage Loan at a future date in exchange for an MBS, or at a specific price for a Cash Mortgage Loan, and you agree to Deliver that Mortgage Loan. .

In addition, you are delegated to approve a Non-Contiguous Parcel Non-Contiguous ParcelMultiple parcels of land securing a Mortgage Loan that do not share common boundaries or that are separated by dedicated or private streets that are major arterials. structure if the same structure was approved for the Portfolio Mortgage Loan Portfolio Mortgage LoanMortgage Loan purchased by Fannie Mae and held as of a certain date regardless of whether it is a Cash Mortgage Loan or an MBS Mortgage Loan. .

Section 1703	Prepayment Premiums

Requirements

You must not waive any:

Prepayment Premium Prepayment PremiumFor a Mortgage Loan prepayment, amount the Borrower must pay in addition to the prepaid principal and accrued interest per the Loan Documents. based on required yield maintenance; or
portion of the Minimum 1% Prepayment Premium Minimum 1% Prepayment PremiumFor a prepayment, an amount equal to 1% of the UPB. above the required yield maintenance if the Portfolio Mortgage Loan Portfolio Mortgage LoanMortgage Loan purchased by Fannie Mae and held as of a certain date regardless of whether it is a Cash Mortgage Loan or an MBS Mortgage Loan.
- has a minimum Prepayment Premium Prepayment PremiumFor a Mortgage Loan prepayment, amount the Borrower must pay in addition to the prepaid principal and accrued interest per the Loan Documents. other than 1%,
- will be refinanced before the Yield Maintenance Period End Date Yield Maintenance Period End DateLast day on which a Borrower owes yield maintenance for a voluntary Mortgage Loan prepayment. , or
- is a fixed rate MBS Mortgage Loan MBS Mortgage LoanMortgage Loan purchased by Fannie Mae in exchange for an issued MBS backed by the Mortgage Loan. with an Issue Date Issue DateFirst day of the month a Security is issued. before April 1, 1999.

Guidance

For all other Choice Refinance Loans Choice Refinance LoansMortgage Loan refinancing a Portfolio Mortgage Loan using streamlined underwriting per Part III, Chapter 17: Choice Refinance Loans. :

Cash or MBS	You may waive the Minimum 1% Prepayment Premium...
Fixed Rate	after the Yield Maintenance Period End Date Yield Maintenance Period End DateLast day on which a Borrower owes yield maintenance for a voluntary Mortgage Loan prepayment. , or for declining Prepayment Premiums Prepayment PremiumsFor a Mortgage Loan prepayment, amount the Borrower must pay in addition to the prepaid principal and accrued interest per the Loan Documents. during the 6 months before the Maturity Date Maturity DateDate all Mortgage Loan amounts become fully due and payable per the Loan Documents. .
ARM and SARM	after any lockout if the Portfolio Mortgage Loan Portfolio Mortgage LoanMortgage Loan purchased by Fannie Mae and held as of a certain date regardless of whether it is a Cash Mortgage Loan or an MBS Mortgage Loan. is being refinanced with a fixed rate 7- or 10-year term, and was either an ARM Loan ARM LoanMortgage Loan with an interest rate that periodically adjusts based on an Index per the Note or Loan Documents. with a Plan Number Plan NumberNumber identifying the applicable loan characteristics for any Mortgage Loan that accrues interest at a variable rate at any time during the loan term. of 02160, 02254, 02255, 03471, or a SARM Loan with a Plan Number Plan NumberNumber identifying the applicable loan characteristics for any Mortgage Loan that accrues interest at a variable rate at any time during the loan term. of 03488.

Cash or MBS

You may waive the Minimum 1% Prepayment Premium...

Fixed Rate

after the Yield Maintenance Period End Date Yield Maintenance Period End DateLast day on which a Borrower owes yield maintenance for a voluntary Mortgage Loan prepayment. , or
for declining Prepayment Premiums Prepayment PremiumsFor a Mortgage Loan prepayment, amount the Borrower must pay in addition to the prepaid principal and accrued interest per the Loan Documents. during the 6 months before the Maturity Date Maturity DateDate all Mortgage Loan amounts become fully due and payable per the Loan Documents. .

ARM and SARM

after any lockout if the Portfolio Mortgage Loan Portfolio Mortgage LoanMortgage Loan purchased by Fannie Mae and held as of a certain date regardless of whether it is a Cash Mortgage Loan or an MBS Mortgage Loan.

is being refinanced with a fixed rate 7- or 10-year term, and
was either
- an ARM Loan ARM LoanMortgage Loan with an interest rate that periodically adjusts based on an Index per the Note or Loan Documents. with a Plan Number Plan NumberNumber identifying the applicable loan characteristics for any Mortgage Loan that accrues interest at a variable rate at any time during the loan term. of 02160, 02254, 02255, 03471, or
- a SARM Loan with a Plan Number Plan NumberNumber identifying the applicable loan characteristics for any Mortgage Loan that accrues interest at a variable rate at any time during the loan term. of 03488.

Section 1704	Streamlined Underwriting

1704.01	Environmental Site Assessment

Requirements

A Phase I Environmental Site Assessment Phase I Environmental Site AssessmentEnvironmental Site Assessment conducted per the current ASTM E-1527 standard and the resulting report. is not required if:

an Environmental Professional performs an environmental database review and identifies no
- potential environmental concerns (as defined in ASTM ASTMAmerican Society for Testing Materials E1528 - Standard Practice for Limited Environmental Due Diligence: Transaction Screen), or
- adverse conditions requiring further due diligence;
the Borrower BorrowerPerson who is the obligor per the Note. enters into an Environmental Indemnity Agreement ( Form 6085 ); and
you confirm that the Borrower BorrowerPerson who is the obligor per the Note. is appropriately implementing any existing O&M Plans O&M PlansRequired plan for remediating a Recognized Environmental Condition or Business Enivronmental Risk as described in Environmental Due Diligence Requirements (Form 4251). for the 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). .

1704.02	Radon Testing

Requirements

You must ensure any radon testing required per Environmental Due Diligence Requirements ( Form 4251 ) is performed, unless testing meeting the current requirements of Form 4251 was performed when the Portfolio Mortgage Loan Portfolio Mortgage LoanMortgage Loan purchased by Fannie Mae and held as of a certain date regardless of whether it is a Cash Mortgage Loan or an MBS Mortgage Loan. was originated.

1704.03	Survey

Requirements

Part II, Chapter 3: Legal Compliance, Section 305: Survey does not apply if the:

new mortgagee title insurance policy includes all title exceptions, including those that would appear based upon the most recent survey provided by the Borrower BorrowerPerson who is the obligor per the Note. (whether it is the original survey for the Portfolio Mortgage Loan Portfolio Mortgage LoanMortgage Loan purchased by Fannie Mae and held as of a certain date regardless of whether it is a Cash Mortgage Loan or an MBS Mortgage Loan. or a subsequent one);
Borrower BorrowerPerson who is the obligor per the Note. certifies that there have been no changes or improvements to the 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). since the later of the date of the survey
- referenced in the original title policy, or
- most recently completed; and
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). inspection report reveals no evidence of new construction or encroachments on the site from construction on adjoining properties.

1704.04	Borrower Structure and Experience

Requirements

You must:

Obtain a new Multifamily Underwriting Certificate Multifamily Underwriting CertificateMultifamily Underwriting Certificate (Form 6460 series) , and/or other agreement approved by Fannie Mae that provides underwriting information for a Mortgage Loan. ( Form 6460 series ) from the Borrower BorrowerPerson who is the obligor per the Note. , any Guarantor GuarantorKey Principal or other Person executing a Payment Guaranty, Non-Recourse Guaranty, or any other Mortgage Loan guaranty. , and any 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. .
Obtain updated copies of the organizational documents of the Borrower BorrowerPerson who is the obligor per the Note. and the 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. , and confirm that the Borrower’s Borrower’sPerson who is the obligor per the Note. organizational structure complies with Part II, Chapter 3: Legal Compliance .
Confirm that no unauthorized change has been made to the Borrower’s Borrower’sPerson who is the obligor per the Note. organizational structure or documents.
Obtain a new good standing certificate from the jurisdiction where the Borrower BorrowerPerson who is the obligor per the Note. is organized.

1704.05	Borrower Credit

Requirements

You must obtain and review new financial statements for all parties relevant to the transaction.

For Small Mortgage Loans Small Mortgage LoansMortgage Loan with an original loan amount less than or equal to $9 million. , you must:

confirm that the FICO scores of any such individuals comply with Part III, Chapter 9: Small Mortgage Loans, Section 911.02: FICO Scoring ; and
ensure that the net worth and liquidity complies with Part III, Chapter 9: Small Mortgage Loans, Section 910.06: Net Worth and Liquid Assets .

Guidance

If the Borrower BorrowerPerson who is the obligor per the Note. or any 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. , Guarantor GuarantorKey Principal or other Person executing a Payment Guaranty, Non-Recourse Guaranty, or any other Mortgage Loan 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,… submitted financial statements within the past 12 months, then in lieu of new financial statements, you may accept a certification that there has been no material adverse change from the financial condition or credit standing reflected in the financial statements.

1704.06	Property Management

Guidance

You may elect not to review the 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). management or agreement per Part II, Chapter 1: Attributes and Characteristics, Section 114: Property Management and Agreement .

1704.07	Replacement Reserve

Requirements

You must ensure the Replacement Reserve Replacement ReserveCustodial Account the Borrower funds during the Mortgage Loan term for Replacements. is funded as follows:

If...	Then...
The Property is located in a Pre-Review Market that is not eligible for delegation at any Tier per Section II of Form 4660 , and the market was a Pre-Review Market when the Portfolio Mortgage Loan was originated.	The Borrower BorrowerPerson who is the obligor per the Note. must fully fund the Replacement Reserve Replacement ReserveCustodial Account the Borrower funds during the Mortgage Loan term for Replacements. .
The Property is located in a Pre-Review Market that is not eligible for delegation at any Tier per Section II of Form 4660 , and the market was not a Pre-Review Market when the Portfolio Mortgage Loan was originated.	You must determine the Replacement Reserve Replacement ReserveCustodial Account the Borrower funds during the Mortgage Loan term for Replacements. funding per Part II, Chapter 4: Lease Audits, Inspections, and Reserves, Section 406: Replacement Reserve .
The Property is located in a Strong Market, a Nationwide Market, or a Pre-Review Market that is eligible for Tier 3 and Tier 4 Mortgage Loans on a delegated basis per Section II of Form 4660 .	You must determine the Replacement Reserve Replacement ReserveCustodial Account the Borrower funds during the Mortgage Loan term for Replacements. funding per Part II, Chapter 4: Lease Audits, Inspections, and Reserves, Section 406: Replacement Reserve .

If...

Then...

The Property

is located in a Pre-Review Market that is not eligible for delegation at any Tier per Section II of Form 4660 , and
the market was a Pre-Review Market when the Portfolio Mortgage Loan was originated.

The Borrower BorrowerPerson who is the obligor per the Note. must fully fund the Replacement Reserve Replacement ReserveCustodial Account the Borrower funds during the Mortgage Loan term for Replacements. .

The Property

is located in a Pre-Review Market that is not eligible for delegation at any Tier per Section II of Form 4660 , and
the market was not a Pre-Review Market when the Portfolio Mortgage Loan was originated.

You must determine the Replacement Reserve Replacement ReserveCustodial Account the Borrower funds during the Mortgage Loan term for Replacements. funding per Part II, Chapter 4: Lease Audits, Inspections, and Reserves, Section 406: Replacement Reserve .

The Property is located in

a Strong Market,
a Nationwide Market, or
a Pre-Review Market that is eligible for Tier 3 and Tier 4 Mortgage Loans on a delegated basis per Section II of Form 4660 .

1704.08	Real Estate Tax and Insurance Escrows

Requirements

You must require T&I T&ITaxes or assessments that may become a Lien on the Property and insurance premiums. escrow deposits for a Tier TierTier 1, Tier 2, Tier 3, or Tier 4 per the Multifamily Underwriting Standards (Form 4660). 2 Choice Refinance Loan Choice Refinance LoanMortgage Loan refinancing a Portfolio Mortgage Loan using streamlined underwriting per Part III, Chapter 17: Choice Refinance Loans. unless Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! waived the T&I T&ITaxes or assessments that may become a Lien on the Property and insurance premiums. escrow for the Portfolio Mortgage Loan Portfolio Mortgage LoanMortgage Loan purchased by Fannie Mae and held as of a certain date regardless of whether it is a Cash Mortgage Loan or an MBS Mortgage Loan. . If you do not require T&I T&ITaxes or assessments that may become a Lien on the Property and insurance premiums. escrow deposits, then you must comply with Part II, Chapter 4: Lease Audits, Inspections, and Reserves, Section 407: Escrow Requirements for Taxes and Insurance .

Section 1705	Property Ownership Change

Guidance

If at the time of the refinance of the Portfolio Mortgage Loan Portfolio Mortgage LoanMortgage Loan purchased by Fannie Mae and held as of a certain date regardless of whether it is a Cash Mortgage Loan or an MBS Mortgage Loan. the 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). is being sold to a new owner, then you may use the streamlined underwriting per Part III, Chapter 17: Choice Refinance Loans, Section 1704.01: Environmental Site Assessment provided that you comply with Part I, Chapter 3: Borrower, Guarantor, Key Principals, and Principals for underwriting the Borrower BorrowerPerson who is the obligor per the Note. , Key Principals Key PrincipalsPerson 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. , Guarantors GuarantorsKey Principal or other Person executing a Payment Guaranty, Non-Recourse Guaranty, or any other Mortgage Loan guaranty. , and Principals PrincipalsPerson 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,… .

You may also use the streamlined underwriting per Part III, Chapter 17: Choice Refinance Loans, Section 1701: Eligibility for Portfolio Mortgage Loans Portfolio Mortgage LoansMortgage Loan purchased by Fannie Mae and held as of a certain date regardless of whether it is a Cash Mortgage Loan or an MBS Mortgage Loan. that were assumed before being refinanced as a Choice Refinance Loan Choice Refinance LoanMortgage Loan refinancing a Portfolio Mortgage Loan using streamlined underwriting per Part III, Chapter 17: Choice Refinance Loans. .