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Prerequisites
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- 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
- 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.
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Loan History
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- 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).
.
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Additional Collateral
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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.
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Pricing
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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.
.
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Underwriting
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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.
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