Submitting the Request for Subordinate Financing

Any Borrower BorrowerPerson who is the obligor per the Note. request for approval of 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. must be reviewed by the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. . If acceptable, the request must be submitted for approval through the MAMP MAMPMultifamily Asset Management Portal used to submit Property inspections, operating statements, requested modifications, asset management reports, and data corrections for loan or property attributes. in accordance with the following:

the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must submit the request to Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! at least 30 days before the projected closing date of the 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. ; and
the submission must contain:
- an Appraisal AppraisalWritten statement independently and impartially prepared by a qualified Appraiser stating an opinion of the Property's market value as of a specific date, and supported by the presentation and analysis of relevant market information. (obtained at the Borrower’s Borrower’sPerson who is the obligor per the Note. cost), dated no earlier than 90 days prior to the date of the Borrower BorrowerPerson who is the obligor per the Note. request for approval of the 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 complies with Part II, Chapter 2: Valuation and Income, Section 202: Appraisal and Valuation ;
- Servicer’s Servicer’sPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. underwriting spreadsheet showing the 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. ’s effect on the Property’s Property’sMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). income, expenses, NCF NCFAt underwriting or for any specified period, the amount calculated per Part II, Chapter 2: Valuation and Income, Section 203: Income Analysis and the applicable products and features in Part III. , DSCR DSCROn an annual basis or any specified period, the ratio of Net Cash Flow to the total of: principal, interest, and required Mezzanine Financing or Hard Pay Preferred Equity payments. , and LTV LTVRatio of the actual aggregate UPB of the Mortgage Loan, plus any Pre-Existing Mortgage Loans, plus any Hard Pay Preferred Equity, plus any Mezzanine Financing, to the value of the Property, expressed as a percentage. ;
- a copy of the final, unsigned loan documents evidencing the 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. , with the loan amount, interest rate, payment schedules, and all other transaction related information completed;
- the MBA MBAMortgage Bankers Association Standard Inspection Form documenting a physical inspection of 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). , performed at Borrower’s Borrower’sPerson who is the obligor per the Note. expense, occurring no earlier than 90 days before the date of the Borrower BorrowerPerson who is the obligor per the Note. request for the 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. ; provided that, if the Servicer’s Servicer’sPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. inspection of 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). reveals that 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 not being properly maintained, the Borrower BorrowerPerson who is the obligor per the Note. request will not be approved by Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! unless:
  - a Replacement Reserve Replacement ReserveCustodial Account the Borrower funds during the Mortgage Loan term for Replacements. is sufficiently funded; and
  - the Borrower BorrowerPerson who is the obligor per the Note. makes any Immediate Repairs identified by the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. prior to the closing date of the 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. ; and
- a title policy endorsement 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). showing no unauthorized Liens LiensLien, mortgage, bond interest, pledge, security interest, charge, or encumbrance of any kind. or encumbrances of any nature 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). .

For a Cooperative Property Cooperative PropertyMultifamily residential property owned by a Cooperative Organization. , the 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. is unacceptable if the potential increase in the Cooperative Maintenance Fee Cooperative Maintenance FeePeriodic fee assessed each shareholder or owner of a Cooperative Organization to fund costs and expenses associated with ongoing operations of the Cooperative Property. necessary to cover P&I P&IPrincipal and interest on the 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. exceeds 10% of the current Cooperative Maintenance Fee Cooperative Maintenance FeePeriodic fee assessed each shareholder or owner of a Cooperative Organization to fund costs and expenses associated with ongoing operations of the Cooperative Property. .