Property Restoration Requirements
All insurance loss proceeds will be held to reimburse the Borrower BorrowerPerson who is the obligor per the Note. in increments for the cost of repairing the damage and restoring 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). . If 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). will be restored to habitable condition, the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must:
- deposit all insurance loss proceeds in a Custodial Account Custodial AccountAccount established by the Servicer for depositing P&I payments, T&I payments, and escrow, reserve, or other funds received from the Borrower per any Loan Document, including the: Collateral Agreement; Multifamily Loan Agreement; or Security Instrument. meeting the requirements of Part V, Chapter 3: Custodial Accounts , to incrementally reimburse the Borrower BorrowerPerson who is the obligor per the Note. for the cost of repairing the damage;
- require the Borrower BorrowerPerson who is the obligor per the Note. to deposit, in the same Custodial Account Custodial AccountAccount established by the Servicer for depositing P&I payments, T&I payments, and escrow, reserve, or other funds received from the Borrower per any Loan Document, including the: Collateral Agreement; Multifamily Loan Agreement; or Security Instrument. , funds equal to the difference between (a) the Servicer’s Servicer’sPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. estimate of the total cost to repair and restore 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). to its pre-casualty condition, and (b) the amount of the insurance proceeds;
- for losses greater than $75,000, prepare and have the Borrower BorrowerPerson who is the obligor per the Note. execute the applicable Amendment to Multifamily Loan and Security Agreement (Restoration Reserve) ( Form 6615 ) for use with the 6000 series Loan Documents Loan DocumentsAll Fannie Mae-approved documents evidencing, securing, or guaranteeing the Mortgage Loan. if documented before the June 2019 Loan Document Loan DocumentAll Fannie Mae-approved documents evidencing, securing, or guaranteeing the Mortgage Loan. publication, or Insurance Loss Proceeds Collateral Agreement ( Form 6639 ) for use with the 4000 series Loan Documents Loan DocumentsAll Fannie Mae-approved documents evidencing, securing, or guaranteeing the Mortgage Loan. , specifying the terms and conditions under which the funds held in the Custodial Account Custodial AccountAccount established by the Servicer for depositing P&I payments, T&I payments, and escrow, reserve, or other funds received from the Borrower per any Loan Document, including the: Collateral Agreement; Multifamily Loan Agreement; or Security Instrument. will be released to the Borrower BorrowerPerson who is the obligor per the Note. ( Form 6615 ) is not required for Mortgage Loans Mortgage LoansMortgage 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 with Loan Documents Loan DocumentsAll Fannie Mae-approved documents evidencing, securing, or guaranteeing the Mortgage Loan. documented after the June 2019 Loan Document Loan DocumentAll Fannie Mae-approved documents evidencing, securing, or guaranteeing the Mortgage Loan. publication); and
- submit a copy of any applicable Amendment to Multifamily Loan and Security Agreement (Restoration Reserve) ( Form 6615 ) or Insurance Loss Proceeds Collateral Agreement ( Form 6639 ) 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. .
The Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. may waive the above requirement that the Borrower BorrowerPerson who is the obligor per the Note. deposit additional funds into the Custodial Account Custodial AccountAccount established by the Servicer for depositing P&I payments, T&I payments, and escrow, reserve, or other funds received from the Borrower per any Loan Document, including the: Collateral Agreement; Multifamily Loan Agreement; or Security Instrument. if (i) the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. deposits all insurance loss proceeds into the Custodial Account Custodial AccountAccount established by the Servicer for depositing P&I payments, T&I payments, and escrow, reserve, or other funds received from the Borrower per any Loan Document, including the: Collateral Agreement; Multifamily Loan Agreement; or Security Instrument. , and (ii) determines that 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. , 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,… have sufficient funds to repair and restore 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). when the insurance loss proceeds alone are insufficient.
Within 7 days of execution, the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must submit 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. copies of:
- any applicable Amendment to Multifamily Loan and Security Agreement (Restoration Reserve) ( Form 6615 ) or Insurance Loss Proceeds Collateral Agreement ( Form 6639 );
- any Report of Multifamily Hazard Insurance Loss ( Form 178 ); and
- if required and completed, a copy of the Multifamily Catastrophic Loss Inspection ( Form 4261 ).
The Multifamily Catastrophic Loss Inspection ( Form 4261 ) must be submitted 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. within 7 days after the later of:
- the execution of any Amendment to Multifamily Loan and Security Agreement (Restoration Reserve) ( Form 6615 ) or Insurance Loss Proceeds Collateral Agreement ( Form 6639 ); or
- the completion of the Multifamily Catastrophic Loss Inspection ( Form 4261 ).
The Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must send to Multifamily Certification and Custody Multifamily Certification and CustodyTeam responsible for taking custody of and certifying Mortgage Loans that can be contacted at [email protected], (800) 940-4646, or for submissions: Fannie Mae (Multifamily) Certification and Custody 21240 Ridgetop Circle Suite 125-130 Sterling, VA 20166. within 15 Business Days Business DaysAny day other than a Saturday, Sunday, day when Fannie Mae is closed, day when the Federal Reserve Bank of New York is closed, or for any MBS and required remittance withdrawal, day when the Federal Reserve Bank is closed in the district where any of the MBS funds are held. the original executed copy of any Amendment to Multifamily Loan and Security Agreement (Restoration Reserve) ( Form 6615 ) or Insurance Loss Proceeds Collateral Agreement ( Form 6639 ), and retain in its Servicing File Servicing FileYour file for each Mortgage Loan serviced. the original: