416.02A

Decisions and Actions Not Delegated

Decisions and actions that are not delegated to the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. 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 generally per  Part V, Chapter 4: Asset Management: Loan Document Administration, Section 402.01: Delegation of Decision-Making Authority , are also not delegated to the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. 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 in a Credit Facility Credit FacilityStructured Transaction governed by a Master Credit Facility Agreement requiring Mortgage Loans and Properties to be cross-defaulted, and cross-collateralized. or Bulk Delivery Bulk DeliveryStructured Transaction governed by a Bulk Delivery Agreement that allows future: Mortgage Loan additions; and/or Property substitutions. .  Additionally, decisions and actions are not delegated to the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. if the request involves:

  • amendments or changes to the Master Credit Facility Agreement Master Credit Facility AgreementAgreement evidencing the terms and conditions of a Credit Facility. , Bulk Delivery Agreement, or equivalent agreement, except for the Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! standard form Amendment for:
    • Completion/Repair extensions; and
    • changes to the monthly Replacement Reserve Replacement ReserveCustodial Account the Borrower funds during the Mortgage Loan term for Replacements. deposits;
  • a Bulk Delivery Bulk DeliveryStructured Transaction governed by a Bulk Delivery Agreement that allows future: Mortgage Loan additions; and/or Property substitutions. substitution; or
  • a Credit Facility Credit FacilityStructured Transaction governed by a Master Credit Facility Agreement requiring Mortgage Loans and Properties to be cross-defaulted, and cross-collateralized. :
    • collateral release or substitution;
    • future advance and conversion;
    • revaluation and determination of the Allocable Facility Amount Allocable Facility AmountFor a Credit Facility, the amount of debt allocated to a given Property, used in calculating tests for collateral activity such as releases, substitutions, and additions. ;
    • Interest Rate Hedge Interest Rate HedgeInterest rate agreement between the Borrower and a provider for which the Borrower receives payments at the end of each period when the interest rate exceeds the Cap Strike Rate.  The Interest Rate Cap provides a ceiling (or cap) on the Borrower's Mortgage Loan interest payments. renewal or modification;
    • Defeasance DefeasanceTransaction where a Property is released from the lien of the Security Instrument and the Lender receives a valid and perfected lien and security interest in substitute collateral acceptable to Fannie Mae and the cash flows thereunder. ;
    • payoff/termination;
    • Ground Lease Ground LeaseContract for the rental of land, usually on a long term basis. or operating lease modification;
    • Transfer/Assumption Transfer/AssumptionTransaction changing the ownership of the Borrower or Property. ;
    • 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). manager or operator change;
    • re-underwriting assessment; or
    • Springing Debt Service Reserve Springing Debt Service ReserveSpringing Debt Service Reserve per the Master Credit Facility Agreement that a Borrower may be required to fund in the event of a Springing Trigger. .