418.03
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At least once in each calendar year (and more often if directed by Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! ), the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must obtain a Borrower BorrowerPerson who is the obligor per the Note. certification 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 in full compliance with:
- the rules qualifying the interest on the Bonds BondsTax-exempt or taxable multifamily revenue bonds, or other tax-exempt or taxable bonds, issued to finance 1 or more Credit Enhancement Mortgage Loan Properties. for exclusion from gross income for federal income tax purposes pursuant to the Internal Revenue Code; and
- the requirements of the Affordable Regulatory Agreement Affordable Regulatory AgreementRecorded or unrecorded regulatory, land use, extended use, restrictive covenant, or similar agreement or restriction that is imposed by a Public Entity, placing rent, income, or other affordability restrictions on the use or occupancy of the Property, but which does not include a HAP Contract. .
The Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must review the Borrower BorrowerPerson who is the obligor per the Note. certificate, and 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). does not comply with all applicable regulatory requirements, the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must immediately notify Multifamily Asset Management Multifamily Asset ManagementTeam that can be contacted at [email protected]. . Neither Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! nor the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. is responsible for determining or ensuring the Borrower’s Borrower’sPerson who is the obligor per the Note. compliance under the Affordable Regulatory Agreement Affordable Regulatory AgreementRecorded or unrecorded regulatory, land use, extended use, restrictive covenant, or similar agreement or restriction that is imposed by a Public Entity, placing rent, income, or other affordability restrictions on the use or occupancy of the Property, but which does not include a HAP Contract. .
The Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must promptly notify Multifamily Asset Management Multifamily Asset ManagementTeam that can be contacted at [email protected]. , the Borrower BorrowerPerson who is the obligor per the Note. , the Bond Trustee Bond TrusteeTrustee for a Credit Enhancement Instrument. , and the Issuer IssuerEntity that: issues Bonds for a Credit Enhancement Mortgage Loan; packages mortgages for sale as a Security for an MBS; or issues a Letter of Credit. in writing of any default by a Borrower BorrowerPerson who is the obligor per the Note. with any provision of any Loan Document Loan DocumentAll Fannie Mae-approved documents evidencing, securing, or guaranteeing the Mortgage Loan. , Reimbursement Agreement, Security Agreement, the Affordable Regulatory Agreement Affordable Regulatory AgreementRecorded or unrecorded regulatory, land use, extended use, restrictive covenant, or similar agreement or restriction that is imposed by a Public Entity, placing rent, income, or other affordability restrictions on the use or occupancy of the Property, but which does not include a HAP Contract. , or other Loan Document Loan DocumentAll Fannie Mae-approved documents evidencing, securing, or guaranteeing the Mortgage Loan. , Credit Enhancement Document, or Bond Document.
The Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must promptly forward to Multifamily Asset Management Multifamily Asset ManagementTeam that can be contacted at [email protected]. copies of any notices received from a Borrower BorrowerPerson who is the obligor per the Note. , Bond Trustee Bond TrusteeTrustee for a Credit Enhancement Instrument. , Issuer IssuerEntity that: issues Bonds for a Credit Enhancement Mortgage Loan; packages mortgages for sale as a Security for an MBS; or issues a Letter of Credit. , or any other party regarding any default by a Borrower BorrowerPerson who is the obligor per the Note. , and shall maintain ongoing contact with Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! regarding the status of the Credit Enhancement Mortgage Loan Credit Enhancement Mortgage LoanMortgage Loan financed by a Bond issuance where Fannie Mae provides credit enhancement by a Credit Enhancement Instrument, or an MBS for Bonds. by submitting a Non-Monetary Default Borrower Request in 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. .