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Part I

Mortgage Loan

Chapter 1
Overview
- Section 101
  Using the Guide
  - 101.01 Organization
  - 101.02 References
- Section 102
  Delegation and Underwriting
- Section 103
  Transaction Approval Memo
- Section 104
  Representations
- Section 105
  New title
- Section 204
  Letters of Credit
Chapter 2
Mortgage Loan
- Section 201
  Registration and Multifamily Affordability Estimator
- Section 202
  Delegated Mortgage Loans
- Section 203
  Pre-Review Mortgage Loans
- Section 204
  Letters of Credit
Chapter 3
Borrower, Guarantor, Key Principals, and Principals
- Section 301
  Generally
- Section 302
  Borrower Organizational Structure
- Section 303
  Key Principals, Principals, and Guarantors
- Section 304
  Limited Experienced Owner
- Section 305
  Financial Statements
- Section 306
  Schedule of Real Estate Owned (SREO) (Form 4526)
- Section 307
  Certifications
  - 307.01 Multifamily Underwriting Certificate (Form 6460)
  - 307.02 Brokered Transaction Certifications
- Section 308
  Fraudulent Conveyance
- Section 309
  Applicant Experience Check
- Section 310
  Compliance
- Section 311
  Execution of Non-Recourse Guaranty
- Section 312
  Conflict Mortgage Loans
  - 312.01 Description
  - 312.02 Restrictions

Part II

Property

Chapter 1
Attributes and Characteristics
- Section 101
  Eligible Properties
- Section 102
  Modular Housing
- Section 103
  Multiple Properties
  - 103.01 Single Borrower Ownership
  - 103.02 Joint and Several Borrower Ownership
- Section 104
  Property Check
- Section 105
  Property Ownership; Leasehold
- Section 106
  Ground Leased Properties
- Section 107
  Minimum Occupancy
  - 107.01 Residential Occupancy
  - 107.02 Qualified Occupants
- Section 108
  Certificates of Occupancy
- Section 109
  Phased Properties
- Section 110
  Shared Use Properties
  - 110.01 Eligibility
  - 110.02 Documents
    - 110.02 A Loan Documents
    - 110.02 B Shared Use Documents
- Section 111
  Commercial Leases
- Section 112
  Renewable Energy Generation Systems
- Section 113
  Oil/Gas Wells and Mineral Exploration
  - 113.01 Active Oil and Gas Wells
  - 113.02 Inactive Oil and Gas Wells
- Section 114
  Property Management and Agreement
  - 114.01 Property Management
  - 114.02 Property Management Agreement
Chapter 2
Valuation and Income
Chapter 3
Legal Compliance
- Section 301
  Zoning and Legally Non-Conforming Status
- Section 302
  Easements
- Section 303
  Liens and Encumbrances
  - 303.01 Generally
  - 303.02 Property Previously Secured Bond Financing
- Section 304
  Title Insurance
- Section 305
  Survey
- Section 306
  Security Interests in Personal Property
  - 306.01 Uniform Commercial Code (UCC) Financing Statements
  - 306.02 Creating and Perfecting the Security Interest
Chapter 4
Lease Audits, Inspections, and Reserves
Chapter 5
Property and Liability Insurance

Part III

Products and Features

Chapter 1
Student Housing Properties
- Section 101
  Description
  - 101.01 Student Housing Property
  - 101.02 Dedicated Student Housing Property
- Section 102
  Generally
- Section 103
  Dedicated Student Housing Property
- Section 104
  Underwritten NCF
- Section 105
  Replacement Reserve
  - 105.01 Determining Replacement Reserve
  - 105.02 Replacement Reserve Funding
Chapter 2
Military Housing Properties
- Section 201
  Description
- Section 202
  Ineligible Property Types
- Section 203
  Generally
Chapter 3
Moderate Rehabilitation Mortgage Loans
- Section 301
  Description
- Section 302
  Underwriting
- Section 303
  Rehabilitation Work Costing More than $20,000 Per Unit
  - 303.01 Rehabilitation Work Evaluation Report
  - 303.02 Rehabilitation Reserve Agreement
- Section 304
  Supplemental Mortgage Loans
Chapter 4
Green Mortgage Loans
Chapter 5
Seniors Housing Properties
- Section 501
  Generally
- Section 502
  Eligible Properties
  - 502.01 Eligible Properties
  - 502.02 Ineligible Properties
- Section 503
  Continuing Care Retirement Communities (CCRCs)
- Section 504
  Seniors Housing Property Income
- Section 505
  Replacement Reserve
- Section 506
  Medicaid Funds
  - 506.01 Dependency and Medicaid Transition Reserve
  - 506.02 State Medicaid
- Section 507
  Consultant Reports
Chapter 6
Manufactured Housing Communities
- Section 601
  Description
- Section 602
  Lender Eligibility
- Section 603
  Legal and Property Compliance
- Section 604
  Property Insurance
- Section 605
  Survey
- Section 606
  Property Income and Underwritten NCF
- Section 607
  Replacement Reserve
Chapter 7
Multifamily Affordable Housing Properties
Chapter 8
Cooperative Properties
- Section 801
  Description
- Section 802
  Eligible Mortgage Loans
- Section 803
  Underwriting
- Section 804
  Income Analysis
- Section 805
  Limited Equity Cooperative Properties
Chapter 9
Small Mortgage Loans
- Section 901
  Generally
  - 901.01 Description
  - 901.02 Applicability
- Section 902
  Key Principal Guaranty Obligation
- Section 903
  Occupancy
- Section 904
  Corporate Leases; Leases to One Entity
- Section 905
  Property Income Analysis
  - 905.01 Small Mortgage Loan Underwritten NCF (Underwritten NCF)
  - 905.02 Underwritten DSCR
- Section 906
  Property Management
- Section 907
  Property Condition
- Section 908
  Replacement Reserve
- Section 909
  Environmental Matters and Inspections
- Section 910
  Borrower, Key Principals, Guarantors, and Principals
- Section 911
  Credit Reports
Chapter 10
Adjustable Rate Mortgage (ARM) Loans
- Section 1001
  Description
- Section 1002
  Underwriting
- Section 1003
  Prepayment Terms
  - 1003.01 Generally
  - 1003.02 1% Prepayment Premium Schedule
- Section 1004
  ARM 5/5 Loan Optional 5-Year Adjustable Rate Term Renewal Eligibility
Chapter 11
Structured Adjustable Rate Mortgage (SARM) Loans
- Section 1101
  Description
- Section 1102
  Underwriting
- Section 1103
  Actual Amortization Calculation
- Section 1104
  Prepayment Terms
- Section 1105
  Interest Rate Caps
Chapter 12
Hybrid Adjustable Rate Mortgage (Hybrid ARM) Loans
- Section 1201
  Description
- Section 1202
  Interest Rate Conversion Date
- Section 1203
  Prepayment Terms
- Section 1204
  Monthly Principal and Interest Payments
Chapter 13
Supplemental Mortgage Loans
- Section 1301
  Description
- Section 1302
  Supplemental Mortgage Loans
Chapter 14
Split Mortgage Loans and Bifurcated Mortgage Loans
- Section 1401
  Description
- Section 1402
  Characteristics
Chapter 15
Mezzanine Financing; Preferred Equity and Structured Common Equity
- Section 1501
  Mezzanine Financing
- Section 1502
  Preferred Equity and Structured Common Equity
Chapter 16
Structured Transactions
- Section 1601
  Description
- Section 1602
  Credit Facilities
- Section 1603
  Bulk Deliveries
Chapter 17
Choice Refinance Loans
- Section 1701
  Eligibility
- Section 1702
  Lender Delegation
- Section 1703
  Prepayment Premiums
- Section 1704
  Streamlined Underwriting
- Section 1705
  Property Ownership Change
Chapter 18
Bond Transactions and Credit Enhancement Mortgage Loans
- Section 1801
  Description
- Section 1802
  Outside Counsel
  - 1802.01 Engagement
  - 1802.02 Fees
- Section 1803
  Third Parties
  - 1803.01 Generally
  - 1803.02 Remarketing Agent
- Section 1804
  Legal Documents
- Section 1805
  Fannie Mae LIHTC Investment in Credit-Enhanced Bonds
- Section 1806
  Credit Enhancing Fixed Rate Bonds
  - 1806.01 Terms
  - 1806.02 Multiple Fixed Rate Bonds
- Section 1807
  Credit Enhancing Variable Rate Bonds
- Section 1808
  Facility Fee
- Section 1809
  Taxable Tails and Supplemental Mortgage Loans
  - 1809.01 Taxable Tails
  - 1809.02 Supplemental Mortgage Loans
- Section 1810
  Third-Party Subordinate Financing
- Section 1811
  Moderate Rehabilitation Mortgage Loan with Side-by-Side Bond Financing
Chapter 19
Forward Commitments
Chapter 20
Condominium Properties
- Section 2001
  Eligible Mortgage Loans
- Section 2002
  Control
- Section 2003
  Loan Documents
Chapter 21
Sponsor-Dedicated Workforce (SDW) Housing Properties
- Section 2101
  Description
- Section 2102
  Compliance

Part IV

Committing and Delivery

Chapter 1
Pricing, Fees, and Prepayment Premiums
- Section 101
  Pricing
- Section 102
  Fees
- Section 103
  Prepayment Premiums
Chapter 2
Rate Lock and Committing
- Section 201
  Pre-Commitment
- Section 202
  Obtaining a Rate Lock
- Section 203
  Good Faith Deposits
- Section 204
  Commitments
- Section 205
  ASAP Options
Chapter 3
Streamlined Rate Lock
- Section 301
  Description
  - 301.01 Eligibility
  - 301.02 Timing
- Section 302
  Preliminary Underwriting
- Section 303
  Rate Lock
- Section 304
  Commitment
- Section 305
  Rate Lock and Commitment Extensions
- Section 306
  Full Underwriting
- Section 307
  Dual Commitment Option
  - 307.01 Description
  - 307.02 Additional Proceeds
Chapter 4
Delivery
- Section 401
  Delivery Deadline
- Section 402
  Submission
  - 402.01 Data and Documents
  - 402.02 Participation Interests
- Section 403
  Warehouse Lender
- Section 404
  Wiring
  - 404.01 Wiring Instructions
  - 404.02 Wiring Payee Codes
- Section 405
  Delivery
  - 405.01 Acceptability and Delivery Tolerance
  - 405.02 Data Changes
- Section 406
  MBS Delivery Options
- Section 407
  Delivery Problems and Changes
  - 407.01 Delivery Problems
  - 407.02 Changing the Book-Entry Date
- Section 408
  Delivery Failure
Chapter 5
Purchase
- Section 501
  Generally
- Section 502
  Purchase Amount
- Section 503
  Third Party MBS Investor Delivery Scenarios
- Section 504
  MBS Mortgage Loan Disclosure
- Section 505
  ASAP
Chapter 6
Structured Transactions
- Section 601
  Registration
- Section 602
  Approval
- Section 603
  Commitment
- Section 604
  Delivery
  - 604.01 Delivery Process
  - 604.02 MSFMS Data Errors
- Section 605
  MBS Disclosure
- Section 606
  Features and Activities
  - 606.01 Process
  - 606.02 Asset Management Activities
Chapter 7
Variable Rate Conversions and Renewals
Chapter 8
Bond Transactions and Credit Enhancement Mortgage Loans
- Section 801
  Credit Enhancement Mortgage Loan Committing and Delivery
- Section 802
  Data and Document Delivery
  - 802.01 Credit Enhancement Mortgage Loans
  - 802.02 Interest Rate Cap

Part V

Servicing and Asset Management

Chapter 1
Servicing
Chapter 2
Reporting and Remitting
Chapter 3
Custodial Accounts
- Section 301
  Generally
- Section 302
  Administration
  - 302.01 Generally
  - 302.02 Deposits
- Section 303
  P&I Custodial Accounts
  - 303.01 Accounts and Deposits
  - 303.02 Withdrawals
- Section 304
  T&I Custodial Accounts
- Section 305
  Custodial Accounts
  - 305.01 Deposits
  - 305.02 Full Disbursement
- Section 306
  Clearing Accounts
- Section 307
  Drafting Accounts
  - 307.01 Establishing Drafting Accounts
  - 307.02 Consolidated Custodial Accounts
- Section 308
  Recordkeeping and Reconciliations
Chapter 4
Asset Management: Loan Document Administration
Chapter 5
Surveillance

Appendix

203.06B

Fee Collection

Fee collection relates to any special fees that were collected from the Borrower BorrowerPerson who is the obligor per the Note. during the Reporting Period.

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