Balloon Mortgage Loans

Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! expects any Borrower BorrowerPerson who is the obligor per the Note. with a Balloon Mortgage Loan Balloon Mortgage LoanMortgage Loan with periodic installments of principal and interest that do not fully amortize the Mortgage Loan, with the balance of the Mortgage Loan due in a lump sum on a specified date, usually the Maturity Date. to refinance or otherwise pay off the Mortgage Loan Mortgage LoanMortgage 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 full on (or before) the scheduled Maturity Date Maturity DateDate all Mortgage Loan amounts become fully due and payable per the Loan Documents. .  Failure to pay off the Mortgage Loan Mortgage LoanMortgage 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 full on (or before) the scheduled Maturity Date Maturity DateDate all Mortgage Loan amounts become fully due and payable per the Loan Documents. is a default and puts the Borrower BorrowerPerson who is the obligor per the Note. at risk that Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! will exercise any available remedy under the Security Instrument Security InstrumentInstrument creating a lien or encumbrance on 1 or more Properties and securing the Loan Document obligations. and the other Loan Documents Loan DocumentsAll Fannie Mae-approved documents evidencing, securing, or guaranteeing the Mortgage Loan. .  Whenever a Borrower BorrowerPerson who is the obligor per the Note. fails to pay off a Balloon Mortgage Loan Balloon Mortgage LoanMortgage Loan with periodic installments of principal and interest that do not fully amortize the Mortgage Loan, with the balance of the Mortgage Loan due in a lump sum on a specified date, usually the Maturity Date. on its Maturity Date Maturity DateDate all Mortgage Loan amounts become fully due and payable per the Loan Documents. , the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must notify its Fannie Mae Representative Fannie Mae RepresentativeFannie Mae personnel who assist you with various business matters (e.g., Fannie Mae Deal Team, pricing, delivery, servicing, asset management, etc.). of such failure as soon as possible, and must report the balloon payment default on the Multifamily Delinquency System®.  Any acceptance of a payoff amount occurring after the Balloon Mortgage Loan Balloon Mortgage LoanMortgage Loan with periodic installments of principal and interest that do not fully amortize the Mortgage Loan, with the balance of the Mortgage Loan due in a lump sum on a specified date, usually the Maturity Date. ’s stated Maturity Date Maturity DateDate all Mortgage Loan amounts become fully due and payable per the Loan Documents. must be approved by Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! .