MultifamilySelling and Servicing Guide
Multifamily Selling and Servicing Guide
Effective as of February 4, 2019
No portion of this Multifamily Selling and Servicing Guide may be reproduced in any form or by any means without Fannie Mae's prior written permission, except as may be provided herein or unless otherwise permitted by law. Limited permission to reproduce this Multifamily Selling and Servicing Guide in print, in whole or in part, and limited permission to distribute electronically parts of this Multifamily Selling and Servicing Guide, are granted to Fannie Mae-approved Lenders strictly for their own use in originating and selling multifamily Mortgage Loans to, and servicing multifamily Mortgage Loans for, Fannie Mae. Fannie Mae may revoke this limited permission by sending 60 days advance written notice to any or all Fannie Mae-approved Lenders.
? 2018 Fannie Mae Trademarks of Fannie Mae
PART I ? GLOSSARY
? 2019 Fannie Mae Trademarks of Fannie Mae
Multifamily Selling and Servicing Guide Part I ? Glossary 02/04/19
PART I ? GLOSSARY ................................................................................................................... 1 A.................................................................................................................................................. 1 Acceptable Reserve Collateral (08/25/14) ...................................................................... 1 Acceptable Lender Net Worth (08/25/14) ...................................................................... 1 Acceptable Lender Net Worth Test (08/25/14) .............................................................. 1 Accepted Servicing Practices.......................................................................................... 1 Achievement Agreement (06/02/14) .............................................................................. 1 Achievement Letter of Credit (06/02/14) ....................................................................... 1 Action Plan (06/02/14).................................................................................................... 1 Activities of Daily Living (10/13/14) ............................................................................. 2 Activity Fee (06/02/14)................................................................................................... 2 Actual Cooperative Property Basis (10/13/14) ............................................................... 2 Actual Losses (06/02/14) ................................................................................................ 2 ADA (06/02/14) .............................................................................................................. 2 Additional Disclosure (02/22/16) ................................................................................... 2 Additional Disclosure Guidance (02/22/16) ................................................................... 2 Adjustable Rate Mortgage Loan (ARM Loan) (06/02/14) ............................................. 2 ADL (10/13/14) .............................................................................................................. 2 AFA (06/02/14)............................................................................................................... 2 Affiliate (08/25/14) ......................................................................................................... 2 Affordable Regulatory Agreement (07/10/17) ............................................................... 3 Age Restricted MH Community (or Age Restricted Manufactured Housing Community) (06/02/14)........................................................................................................................ 3 Aggregate Restricted Liquidity Requirement (08/25/14) ............................................... 3 Aggregation (06/02/14)................................................................................................... 3 All-Age MH Community (or All-Age Manufactured Housing Community) (06/02/14)3 All Appropriate Inquiries (06/02/14) .............................................................................. 3 Allocable Facility Amount (AFA) (06/02/14) ................................................................ 4 Allocable Percentage (08/25/14) .................................................................................... 4 ALTA (06/02/14) ............................................................................................................ 4 Alzheimer's/Dementia Care (10/13/14).......................................................................... 4 Americans with Disabilities Act (06/02/14) ................................................................... 4 AMI (06/02/14)............................................................................................................... 4 AML (08/25/14).............................................................................................................. 4 Amortization ................................................................................................................... 4 Applicant Experience Check (ACheckTM) (06/02/14).................................................... 4 Appraisal (02/22/16) ....................................................................................................... 4 Appraisal Notice (08/25/14) ........................................................................................... 4 Appraised Value (02/22/16)............................................................................................ 4 Approved Appraisers (08/25/14) .................................................................................... 5 Approved Hedge Providers List (06/02/14).................................................................... 5 Area Median Income (AMI) (07/15/16) ......................................................................... 5 ARM Loan (06/02/14) .................................................................................................... 5 As Soon As Pooled (ASAP) (06/02/14) ......................................................................... 5 ASAP (06/02/14) ............................................................................................................ 5
? 2019 Fannie Mae Trademarks of Fannie Mae
Multifamily Selling and Servicing Guide
I-i
Part I ? Glossary
02/04/19
ASAP Contract (06/02/14).............................................................................................. 5 ASAP Options (06/02/14)............................................................................................... 5 ASAP Plus (06/02/14) .................................................................................................... 5 ASAP Plus Contract (06/02/14)...................................................................................... 5 ASAP Plus POC (06/02/14)............................................................................................ 5 ASAP Plus POC Contract (06/02/14) ............................................................................. 6 ASAP Sale (06/02/14) .................................................................................................... 6 ASAP Sale Contract (06/02/14)...................................................................................... 6 Asset Class (01/23/17) .................................................................................................... 6 Asset Valuation Date (06/02/14) .................................................................................... 6 Asset Value (08/25/14) ................................................................................................... 6 Assignment of Management Agreement (or Assignment Agreement) (06/02/14)......... 6 Assisted Living (10/13/14) ............................................................................................. 6 ASTM (06/02/14) ........................................................................................................... 6 Automated Clearing House............................................................................................. 6 Automated Drafting System (06/02/14) ......................................................................... 6 B .................................................................................................................................................. 7 Balloon Mortgage Loan (06/02/14) ................................................................................ 7 Bank Secrecy Act (08/25/14).......................................................................................... 7 Bankruptcy Event (06/02/14).......................................................................................... 7 Bifurcated Mortgage Loan (02/22/16) ............................................................................ 8 Blanket Bond Policy (08/25/14) ..................................................................................... 8 Bond Advance (07/15/16)............................................................................................... 8 Bond Trustee (06/25/12) ................................................................................................. 8 Bonds (06/02/14) ............................................................................................................ 8 Book-Entry Date (or Book-entry Delivery Date or Settlement Date) (06/02/14) .......... 8 Borrower (06/02/14) ....................................................................................................... 8 Borrower Commitment (06/02/14) ................................................................................. 8 BSA (08/2514) ................................................................................................................ 8 Builders Risk Insurance (06/02/14) ................................................................................ 8 Bulk Delivery (05/21/18)................................................................................................ 9 Bulk Delivery Agreement (05/21/18) ............................................................................. 9 Business Day (06/02/14)................................................................................................. 9 Business Environmental Risk (06/02/14) ....................................................................... 9 C .................................................................................................................................................. 9 C&D User Manual (06/02/14) ........................................................................................ 9 C&DTM (07/15/16) .......................................................................................................... 9 Capital Expenditures (Replacement Reserve) (07/15/16) .............................................. 9 Capitalization Rate (06/02/14)...................................................................................... 10 Cash Mortgage Loan (07/10/17)................................................................................... 10 Cash Remittance System (03/30/15)............................................................................. 10 Catastrophic Event (06/02/14) ...................................................................................... 10 CCRC (10/13/14) .......................................................................................................... 10 CERCLA (06/02/14)..................................................................................................... 10 Certificate of Borrower (06/02/14) ............................................................................... 10
? 2019 Fannie Mae Trademarks of Fannie Mae
Multifamily Selling and Servicing Guide
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Part I ? Glossary
02/04/19
Chief Underwriter (06/02/14) ....................................................................................... 10 Choice Refinance Loan (06/02/14)............................................................................... 10 CI Mezz (03/31/14)....................................................................................................... 10 Clearing Account (02/22/16) ........................................................................................ 11 CLTA ............................................................................................................................ 11 Collateral Agreement (06/02/14) .................................................................................. 11 Collateral Agreement Custodial Accounts (06/02/14).................................................. 11 Collateral Custodian ..................................................................................................... 11 Commercial Lease (06/02/14) ...................................................................................... 11 Commitment (06/02/14) ............................................................................................... 11 Commitment Amount (06/02/14) ................................................................................. 11 Commitment Date (06/02/14) ....................................................................................... 11 Commitment Expiration Date (06/02/14) ..................................................................... 11 Completion/Repair Agreement (07/10/17) ................................................................... 12 Completion/Repair Escrow (02/22/16) ......................................................................... 12 Completion/Repairs (02/22/16) .................................................................................... 12 Compliance Monitor (06/02/14) ................................................................................... 12 Conflict Mortgage Loan (08/25/14).............................................................................. 12 Consent to Outsourcing (08/25/14)............................................................................... 12 Continuing Care Retirement Community (10/13/14) ................................................... 12 Contract (06/02/14)....................................................................................................... 12 Control (06/02/14) ........................................................................................................ 12 Controlled Substances Act (06/02/14) .......................................................................... 13 Controlling Conflict Mortgage Loan (08/25/14) .......................................................... 13 Controlling Interest (06/02/14) ..................................................................................... 13 Cooperative Gross Sellout Value (10/13/14)................................................................ 14 Cooperative Maintenance Fee (10/13/14)..................................................................... 14 Cooperative Maintenance Fee Accounts Receivable (10/13/14).................................. 14 Cooperative Market Rental Basis (10/13/14) ............................................................... 14 Cooperative Mortgage Loan (06/02/14) ....................................................................... 14 Cooperative Operating Reserve (07/15/16) .................................................................. 14 Cooperative Organization (10/13/14) ........................................................................... 14 Cooperative Property (10/13/14) .................................................................................. 14 Cooperative Property Eligible Market (12/31/12) ........................................................ 14 Cooperative Property Sponsor (10/13/14) .................................................................... 14 Correspondent (08/24/15) ............................................................................................. 15 Correspondent Agreement (08/25/14) .......................................................................... 15 Co-Tenant Borrower (06/02/14) ................................................................................... 15 Coterminous Supplemental Mortgage Loan (10/13/14) ............................................... 15 Course of Action (06/02/14) ......................................................................................... 15 Credit Enhancement Fee (06/02/14) ............................................................................. 15 Credit Enhancement Instrument (06/02/14) ................................................................. 15 Credit Enhancement Mortgage Loan (06/02/14) .......................................................... 15 Credit Facility (05/21/18) ............................................................................................. 16 Credit Facility Fee (06/02/14)....................................................................................... 16
? 2019 Fannie Mae Trademarks of Fannie Mae
Multifamily Selling and Servicing Guide
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Part I ? Glossary
02/04/19
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