Maximum specified IndexIndexBasis for determining the Gross Note Rate of an ARM Loan. interest rate that will trigger a payment obligation by the Interest Rate CapInterest Rate CapInterest rate agreement between the Borrower and a hedge 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 interest payments on the Mortgage Loan. provider.
Insurance company wholly owned and controlled by its insureds, whose primary purpose is to insure the risks of its owners, and its insureds benefit from the captive insurer's underwriting profits.
Mortgage LoanMortgage 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. purchased by Fannie Mae in exchange for cash.
Multifamily web application allowing a LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. to enter the amounts to be drafted from its bank accounts via ACH for monthly remittances due to Fannie Mae, or any such successor system.
Natural or man-made hazard resulting in an event of substantial extent causing significant physical damage or destruction, loss of life, or drastic change to the natural environment such as earthquake, flood, terrorist attack and windstorm.
Mortgage LoanMortgage 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. refinancing a Portfolio Mortgage LoanPortfolio Mortgage LoanMortgage Loan that was purchased by Fannie Mae and is held as of a certain date regardless of whether it is a Cash Mortgage Loan or an MBS Mortgage Loan. using the streamlined underwriting requirement per Part III, Chapter 18: Choice Refinance Loans.
LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. account at an Eligible DepositoryEligible DepositoryAny Federal Reserve Bank, Federal Home Loan Bank, or other depository institution that: 1. has its accounts insured by the Federal Deposit Insurance Corporation or the National Credit Union Share Insurance Fund or such other governmental insurer or guarantor as may be acceptable to Fannie Mae; … used either for
- receiving funds for various loans and for the benefit of multiple investors, and from which segregated funds are transferred to specific Custodial AccountsCustodial AccountsAccounts established by the Servicer for depositing P&I payments, T&I funds, Collateral Agreement deposits, and other similar funds. held solely for the benefit of Fannie Mae, or
- disbursing funds after transfer from a Fannie Mae Custodial AccountCustodial AccountAccounts established by the Servicer for depositing P&I payments, T&I funds, Collateral Agreement deposits, and other similar funds. .
BorrowerBorrowerPerson who is the obligor under the Note. consisting of tenants-in-common that own the PropertyPropertyMultifamily residential property securing the Mortgage Loan and including the land (or Leasehold interest in land), Improvements, and personal property (as defined in the Uniform Commercial Code). in equal or unequal shares.