Maximum specified IndexIndexBasis for determining the Gross Note Rate of an ARM Loan, including any required alternative index that may be determined necessary by Fannie Mae because the Index is no longer widely accepted or has been replaced as the index for similar financial instruments. interest rate that will trigger a payment obligation by the Interest Rate CapInterest Rate CapInterest rate agreement between the Borrower and a 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 Mortgage Loan interest payments. 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.
Multifamily application or successor system, where you review, update, and certify amounts for Fannie Mae to draft from your bank accounts via ACHACHElectronic Automated Clearing House network for processing U.S. banking transactions. for monthly P&IP&IPrincipal and interest and payoff remittances for:
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.
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
- terrorist attack, or
Credit Enhancement Servicing and Investor Reporting System
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 purchased by Fannie Mae and held as of a certain date regardless of whether it is a Cash Mortgage Loan or an MBS Mortgage Loan. using streamlined underwriting per Part III, Chapter 18: Choice Refinance Loans.
LenderLenderPerson Fannie Mae approved to sell or service Mortgage Loans. account at an Eligible Depository 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. .