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  • P&I

    Principal and interest

  • P&I Custodial Account

    Custodial AccountCustodial AccountAccounts established by the Servicer for depositing P&I payments, T&I funds, Collateral Agreement deposits, and other similar funds. for principal and interest deposits.

  • Participation Interest

    Undivided interest in a 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. per the participation certificate for a specified percentage of principal (and proportionate rights and benefits of the Participation Interest seller in any 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. collateral or guaranty), and a specified yield.

  • Pass-Through Rate

    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. Gross Note RateGross Note RateInterest rate stated in the Loan Documents. minus the Guaranty FeeGuaranty FeeFee retained by Fannie Mae for credit enhancing a Mortgage Loan or assuming credit risk on a Mortgage Loan, and which may be expressed as a percentage. , minus the Servicing FeeServicing FeeFee a Servicer receives for collecting payments, managing operational procedures, and assuming your portion of credit risk for a Mortgage Loan, and which may be expressed as a percentage. .

  • Payment Default

    Failure of a BorrowerBorrowerPerson who is the obligor per the Note. to pay when due and in full any payment required for the 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. , including, but not limited to, principal, interest, late charges, default interest, fees, prepayment premium, escrows, or other collateral accounts for taxes, insurance premiums, and assessments, other collateral accounts, and the Replacement ReserveReplacement ReserveCustodial Account established by the Lender and funded by deposits from the Borrower over the term of the Mortgage Loan to fund the replacement of capital items at the Property. .

  • Payment Guaranty

    GuarantyGuarantyPayment Guaranty, Non-Recourse Guaranty, or other guaranty by a Guarantor for the Mortgage Loan. executed by a Key PrincipalKey PrincipalAny Person who controls and/or manages the Borrower or the Property, is critical to the successful operation and management of the Borrower and the Property, and who may be required to provide a Guaranty. on Form 4502 series or Form 6020 series, or approved by Fannie Mae.

  • PCA Consultant

    Individual or firm conducting a PCAPCAAssessment of the current physical condition and historical operation of the Property. and preparing a PCA ReportPCA ReportProperty Condition Assessment Report documenting the findings of a PCA. .

  • PCA Report

    Property Condition AssessmentProperty Condition AssessmentAssessment of the current physical condition and historical operation of the Property. Report documenting the findings of a PCAPCAAssessment of the current physical condition and historical operation of the Property. .

  • Performance Default

    Failure of a BorrowerBorrowerPerson who is the obligor per the Note. to perform any promise or covenant within any applicable grace periods under the related 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. other than a failure that constitutes a Payment DefaultPayment DefaultFailure of a Borrower to pay when due and in full any payment required for the Mortgage Loan, including, but not limited to, principal, interest, late charges, default interest, fees, prepayment premium, escrows, or other collateral accounts for taxes, insurance premiums, and assessments, other….

  • Permitted Encumbrances

    The following permitted title exceptions:

    • lien of current real property taxes, water charges, sewer rents and assessments not yet due and payable;
    • covenants, conditions and restrictions, rights of way, easements and other matters of public record acceptable to the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. and specifically identified in the Title Policy;
    • pre-printed exceptions (general and specific) and exclusions set forth in the Title Policy and acceptable to the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. ;
    • rights of tenants (as tenants only) under leases (including subleases) pertaining to 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). ;
    • if the 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. is cross-collateralized, the lien of the Mortgage for another 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. contained in the same cross-collateralized group; and
    • condominium declarations of record acceptable to the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. and identified in the Title Policy, provided that none of items (a) through (f), individually or in the aggregate, materially interferes with the current marketability or principal use of 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). , the security intended to be provided by the Mortgage, or the current ability of 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). to generate net cash flow sufficient to service the 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. or the BorrowerBorrowerPerson who is the obligor per the Note. ’s ability to pay its obligations when they become due.