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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.

  • Partial Efficiency Measures

    Efficiency MeasuresEfficiency MeasuresEnergy- and water-efficiency measures that the Borrower agrees to implement per the Multifamily Loan Agreement to qualify as a Green Rewards Mortgage Loan, and which project a reduction in the Property's annual energy or water consumption. installed in a subset of units (e.g., if new ENERGY STAR® refrigerators are only required in 40 of the Property'sProperty'sMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). 100 units).

  • 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:

    • for MBS Mortgage LoansMBS Mortgage LoansMortgage Loan purchased by Fannie Mae in exchange for an issued MBS backed by the Mortgage Loan. , 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. ; and
    • for Cash Mortgage LoansCash Mortgage LoansMortgage Loan purchased by Fannie Mae in exchange for cash. , 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

    Borrower'sBorrower'sPerson who is the obligor per the Note. failure to fully pay any required 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. payment when due, including,

    • principal,
    • interest,
    • late charges,
    • default interest,
    • fees,
    • pricing incentive recapture,
    • prepayment premium,
    • escrows, or
    • other collateral accounts for
      • taxes,
      • insurance,
      • assessments,
      • Completion/Repair EscrowCompletion/Repair EscrowCustodial Account funded on the Mortgage Loan Origination Date for Completion/Repairs or capital improvements per the Loan Documents. , and
      • Replacement ReserveReplacement ReserveCustodial Account the Borrower funds during the Mortgage Loan term for Replacements. .

  • Payment Guaranty

    GuarantyGuarantyPayment Guaranty, Non-Recourse Guaranty, or other guaranty by a Guarantor for the Mortgage Loan. executed by a Key PrincipalKey PrincipalPerson 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/or 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 Property's physical condition and historical operation. and preparing a PCA ReportPCA ReportProperty Condition Assessment Report documenting the findings of a PCA. .

  • PCA Report

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

  • Performance Default

    Borrower'sBorrower'sPerson who is the obligor per the Note. failure to perform any promise or covenant within any applicable grace periods per 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. , other than a Payment DefaultPayment DefaultBorrower's failure to fully pay any required Mortgage Loan payment when due, including, principal, interest, late charges, default interest, fees, pricing incentive recapture, prepayment premium, escrows, or other collateral accounts for taxes, insurance, ….