U

  • UCC

    Uniform Commercial Code

  • Underwriting Value

    Value of the PropertyPropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). determined by the LenderLenderPerson Fannie Mae approved to sell or service Mortgage Loans. to size 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. per Part II, Chapter 2: Valuation and Income, Section 202: Appraisal and Valuation.

  • Underwritten Capitalization Rate

    Ratio, expressed as a percentage, of the

    • Underwritten Net Cash FlowNet Cash FlowAt underwriting or for any specified period, the amount calculated per Part II, Chapter 2: Valuation and Income, Section 203: Income Analysis and the applicable products and features in Part III. , divided by
    • Underwriting ValueUnderwriting ValueValue of the Property determined by the Lender to size the Mortgage Loan per Part II, Chapter 2: Valuation and Income, Section 202: Appraisal and Valuation. .

  • Underwritten Debt Service Coverage Ratio

    Ratio of Underwritten Net Cash FlowNet Cash FlowAt underwriting or for any specified period, the amount calculated per Part II, Chapter 2: Valuation and Income, Section 203: Income Analysis and the applicable products and features in Part III. to the annual debt service for 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. amount based on a level debt service payment with the applicable amortization, and calculated per Part II, Chapter 2: Valuation and Income, Section 203: Income Analysis, as adjusted for the applicable products and features in Part III.

  • Underwritten Net Operating Income

    Net Operating IncomeNet Operating IncomeAt underwriting or for any specified period, the Property's total Effective Gross Income minus operating expenses. as adjusted by the LenderLenderPerson Fannie Mae approved to sell or service Mortgage Loans. per Part II, Chapter 2: Valuation and Income, Section 203: Income Analysis and the applicable products and features in Part III.

  • Unrestricted Value

    Appraised ValueAppraised ValueAppraiser’s opinion of the Property's market value documented in the Appraisal, on an “as is” basis, unless use of an “as completed” basis is specifically permitted per the Guide. assuming a 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). Affordable Regulatory AgreementAffordable Regulatory AgreementRegulatory, land use, extended use, or similar agreement or recorded restriction limiting rents, imposing maximum income restrictions on tenants, or placing other affordability restrictions on the use or occupancy of the Property (whether imposed by a government entity or self-imposed by a Borrower… is not in effect.

  • UPB

    Unpaid Principal Balance

  • USPAP

    Uniform Standards of Professional Appraisal Practice