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Uniform Commercial Code
Value 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). determined by the LenderLenderPerson approved by Fannie Mae 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 201: Market and Valuation.
Ratio of Underwritten Net Cash FlowUnderwritten Net Cash FlowNet Cash Flow as adjusted by the Lender per Part II, Chapter 2: Valuation and Income, Section 202: 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 202: Income Analysis, as adjusted for the applicable products and features in Part III.
Net Cash FlowNet Cash FlowOn an annual basis or any specified period, the total Net Operating Income, minus the full amount underwritten for Replacement Reserve expense, regardless of whether deposits will be made (per Part II: Property, Section 202 and the applicable products and features in Part III). as adjusted by the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. per Part II, Chapter 2: Valuation and Income, Section 202: Income Analysis and the applicable products and features in Part III.
Net Operating IncomeNet Operating IncomeAnnually or for any specified period, the total Effective Gross Income minus the Property’s operating expenses. as adjusted by the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. per Part II, Chapter 2: Valuation and Income, Section 202: Income Analysis and the applicable products and features in Part III.
Appraised ValueAppraised ValueAppraiser’s opinion of the market value of the Property documented in the Appraisal, on an “as is” basis, unless use of an “as completed” basis is specifically permitted by the Guide. assuming a Property'sProperty'sMultifamily 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). 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.
Unpaid Principal Balance
Uniform Standards of Professional Appraisal Practice