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BondBondTax-exempt or taxable multifamily revenue bonds, or other tax-exempt or taxable bonds, issued to finance 1 or more Credit Enhancement Mortgage Loan Properties. issuer trust indenture or resolution listing BondBondTax-exempt or taxable multifamily revenue bonds, or other tax-exempt or taxable bonds, issued to finance 1 or more Credit Enhancement Mortgage Loan Properties. terms.
Seniors HousingSeniors HousingMultifamily residential rental property with any combination of Independent Living, Assisted Living, Alzheimer’s/Dementia Care, or Skilled Nursing units. providing limited programs of assistance for domestic activities (e.g. meals, housekeeping, activities, transportation, etc.), and typically resembles market rate units.
Basis for determining the Gross Note RateGross Note RateInterest rate stated in the Loan Documents. of an ARM LoanARM LoanMortgage Loan with an interest rate that periodically adjusts based on an Index per the Note or Loan Documents. , including any required alternative index that may be determined necessary by Fannie Mae because the 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. is no longer widely accepted or has been replaced as the index for similar financial instruments.
Interest rate agreement between the BorrowerBorrowerPerson who is the obligor per the Note. and a provider for which the BorrowerBorrowerPerson who is the obligor per the Note. receives payments at the end of each period when the interest rate exceeds the Cap Strike RateCap Strike RateMaximum specified Index interest rate that will trigger a payment obligation by the Interest Rate Cap provider. . 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. provides a ceiling (or cap) on the Borrower'sBorrower'sPerson who is the obligor per the Note. 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. interest payments.
ContractContractProgram Documents per the Multifamily Selling and Servicing Agreement. setting forth the terms and conditions of an 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. , Hedge, or Swap.
Document describing the terms and conditions when 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. interest rate may convert from an adjustable rate to a fixed rate.
MBS InvestorMBS InvestorFor MBS Mortgage Loans, either a Third Party MBS Investor for Lender-Arranged Sales, or the Multifamily Trading Desk. for an MBS Mortgage LoanMBS Mortgage LoanMortgage Loan purchased by Fannie Mae in exchange for an issued MBS backed by the Mortgage Loan. , or Fannie Mae for a Cash Mortgage LoanCash Mortgage LoanMortgage Loan purchased by Fannie Mae in exchange for cash. .
Interest Reduction Payment
First day of the month a SecuritySecurityMBS, PFP MBS, or REMIC. is issued.
For any Securitized 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. , the UPBUPBUnpaid Principal Balance of the NoteNoteInstrument evidencing a Mortgage Loan obligation, including Form 6010 series, any other Fannie Mae-approved note, and all applicable addenda, schedules, and exhibits. after crediting:
- the principal portion of any scheduled monthly installment due on or before the SecuritySecurityMBS, PFP MBS, or REMIC. Issue DateIssue DateFirst day of the month a Security is issued. , whether or not collected; and
- any unscheduled principal payment received on or before the SecuritySecurityMBS, PFP MBS, or REMIC. Issue DateIssue DateFirst day of the month a Security is issued. .