G

  • Gross Note 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. interest rate stated in the Loan DocumentsLoan DocumentsAll Fannie Mae-approved documents evidencing, securing, or guaranteeing the Mortgage Loan..

  • Gross Potential Rent

    On an annual basis or any specified period, the total actual and potential rent for a PropertyPropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). per Part II, Chapter 2: Valuation and Income, Section 203: Income Analysis and the applicable products and features in Part III.

  • Ground Lease

    Contract for the rental of land, usually on a long term basis.

  • Guarantor

    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. or other PersonPersonLegal person, including an individual, estate, trust, corporation, partnership, limited liability company, financial institution, joint venture, association, or other organization or entity (whether governmental or private). executing a

    • Payment GuarantyPayment GuarantyGuaranty executed by a Key Principal on Form 4502 series or Form 6020 series, or approved by Fannie Mae.,
    • Non-Recourse GuarantyNon-Recourse GuarantyGuaranty executed by a Key Principal on Form 4501 series or Form 6015 series, or approved by Fannie Mae., or
    • any other 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. guaranty.

  • Guaranty

    Payment GuarantyPayment GuarantyGuaranty executed by a Key Principal on Form 4502 series or Form 6020 series, or approved by Fannie Mae., Non-Recourse GuarantyNon-Recourse GuarantyGuaranty executed by a Key Principal on Form 4501 series or Form 6015 series, or approved by Fannie Mae., or other guaranty by a GuarantorGuarantorKey Principal or other Person executing a Payment Guaranty, Non-Recourse Guaranty, or any other Mortgage Loan guaranty. 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..

  • Guaranty Fee

    Fee retained by Fannie Mae for credit enhancing 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. or assuming credit risk on 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., and which may be expressed as a percentage.

  • Guide

    Multifamily Selling and Servicing Guide controlling all LenderLenderPerson Fannie Mae approved to sell or service Mortgage Loans. and ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. requirements unless a Lender ContractLender ContractProgram Documents per the Multifamily Selling and Servicing Agreement. specifies otherwise.

H

  • HAP Contract

    An agreement providing a HUDHUDU.S. Department of Housing and Urban Development Section 8 rental subsidy for 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). in the form of a:

    • project-based voucher contract (PBV), or
    • project-based rental assistance contract (PBRA).

  • Hard Pay Preferred Equity

    Preferred EquityPreferred EquityA direct or indirect investment in the Borrower, for which the organizational documents provide that equity investor with: an asset management fee or other fee before dividends, distributions, payments, or returns are paid to the investors; or preferred or unequal rights to receive… structure in the BorrowerBorrowerPerson who is the obligor per the Note. including the Preferred EquityPreferred EquityA direct or indirect investment in the Borrower, for which the organizational documents provide that equity investor with: an asset management fee or other fee before dividends, distributions, payments, or returns are paid to the investors; or preferred or unequal rights to receive… investor's right to a Control TakeoverControl TakeoverRight of an equity investor in the Borrower to, directly or indirectly, in violation of the Loan Agreement: change Control of the Borrower, Key Principal, or Guarantor; or effect a transfer of any direct or indirect ownership interest in the Borrower, Key Principal, or Guarantor. while 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 outstanding if the Preferred EquityPreferred EquityA direct or indirect investment in the Borrower, for which the organizational documents provide that equity investor with: an asset management fee or other fee before dividends, distributions, payments, or returns are paid to the investors; or preferred or unequal rights to receive… investor fails to receive returns required to be paid regardless of:

    • available Excess Net Cash FlowExcess Net Cash FlowFor any specified period, the Net Cash Flow remaining after subtracting, in order of priority: first, all amounts due and owing on the Mortgage Loan, including: principal and interest; and any other funding obligations per the Loan Documents;  second, any payments due on any…; or
    • whether 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). yields 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. sufficient to pay the returns.

  • High Performance Building Module

    PCAPCAAssessment of the Property's physical condition and historical operation. High Performance Building ModuleHigh Performance Building ModulePCA High Performance Building Module assessing cost effective opportunities to increase a Property’s energy and water efficiency and reduce costs. assessing cost effective opportunities to increase 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). energy and water efficiency and reduce costs.