I

  • Investor

    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. .

  • IRP

    Interest Reduction Payment

  • Issue Date

    First day of the month a SecuritySecurityMBS, PFP MBS, or REMIC. is issued. 

  • Issue Date Principal Balance

    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.  .

  • Issuer

    Entity that:

    • issues BondsBondsTax-exempt or taxable multifamily revenue bonds, or other tax-exempt or taxable bonds, issued to finance 1 or more Credit Enhancement Mortgage Loan Properties. for a Credit Enhancement Mortgage LoanCredit Enhancement Mortgage LoanMortgage Loan financed by a Bond issuance where Fannie Mae provides credit enhancement by a Credit Enhancement Instrument, or an MBS for Bonds. ;
    • packages mortgages for sale as a SecuritySecurityMBS, PFP MBS, or REMIC. for an MBSMBSMortgage-Backed Security ; or
    • issues a Letter of CreditLetter of CreditLetter of Credit approved by Fannie Mae per Part I, Chapter 2: Mortgage Loan, Section 204: Letters of Credit. .

K

  • Key Principal

    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).  who

    • controls and/or manages the BorrowerBorrowerPerson who is the obligor per the Note. or 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). ,
    • is critical to the successful operation and management of the BorrowerBorrowerPerson who is the obligor per the Note. and 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). , and/or
    • may be required to provide a GuarantyGuarantyPayment Guaranty, Non-Recourse Guaranty, or other guaranty by a Guarantor for the Mortgage Loan. .

L

  • Last Paid Installment

    Due date of the last payment received.

  • Lease

    Written agreement between an owner and the tenant of 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). stipulating the conditions for possession and use of real estate for a specified period of time and rent.

  • Leasehold

    PropertyPropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). held under a long-term lease or Ground LeaseGround LeaseContract for the rental of land, usually on a long term basis. .

  • Lender

    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). Fannie Mae approved to sell or service Mortgage LoansMortgage LoansMortgage debt obligation evidenced, or when made will be evidenced, by the Loan Documents, or  a mortgage debt obligation with a Fannie Mae credit enhancement. .