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  • Intangible Property

    Business value, goodwill, and any other intangible value attributed to 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). being operated as a multifamily housing development.

  • Interest Rate Cap

    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 RateIndex interest rate specified in the Interest Rate Cap Agreement at or above which a payment obligation will be triggered 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.

  • Interest Rate Cap Agreement

    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.

  • Interest Rate Conversion Agreement

    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.

  • 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. .

J

  • Joint Loss Agreement

    Provision used when more than 1 insurer gives the same property coverage to temporarily allocate losses to ensure prompt payment to the policyholder.  For covered losses, insurers pay the policyholder:

    • any undisputed amounts; and
    • all remaining sums in equal shares and insurers arbitrate among themselves to determine final responsibility for those sums.