P

  • Pass-Through 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. Gross Note RateGross Note RateInterest rate stated in the Loan Documents. minus:

    • for MBS Mortgage LoansMBS Mortgage LoansMortgage Loan purchased by Fannie Mae in exchange for an issued MBS backed by the Mortgage Loan. , the Guaranty FeeGuaranty FeeFee retained by Fannie Mae for credit enhancing a Mortgage Loan or assuming credit risk on a Mortgage Loan, and which may be expressed as a percentage. , minus the Servicing FeeServicing FeeFee a Servicer receives for collecting payments, managing operational procedures, and assuming your portion of credit risk for a Mortgage Loan, and which may be expressed as a percentage. ; and
    • for Cash Mortgage LoansCash Mortgage LoansMortgage Loan purchased by Fannie Mae in exchange for cash. , the Servicing FeeServicing FeeFee a Servicer receives for collecting payments, managing operational procedures, and assuming your portion of credit risk for a Mortgage Loan, and which may be expressed as a percentage. .

  • Payment Default

    Borrower'sBorrower'sPerson who is the obligor per the Note. failure to fully pay any required 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. payment when due, including,

    • principal,
    • interest,
    • late charges,
    • default interest,
    • fees,
    • pricing incentive recapture,
    • prepayment premium,
    • escrows, or
    • other collateral accounts for
      • taxes,
      • insurance,
      • assessments,
      • Completion/Repair EscrowCompletion/Repair EscrowCustodial Account funded on the Mortgage Loan Origination Date for Completion/Repairs or capital improvements per the Loan Documents. , and
      • Replacement ReserveReplacement ReserveCustodial Account the Borrower funds during the Mortgage Loan term for Replacements. .

  • Payment Guaranty

    GuarantyGuarantyPayment Guaranty, Non-Recourse Guaranty, or other guaranty by a Guarantor for the Mortgage Loan. executed by a 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. on Form 4502 series or Form 6020 series, or approved by Fannie Mae.

  • PCA Consultant

    Individual or firm conducting a PCAPCAAssessment of the Property's physical condition and historical operation. and preparing a PCA ReportPCA ReportProperty Condition Assessment Report documenting the findings of a PCA. .

  • PCA Report

    Property Condition AssessmentProperty Condition AssessmentAssessment of the Property's physical condition and historical operation. Report documenting the findings of a PCAPCAAssessment of the Property's physical condition and historical operation. .

  • Performance Default

    Borrower'sBorrower'sPerson who is the obligor per the Note. failure to perform any promise or covenant within any applicable grace periods per 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. , other than a Payment DefaultPayment DefaultBorrower's failure to fully pay any required Mortgage Loan payment when due, including, principal, interest, late charges, default interest, fees, pricing incentive recapture, prepayment premium, escrows, or other collateral accounts for taxes, insurance, ….

  • Permitted Encumbrances

    The following permitted title exceptions:

    • lien of current real property taxes, water charges, sewer rents and assessments not yet due and payable;
    • covenants, conditions and restrictions, rights of way, easements and other matters of public record acceptable to the LenderLenderPerson Fannie Mae approved to sell or service Mortgage Loans. and specifically identified in the Title Policy;
    • pre-printed exceptions (general and specific) and exclusions set forth in the Title Policy and acceptable to the LenderLenderPerson Fannie Mae approved to sell or service Mortgage Loans. ;
    • rights of tenants (as tenants only) under leases (including subleases) pertaining 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). ;
    • if 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 cross-collateralized, the lien of the Mortgage for another 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. contained in the same cross-collateralized group; and
    • condominium declarations of record acceptable to the LenderLenderPerson Fannie Mae approved to sell or service Mortgage Loans. and identified in the Title Policy, provided that none of items (a) through (f), individually or in the aggregate, materially interferes with the current marketability or principal use of 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). , the security intended to be provided by the Mortgage, or the current ability of 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). to generate net cash flow sufficient to service 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. or the Borrower’sBorrower’sPerson who is the obligor per the Note. ability to pay its obligations when they become due.

  • Person

    Legal 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).

  • Personal Property

    Furniture, fixtures, equipment, and other tangible personal property located on or used in connection with 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). .

  • PFP MBS

    MBSMBSMortgage-Backed Security backed by a PFP Mortgage LoanPFP Mortgage LoanMortgage Loan originally purchased as a Cash Mortgage Loan or held in Fannie Mae’s portfolio, but subsequently securitized as an MBS. .