Glossary | Fannie Mae Multifamily Guide

P

Pricing Memo

Applicable DUS Pricing Memo or non-DUS Pricing Memo communicating pricing for various products and features.
Primary Risk Mortgage Loan

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. where Fannie Mae bears all losses or you and Fannie Mae share losses.
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 owns or controls, in the aggregate, directly or indirectly (together with that Person'sPerson'sLegal 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). Immediate Family MembersImmediate Family MembersAn individual’s child, stepchild, grandchild, grandparent, spouse, sibling, step-sibling, parent, or step-parent. , if an individual), specified interests in the BorrowerBorrowerPerson who is the obligor per the Note. per Part I, Chapter 3: Borrower, Guarantor, Key Principals, and Principals, Section 303: Key Principals, Principals, and Guarantors.
Project
Multifamily buildings
- on multiple PropertiesPropertiesMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). ,
- owned by the same BorrowerBorrowerPerson who is the obligor per the Note. , and
- that comply with Part II, Chapter 1: Attributes and Characteristics, Section 102.01: Single Borrower Ownership.
Property
Multifamily residential real estate securing 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. , including the
- fee simple or LeaseholdLeaseholdProperty held under a long-term lease or Ground Lease. interest,
- ImprovementsImprovementsBuildings, structures, improvements, and alterations, including the multifamily housing dwellings, now or hereafter constructed or placed on the Property, including all fixtures (as defined in the UCC). , and
- personal property (per the Uniform Commercial Code).
Property Condition Assessment

Assessment of the 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). physical condition and historical operation.
Property Condition Rating

An assessment of the 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). overall condition per the MBAMBAMortgage Bankers Association Standard Inspection Form, expressed on a scale from 1 (the best Property Condition RatingProperty Condition RatingAn assessment of the Property’s overall condition per the MBA Standard Inspection Form, expressed on a scale from 1 (the best Property Condition Rating) to 5 (lowest Property Condition Rating). ) to 5 (lowest Property Condition RatingProperty Condition RatingAn assessment of the Property’s overall condition per the MBA Standard Inspection Form, expressed on a scale from 1 (the best Property Condition Rating) to 5 (lowest Property Condition Rating). ).

Q

Qualified Occupant

Party occupying a dwelling unit in 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). in full compliance with a lease.

R

Rate Lock

Agreement between you and the InvestorInvestorMBS Investor for an MBS Mortgage Loan, or Fannie Mae for a Cash Mortgage Loan. containing the terms of the Lender-Arranged SaleLender-Arranged SaleMBS sold to the Lender and held on its balance sheet or delivered to a Third Party MBS Investor. or Multifamily Trading DeskMultifamily Trading DeskTeam that quotes interest rate pricing for a Mortgage Loan and can be contacted at (888) 889-1118. trade of 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. and the MBSMBSMortgage-Backed Security terms and conditions relating to the underlying MBSMBSMortgage-Backed Security , if applicable, which may be documented via a recorded telephone conversation.
Rate Lock Period

Time from Rate LockRate LockAgreement between you and the Investor containing the terms of the Lender-Arranged Sale or Multifamily Trading Desk trade of the Mortgage Loan and the MBS terms and conditions relating to the underlying MBS, if applicable, which may be documented via a recorded telephone conversation. execution through the Settlement DateSettlement DateDate a Security is delivered by Fannie Mae via the Federal Reserve book-entry system to the applicable Investor’s designated book-entry account at a depository institution. .