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  • SIFMA Municipal Swap Index

    The SecuritiesSecuritiesMBS, PFP MBS, or REMIC. Industry and Financial Markets Association (SIFMA) Municipal Swap Index.

  • Skilled Nursing

    Seniors Housing PropertySeniors Housing PropertyMultifamily residential rental property with any combination of Independent Living, Assisted Living, Alzheimer’s/Dementia Care, or Skilled Nursing units. with units that are highly regulated and provide 24-hour resident supervision and registered nursing care services.

  • Small 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. with an original loan amount less than or equal to $9 million.

  • SNDA

    Subordination, Non-Disturbance and Attornment Agreement

  • Soft 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 specifying:

    • any returns due to 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 are only required to the extent 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… for so long as 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; and
    • if 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… is not available, any returns owed to 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 may be permitted to accrue.

  • Solar Photovoltaic System

    A renewable energy system located on 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). that converts sunlight into electricity and/or a battery storage system containing lithium ion batteries or equivalent technology capable of storing electricity received from the electric grid or a renewable energy system and delivering stored electricity 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). .

  • Special Asset Management

    Team performing Fannie Mae’s Special Servicing that can be contacted at [email protected].

  • Special Flood Hazard Area

    Special Flood Hazard Area designated by FEMAFEMAFederal Emergency Management Agency .

  • Special Servicer

    ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. implementing Non-Performing Mortgage LoanNon-Performing Mortgage LoanMortgage Loan with an uncured default. loss mitigation actions, including

    • Fannie Mae,
    • you, or
    • a third-party.

  • Sponsor

    PrincipalPrincipalPerson who owns or controls, in the aggregate, directly or indirectly (together with that Person's Immediate Family Members, if an individual), specified interests in the Borrower per Part I, Chapter 3: Borrower, Guarantor, Key Principals, and Principals, Section 303: Key Principals, Principals,… equity owner and/or primary decision maker of the BorrowerBorrowerPerson who is the obligor per the Note. (often the 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 the 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). ControllingControllingPossessing, directly or indirectly, the power to direct or cause the management and operations of an entity (e.g., through the ownership of voting securities or other ownership interests, or by contract). the 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. ).