U

  • Underwritten Net Cash Flow

    Net Cash FlowNet Cash FlowOn an annual basis or any specified period, the total Net Operating Income, minus the full amount underwritten for Replacement Reserve expense, regardless of whether deposits will be made (per Part II, Chapter 2: Valuation and Income, Section 203: Income Analysis and the applicable products and… as adjusted by the LenderLenderPerson Fannie Mae approved to sell or service Mortgage Loans. per Part II, Chapter 2: Valuation and Income, Section 203: Income Analysis and the applicable products and features in Part III.

  • Underwritten Net Operating Income

    Net Operating IncomeNet Operating IncomeAnnually or for any specified period, the total Effective Gross Income minus the Property’s operating expenses. as adjusted by the LenderLenderPerson Fannie Mae approved to sell or service Mortgage Loans. per Part II, Chapter 2: Valuation and Income, Section 203: Income Analysis and the applicable products and features in Part III.

  • Unrestricted Value

    Appraised ValueAppraised ValueAppraiser’s opinion of the Property's market value documented in the Appraisal, on an “as is” basis, unless use of an “as completed” basis is specifically permitted per the Guide. assuming a 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). Affordable Regulatory AgreementAffordable Regulatory AgreementRegulatory, land use, extended use, or similar agreement or recorded restriction limiting rents, imposing maximum income restrictions on tenants, or placing other affordability restrictions on the use or occupancy of the Property (whether imposed by a government entity or self-imposed by a Borrower… is not in effect.

  • UPB

    Unpaid Principal Balance

  • USPAP

    Uniform Standards of Professional Appraisal Practice

W

  • Watchlist

    The risk rating classification if you or Fannie Mae determine 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. has heightened credit risk.

  • Wholly-Owned Condominium

    Residential CondominiumResidential CondominiumCondominium Property where all units are residential. PropertyPropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). where the BorrowerBorrowerPerson who is the obligor per the Note. owns 100% of the units.

Y

  • Yield Maintenance Period End Date

    Last day on which a BorrowerBorrowerPerson who is the obligor per the Note. owes yield maintenance for a voluntary 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. prepayment.