U

  • Underwritten Debt Service Coverage Ratio

    Ratio of Underwritten Net Cash FlowNet Cash FlowAt underwriting or for any specified period, the amount calculated per Part II, Chapter 2: Valuation and Income, Section 203: Income Analysis and the applicable products and features in Part III. to the annual debt service for 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. amount based on a level debt service payment with the applicable amortization, and calculated per Part II, Chapter 2: Valuation and Income, Section 203: Income Analysis, as adjusted for the applicable products and features in Part III.

  • Underwritten Net Operating Income

    Net Operating IncomeNet Operating IncomeAt underwriting or for any specified period, the Property's total Effective Gross Income minus 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 an Affordable Regulatory AgreementAffordable Regulatory AgreementRecorded or unrecorded regulatory, land use, extended use, restrictive covenant, or similar agreement or restriction that is imposed by a Public Entity, placing rent, income, or other affordability restrictions on the use or occupancy of the Property, but which does not include a HAP Contract. or Private Affordability AgreementPrivate Affordability AgreementRecorded or unrecorded regulatory, land use, extended use, restrictive covenant, agreement, or restriction that is imposed by any non-Public Entity, placing rent, income, or other affordability restrictions on the use or occupancy of the Property. 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.