B

  • Brokered Transaction

    Any 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. sourced by you using a third party (e.g., a Mortgage Loan BrokerMortgage Loan BrokerThird-party Person who arranges Mortgage Loan financing on the Borrower’s behalf, or Transfers/Assumptions on behalf of the new Borrower for an assumption, or transferee for a transfer. or Correspondent) for which the third party receives a referral or other similar fee paid by you or by, or on behalf of, the BorrowerBorrowerPerson who is the obligor per the Note. .  The following are not Brokered TransactionsBrokered TransactionsAny Mortgage Loan sourced by you using a third party (e.g., a Mortgage Loan Broker or Correspondent) for which the third party receives a referral or other similar fee paid by you or by, or on behalf of, the Borrower.  The following are not Brokered Transactions, even when a referral or other…, even when a referral or other similar fee is paid or received:

    • you use an investment sale broker retained solely to assist in selling a Portfolio Mortgage LoanPortfolio Mortgage LoanMortgage Loan purchased by Fannie Mae and held as of a certain date regardless of whether it is a Cash Mortgage Loan or an MBS Mortgage Loan. 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 is not being refinanced with Fannie Mae;
    • the third party is another multifamily LenderLenderPerson Fannie Mae approved to sell or service Mortgage Loans. ;
    • the third party continues receiving ongoing referral or other similar fees after the Mortgage Loan Origination DateMortgage Loan Origination DateDate you fund a Mortgage Loan to the Borrower. for subsequent Mortgage LoansMortgage LoansMortgage debt obligation evidenced, or when made will be evidenced, by the Loan Documents, or  a mortgage debt obligation with a Fannie Mae credit enhancement. originated by you with that same SponsorSponsorPrincipal equity owner and/or primary decision maker of the Borrower (often the Key Principal or the Person Controlling the Key Principal). and with which the third party is not involved; or
    • the third party owns more than 5% of your total equity.

  • Bulk Delivery

    Structured Transaction governed by a Bulk Delivery AgreementBulk Delivery AgreementAgreement evidencing the terms and conditions of a Bulk Delivery. that allows future:

    • 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. additions; and/or
    • PropertyPropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). substitutions.

  • Bulk Delivery Agreement

    Agreement evidencing the terms and conditions of a Bulk DeliveryBulk DeliveryStructured Transaction governed by a Bulk Delivery Agreement that allows future: Mortgage Loan additions; and/or Property substitutions. .

  • Business Day

    Any day other than a

    • Saturday,
    • Sunday,
    • day when Fannie Mae is closed,
    • day when the Federal Reserve Bank of New York is closed, or
    • for any MBSMBSMortgage-Backed Security and required remittance withdrawal, day when the Federal Reserve Bank is closed in the district where any of the MBSMBSMortgage-Backed Security funds are held.

  • Business Environmental Risk

    Risk of material environmental or environmentally-driven impact on the business or property associated with 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). or the past, current or planned use of 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). , including all “non-scope considerations” under current ASTMASTMAmerican Society for Testing Materials E 1527, asbestos or asbestos-containing materials, radon, lead-based paint, lead in drinking water, wetlands, regulatory compliance, health and safety, indoor air quality, biological agents, mold, etc.

C

  • Cap Strike Rate

    IndexIndexBasis for determining the Gross Note Rate of an ARM Loan, including any required alternative index that may be determined necessary by Fannie Mae because the Index is no longer widely accepted or has been replaced as the index for similar financial instruments. interest rate specified in the Interest Rate Cap AgreementInterest Rate Cap AgreementContract setting forth the terms and conditions of an Interest Rate Cap, Hedge, or Swap. at or above which a payment obligation will be triggered by the Interest Rate CapInterest Rate CapInterest rate agreement between the Borrower and a provider for which the Borrower receives payments at the end of each period when the interest rate exceeds the Cap Strike Rate.  The Interest Rate Cap provides a ceiling (or cap) on the Borrower's Mortgage Loan interest payments. provider.

  • Capital Markets Early Funding Desk

    Team that can be contacted for ASAPASAPVarious As Soon As Pooled purchase options expediting the sale of Mortgage Loans per the applicable ASAP Contracts. funding at (866) 944-3863 or [email protected].

  • Capitalization Rate Derivation

    Independent determination of the appropriate capitalization rate for a specific PropertyPropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). .

  • Captive Insurer

    Insurance company wholly owned and controlled by its insureds, whose primary purpose is to insure the risks of its owners, and its insureds benefit from the captive insurer's underwriting profits.

  • Cash Loan Drafting Application

    Multifamily application or successor system, where you review, update, and certify amounts for Fannie Mae to draft from your bank accounts via ACHACHElectronic Automated Clearing House network for processing U.S. banking transactions. for monthly P&IP&IPrincipal and interest and payoff remittances for:

    • Cash Mortgage LoansCash Mortgage LoansMortgage Loan purchased by Fannie Mae in exchange for cash. ; and
    • PFP Mortgage LoansPFP Mortgage LoansMortgage Loan originally purchased as a Cash Mortgage Loan or held in Fannie Mae’s portfolio, but subsequently securitized as an MBS. .