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Part I

Mortgage Loan

Chapter 1
Overview
- Section 101
  Using the Guide
  - 101.01 Organization
  - 101.02 References
- Section 102
  Delegation and Underwriting
- Section 103
  Transaction Approval Memo
- Section 104
  Representations
Chapter 2
Mortgage Loan
- Section 201
  Registration
- Section 202
  Delegated Mortgage Loans
- Section 203
  Pre-Review Mortgage Loans
- Section 204
  Letters of Credit
Chapter 3
Borrower, Guarantor, Key Principals, and Principals
- Section 301
  Generally
- Section 302
  Borrower Organizational Structure
  - 302.01 Single-Asset Entity
  - 302.02 Co-Tenant Borrowers
    - 302.02 A Tenancy-in-Common Agreement
    - 302.02 B Key Principal Execution of Guaranty
- Section 303
  Key Principals, Principals, and Guarantors
  - 303.01 Entity Review
  - 303.02 Fund
- Section 304
  Financial Statements
- Section 305
  Multifamily Underwriting Certificate
- Section 306
  Fraudulent Conveyance
- Section 307
  Applicant Experience Check
- Section 308
  Compliance
- Section 309
  Execution of Non-Recourse Guaranty
- Section 310
  Conflict Mortgage Loans
  - 310.01 Description
  - 310.02 Restrictions

Part II

Property

Chapter 1
Attributes and Characteristics
- Section 101
  Generally
- Section 102
  Property Ownership; Leasehold
- Section 103
  Ground Leased Properties
- Section 104
  Minimum Occupancy
  - 104.01 Residential Occupancy
  - 104.02 Qualified Occupants
- Section 105
  Certificates of Occupancy
- Section 106
  Phased Properties
- Section 107
  Commercial Leases
- Section 108
  Property Management and Agreement
  - 108.01 Property Management
  - 108.02 Property Management Agreement
Chapter 2
Valuation and Income
- Section 201
  Market and Valuation
- Section 202
  Income Analysis
  - 202.01 Underwritten Net Cash Flow (Underwritten NCF)
  - 202.02 Underwritten DSCR
- Section 203
  Refinance Risk Analysis
  - 203.01 Base Assumptions
  - 203.02 Alternative Assumptions
- Section 204
  Cash Out Analysis
- Section 205
  Rent-Stabilized Properties
Chapter 3
Legal Compliance
Chapter 4
Inspections and Reserves
Chapter 5
Property and Liability Insurance

Part III

Products and Features

Chapter 1
Student Housing Properties
- Section 101
  Description
  - 101.01 Student Housing Property
  - 101.02 Dedicated Student Housing Property
- Section 102
  Generally
- Section 103
  Dedicated Student Housing Property
- Section 104
  Underwritten NCF
- Section 105
  Replacement Reserve
  - 105.01 Determining Replacement Reserve
  - 105.02 Replacement Reserve Funding
Chapter 2
Military Housing Properties
- Section 201
  Description
- Section 202
  Ineligible Property Types
- Section 203
  Generally
Chapter 3
Moderate Rehabilitation Mortgage Loans
- Section 301
  Description
- Section 302
  Underwriting
- Section 303
  Rehabilitation Work Costing More than $20,000 Per Unit
  - 303.01 Rehabilitation Work Evaluation Report
  - 303.02 Rehabilitation Reserve Agreement
- Section 304
  Supplemental Mortgage Loans
Chapter 4
Green Mortgage Loans
Chapter 5
Seniors Housing Properties
- Section 501
  Generally
- Section 502
  Eligible Properties
  - 502.01 Eligible Properties
  - 502.02 Ineligible Properties
- Section 503
  Continuing Care Retirement Communities (CCRCs)
- Section 504
  Seniors Housing Property Income
- Section 505
  Replacement Reserve
- Section 506
  Medicaid Funds
  - 506.01 Dependency and Medicaid Transition Reserve
  - 506.02 State Medicaid
- Section 507
  Consultant Reports
Chapter 6
Manufactured Housing Communities
- Section 601
  Description
- Section 602
  Lender Eligibility
- Section 603
  Legal and Property Compliance
- Section 604
  Property Insurance
- Section 605
  Survey
- Section 606
  Property Income and Underwritten NCF
- Section 607
  Replacement Reserve
Chapter 7
Multifamily Affordable Housing Properties
Chapter 8
Cooperative Properties
- Section 801
  Description
- Section 802
  Eligible Mortgage Loans
- Section 803
  Underwriting
- Section 804
  Income Analysis
- Section 805
  Limited Equity Cooperative Properties
Chapter 9
Small Mortgage Loans
- Section 901
  Generally
  - 901.01 Description
  - 901.02 Applicability
- Section 902
  Key Principal Guaranty Obligation
- Section 903
  Occupancy
- Section 904
  Corporate Leases; Leases to One Entity
- Section 905
  Property Income Analysis
  - 905.01 Small Mortgage Loan Underwritten NCF (Underwritten NCF)
  - 905.02 Underwritten DSCR
- Section 906
  Property Management
- Section 907
  Property Condition
- Section 908
  Replacement Reserve
- Section 909
  Environmental Matters and Inspections
- Section 910
  Borrower, Key Principals, Guarantors, and Principals
- Section 911
  Credit Reports
Chapter 10
Healthy Housing Rewards
- Section 1001
  Healthy Housing Rewards
- Section 1002
  Healthy Design
- Section 1003
  Enhanced Resident Services
Chapter 11
Adjustable Rate Mortgage (ARM) Loans
- Section 1101
  Description
- Section 1102
  Underwriting
- Section 1103
  Prepayment Terms
  - 1103.01 Generally
  - 1103.02 1% Prepayment Premium Schedule
Chapter 12
Structured Adjustable Rate Mortgage (SARM) Loans
- Section 1201
  Description
- Section 1202
  Underwriting
- Section 1203
  Actual Amortization Calculation
- Section 1204
  Prepayment Terms
- Section 1205
  Interest Rate Caps
Chapter 13
Hybrid Adjustable Rate Mortgage (Hybrid ARM) Loans
- Section 1301
  Description
- Section 1302
  Interest Rate Conversion Date
- Section 1303
  Prepayment Terms
- Section 1304
  Monthly Principal and Interest Payments
Chapter 14
Supplemental Mortgage Loans
- Section 1401
  Description
- Section 1402
  Supplemental Mortgage Loans
Chapter 15
Split Mortgage Loans and Bifurcated Mortgage Loans
- Section 1501
  Description
- Section 1502
  Characteristics
Chapter 16
Mezzanine Financing and Preferred Equity
- Section 1601
  Mezzanine Financing
- Section 1602
  Preferred Equity
Chapter 17
Structured Transactions
- Section 1701
  Description
- Section 1702
  Credit Facilities
- Section 1703
  Bulk Deliveries
Chapter 18
Choice Refinance Loans
- Section 1801
  Eligibility
- Section 1802
  Lender Delegation
- Section 1803
  Prepayment Premium and Origination Fees
- Section 1804
  Streamlined Underwriting
- Section 1805
  Property Ownership Change

Part IV A

Mortgage Loan Commitment, Delivery and Purchase Procedures

Chapter 1
General Mortgage Loan Purchase Requirements
- Section 101
  Overview of Part IV
- Section 102
  Lender Eligibility
- Section 103
  Purchase Types
- Section 104
  MBS Eligibility
Chapter 2
Pricing, Origination Fees, and Prepayment Premium Incentives
Chapter 3
Committing
Chapter 4
Delivery Procedures – Data
- Section 401
  General
- Section 402
  MBS Specific Delivery Requirements
Chapter 5
Delivery Procedures – Documents
- Section 501
  General
- Section 502
  The Mortgage Loan Delivery Package Contents
Chapter 6
Purchase Procedures

Part IV B

Mortgage Loan Commitment, Delivery, and Purchase Procedures for Special Product Features and Executions

Chapter 1
Early Rate Lock
Chapter 2
Streamlined Rate Lock
Chapter 3
Structured Transactions

Part V

Servicing and Asset Management

Chapter 1
General Servicing Requirements, and Servicing for Loan Documents and Specialty Products
Chapter 2
Reporting and Remitting
Chapter 3
Custodial Account Requirements
Chapter 4
Asset Management: Loan Document Administration
Chapter 5
Surveillance
Chapter 6
Watchlist Management
- Section 601
  General
- Section 602
  Risk Rate and Maintain Servicer Watchlist
- Section 603
  Servicer Watchlist Classifications and Requirements
- Section 604
  Servicer Watchlist Submission
- Section 605
  Fannie Mae Watchlist
- Section 606
  Action Plans
- Section 607
  Property Condition Concerns (Not Limited to Watchlist Loans)
- Section 608
  Servicer Fees for Workout, Modification, or Reinstatement
- Section 609
  Fannie Mae Contractors
Chapter 7
Non-Performing Mortgage Loans
Chapter 8
In Place Loans

Appendix

Related Documents for
Part IV B, Chapter 2: Streamlined Rate Lock

Document Name	Document Description
Streamlined Rate Lock Term Sheet	Streamlined Rate Lock Term Sheet

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