204.02B

Changes to the terms of the Streamlined Rate Lock or the Commitment

1.  Decrease in the Delivered Mortgage Loan Amount in Excess of the Delivery Tolerance up to 10% of the Commitment Amount.

If after the completion of full underwriting, the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. determines that the Delivered Mortgage Loan AmountDelivered Mortgage Loan AmountUPB of a Mortgage Loan when it is purchased by Fannie Mae. will be less than 95% of the Commitment AmountCommitment AmountAnticipated Mortgage Loan amount per the Commitment. but greater than 90% of the Commitment AmountCommitment AmountAnticipated Mortgage Loan amount per the Commitment. , then:

  • for Cash and MBS Trades with the Multifamily Trading DeskMultifamily Trading DeskTeam that quotes interest rate pricing for a Mortgage Loan and can be contacted at (888) 889-1118. :
    • Fannie Mae shall accept delivery of 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. in such lesser amount; and
    • the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. shall owe as liquidated damages, to be paid from the Good Faith DepositGood Faith DepositAs defined in Part IV A: Mortgage Loan Commitment, Delivery and Purchase Procedures, Section 304. , an amount equal to (i) the difference between 95% of the Commitment AmountCommitment AmountAnticipated Mortgage Loan amount per the Commitment. and the Delivered Mortgage Loan AmountDelivered Mortgage Loan AmountUPB of a Mortgage Loan when it is purchased by Fannie Mae. , multiplied by (ii) the applicable Good Faith DepositGood Faith DepositAs defined in Part IV A: Mortgage Loan Commitment, Delivery and Purchase Procedures, Section 304. percentage set forth in Part IV A, Chapter 3: Committing, Section 304: Good Faith Deposits;
  • for MBS Trades with a Third Party MBS InvestorThird Party MBS InvestorMBS Investor for an MBS Mortgage Loan that is not the Multifamily Trading Desk. :
    • the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must confirm whether the Third Party MBS InvestorThird Party MBS InvestorMBS Investor for an MBS Mortgage Loan that is not the Multifamily Trading Desk. will accept delivery of an MBSMBSMortgage-Backed Security in a lower amount than that required to meet that Third Party MBS InvestorThird Party MBS InvestorMBS Investor for an MBS Mortgage Loan that is not the Multifamily Trading Desk. ’s delivery requirements (but which Third Party MBS InvestorThird Party MBS InvestorMBS Investor for an MBS Mortgage Loan that is not the Multifamily Trading Desk. ’s delivery requirements shall not be less than 90% of the Commitment AmountCommitment AmountAnticipated Mortgage Loan amount per the Commitment. ); and
    • send confirmation by the Third Party MBS InvestorThird Party MBS InvestorMBS Investor for an MBS Mortgage Loan that is not the Multifamily Trading Desk. that the Third Party MBS InvestorThird Party MBS InvestorMBS Investor for an MBS Mortgage Loan that is not the Multifamily Trading Desk. will accept delivery of the MBSMBSMortgage-Backed Security in such lower amount to Multifamily AcquisitionsMultifamily AcquisitionsTeam that can be contacted at [email protected] .

Within 1 Business DayBusiness DayAny day other than a Saturday, Sunday, day on which Fannie Mae is closed, day on which the Federal Reserve Bank of New York is closed, or for any MBS and any required withdrawal for remittance thereunder, a day on which the Federal Reserve Bank is closed in the district where any… after the determining that the Delivered Mortgage Loan AmountDelivered Mortgage Loan AmountUPB of a Mortgage Loan when it is purchased by Fannie Mae. will be less than the Commitment AmountCommitment AmountAnticipated Mortgage Loan amount per the Commitment. and not within the Delivery ToleranceDelivery TolerancePer Part IV A: Mortgage Loan Commitment, Delivery and Purchase Procedures, Section 401 for the Delivery of a Mortgage Loan for purchase. as permitted above, the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must submit a data change request in C&DC&DElectronic committing and delivery system used for issuing and confirming Commitments for acquiring Mortgage Loans, or any such successor system. as described in Part IV A, Chapter 3: Committing, Section 305: Commitment Terms and Procedures to update the fields that relate to the changed Commitment AmountCommitment AmountAnticipated Mortgage Loan amount per the Commitment. .

2.  Increase in the Delivered Mortgage Loan Amount in Excess of the Delivery Tolerance is Justified (Dual Commitment Option).

For Cash and MBS Trades with the Multifamily Trading DeskMultifamily Trading DeskTeam that quotes interest rate pricing for a Mortgage Loan and can be contacted at (888) 889-1118. , the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. may utilize the Dual Commitment OptionDual Commitment OptionFor ERL Mortgage Loans and Streamlined Rate Lock Mortgage Loans that are subject to trades with the Multifamily Trading Desk, the ability of the Lender to increase the Rate Lock Amount of the Mortgage Loan per Part IV B: Mortgage Loan Commitment, Delivery, and Purchase Procedures for Special… set forth in Part IV B, Chapter 2: Streamlined Rate Lock, Section 205: Dual Commitment Option only if, after the completion of full underwriting, the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. determines that:

  • the Streamlined Rate Lock 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. qualifies for additional proceeds in excess of the Delivery ToleranceDelivery TolerancePer Part IV A: Mortgage Loan Commitment, Delivery and Purchase Procedures, Section 401 for the Delivery of a Mortgage Loan for purchase. ; and
  • the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. desires to increase the Commitment AmountCommitment AmountAnticipated Mortgage Loan amount per the Commitment. of the Streamlined Rate Lock 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. .

3.  Change in the Streamlined Rate Lock for a Non-Qualifying Green Rewards Mortgage Loan. 

In addition to any other changes required by this Section, if after determining that 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. will not (a) project the reduction in annual energy or water consumption required to qualify as a Green Rewards Mortgage LoanGreen Rewards Mortgage LoanMortgage Loan secured by a Property on which the Borrower agrees to undertake 1 or more Energy- and Water-Efficiency Measures (Efficiency Measures or EWEM) that comply with Part III: Products and Features, Section 403. , or (b) receive the Fannie Mae-recognized Green Building CertificationGreen Building CertificationDesignation awarded by a third-party organization to multifamily properties constructed or maintained to meet specified energy and water efficiency standards or other sustainability criteria. required to qualify as a Green Mortgage LoanGreen Mortgage LoanMortgage Loan secured by a Property that incorporates features expected to have a positive environmental outcome including, but not limited to, reducing energy and water consumption at a Property, generating energy, or meeting criteria set by a third-party green building certification organization…, an adjustment to the Streamlined Rate Lock will be required.  Within 1 Business DayBusiness DayAny day other than a Saturday, Sunday, day on which Fannie Mae is closed, day on which the Federal Reserve Bank of New York is closed, or for any MBS and any required withdrawal for remittance thereunder, a day on which the Federal Reserve Bank is closed in the district where any… after such determination, the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must:

  • prior to originating 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. , (i) notify the Fannie Mae Deal TeamFannie Mae Deal TeamTeam responsible for reviewing Pre-Review Mortgage Loans, waivers, etc. , and (ii) make any necessary changes to 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. amount and Gross Note RateGross Note RateInterest rate stated in the Loan Documents. in the Loan DocumentsLoan DocumentsAll documents evidencing, securing, or guaranteeing the debt obligation executed for a Mortgage Loan and approved by Fannie Mae. ; and
  • prior to the Delivery DeadlineDelivery DeadlinePer Part IV A: Mortgage Loan Commitment, Delivery and Purchase Procedures, Section 401 for the Delivery of a Mortgage Loan for purchase. , submit a data change request in C&DC&DElectronic committing and delivery system used for issuing and confirming Commitments for acquiring Mortgage Loans, or any such successor system. , as described in Part IV A, Chapter 3: Committing, Section 305: Commitment Terms and Procedures, to:
    • update the Gross Note RateGross Note RateInterest rate stated in the Loan Documents. for 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. to include the alternative “non-Green” Guaranty Fee RateGuaranty Fee RateRate of the Mortgage Loan Guaranty Fee expressed as an annualized percentage. and Servicing Fee RateServicing Fee RateRate of the Servicing Fee for the Mortgage Loan, expressed as an annualized percentage. provided by the Fannie Mae Deal TeamFannie Mae Deal TeamTeam responsible for reviewing Pre-Review Mortgage Loans, waivers, etc. at the time of Rate LockRate LockAgreement between the Lender and the Investor containing the terms of the Lender-Arranged Sale or Multifamily Trading Desk trade of the Mortgage Loan and the MBS terms and conditions relating to the underlying MBS, if applicable, which may be documented via a recorded telephone conversation. as a Green Mortgage LoanGreen Mortgage LoanMortgage Loan secured by a Property that incorporates features expected to have a positive environmental outcome including, but not limited to, reducing energy and water consumption at a Property, generating energy, or meeting criteria set by a third-party green building certification organization…; and
    • make any required change in 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. amount.