Failure of Borrower to Provide Required Guarantor Financial Reporting

The LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must use its best efforts to obtain the required financial reports for any guarantor not included on Fannie Mae’s list of 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. for which the ServicerServicerPrimary Person responsible for servicing the Mortgage Loan (e.g.,  the originator, the selling Lender, or a third-party servicer). must submit the financial records of each guarantor 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..

For all 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. included on Fannie Mae’s list, the ServicerServicerPrimary Person responsible for servicing the Mortgage Loan (e.g.,  the originator, the selling Lender, or a third-party servicer). must contact Fannie Mae immediately upon the occurrence of any of the following events:

• the BorrowerBorrowerPerson who is the obligor under the Note. is unable to submit the required guarantor financial reports and other items by the date required in the Loan DocumentsLoan DocumentsAll documents evidencing, securing, or guaranteeing the debt obligation executed for a Mortgage Loan and approved by Fannie Mae.;
• the BorrowerBorrowerPerson who is the obligor under the Note. or guarantor is unable to certify that each financial report is true, complete, and accurate in all material respects; or
• the ServicerServicerPrimary Person responsible for servicing the Mortgage Loan (e.g.,  the originator, the selling Lender, or a third-party servicer). believes the financial reports and other items are, inaccurate or misleading in any material way.

Upon the occurrence of any of the foregoing events, the ServicerServicerPrimary Person responsible for servicing the Mortgage Loan (e.g.,  the originator, the selling Lender, or a third-party servicer). must notify the BorrowerBorrowerPerson who is the obligor under the Note., and the BorrowerBorrowerPerson who is the obligor under the Note. or guarantor shall have an additional 30 days after receipt of such written notice to deliver to the ServicerServicerPrimary Person responsible for servicing the Mortgage Loan (e.g.,  the originator, the selling Lender, or a third-party servicer). all required financial reports and other items, properly certified by the BorrowerBorrowerPerson who is the obligor under the Note. or guarantor.  If the ServicerServicerPrimary Person responsible for servicing the Mortgage Loan (e.g.,  the originator, the selling Lender, or a third-party servicer). determines that the BorrowerBorrowerPerson who is the obligor under the Note. or guarantor is diligently attempting to deliver all required financial reports and other items, this 30 day period may be extended by the ServicerServicerPrimary Person responsible for servicing the Mortgage Loan (e.g.,  the originator, the selling Lender, or a third-party servicer). for up to an additional 30 days.

If the BorrowerBorrowerPerson who is the obligor under the Note. or a guarantor fails to (i) submit all required financial reports and other items, properly certified by the BorrowerBorrowerPerson who is the obligor under the Note. or guarantor, within the above time frame; or (ii) respond to at least 3 written requests for the delivery of the required information, the ServicerServicerPrimary Person responsible for servicing the Mortgage Loan (e.g.,  the originator, the selling Lender, or a third-party servicer). must request a waiver through the MAMPMAMPMultifamily Asset Management Portal used to submit Property inspections, operating statements, and requested modifications; asset management reports; and data corrections related to loan or property level attributes. for the BorrowerBorrowerPerson who is the obligor under the Note., or Multifamily Operating StatementsMultifamily Operating StatementsTeam that can be contacted at [email protected] for the guarantor.  The ServicerServicerPrimary Person responsible for servicing the Mortgage Loan (e.g.,  the originator, the selling Lender, or a third-party servicer). must provide copies of all correspondence between the ServicerServicerPrimary Person responsible for servicing the Mortgage Loan (e.g.,  the originator, the selling Lender, or a third-party servicer). and the BorrowerBorrowerPerson who is the obligor under the Note. or any guarantor related to this matter to Fannie Mae.