Description
Requirements
A Split Mortgage Loan consists of 2 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. , a Senior Mortgage LoanSenior Mortgage LoanSenior loan purchased by Fannie Mae. and a Subordinate LoanSubordinate LoanMultifamily residential real estate loan secured by a Lien against the Property having a lesser priority than the Lien securing another multifamily residential real estate loan on the same Property. , that are underwritten concurrently. A Split Mortgage Loan allows the BorrowerBorrowerPerson who is the obligor per the Note. to divide the debt or increase the leverage on a property.
A Bifurcated Mortgage LoanBifurcated Mortgage LoanSingle Senior Mortgage Loan that is evidenced by 2 Notes with the same payment and collateral priority. is a single Senior Mortgage LoanSenior Mortgage LoanSenior loan purchased by Fannie Mae. that is evidenced by 2 NotesNotesInstrument evidencing a Mortgage Loan obligation, including Form 6010 series, any other Fannie Mae-approved note, and all applicable addenda, schedules, and exhibits. with the same payment and collateral priority. A Bifurcated Mortgage LoanBifurcated Mortgage LoanSingle Senior Mortgage Loan that is evidenced by 2 Notes with the same payment and collateral priority. allows the BorrowerBorrowerPerson who is the obligor per the Note. to deleverage a portion of the debt.
Split Mortgage Loans and Bifurcated Mortgage LoansBifurcated Mortgage LoansSingle Senior Mortgage Loan that is evidenced by 2 Notes with the same payment and collateral priority. are sometimes referred to as A/B Structures. Split Mortgage Loans and Bifurcated Mortgage LoansBifurcated Mortgage LoansSingle Senior Mortgage Loan that is evidenced by 2 Notes with the same payment and collateral priority. are not the same as the Dual Commitment OptionDual Commitment OptionFor a Streamlined Rate Lock Mortgage Loan trade with the Multifamily Trading Desk, your ability to increase the Mortgage Loan Rate Lock amount. described in Part IV, Chapter 3: Streamlined Rate Lock, Section 307: Dual Commitment Option.