Section 303

Rate Lock

Requirements

Before obtaining a Streamlined Rate Lock Streamlined Rate LockOptional process permitting a Rate Lock before completing full Mortgage Loan underwriting, per Part IV, Chapter 3: Streamlined Rate Lock. , you must:

  • complete your preliminary underwriting, including the due diligence per  Part IV, Chapter 3: Streamlined Rate Lock, Section 302: Preliminary Underwriting ;
  • obtain applicable Fannie Mae Deal Team Fannie Mae Deal TeamTeam responsible for reviewing Pre-Review Mortgage Loans, waivers, etc. Pre-Review Pre-ReviewRequirement that you obtain Fannie Mae’s approval before you Rate Lock a Mortgage Loan. or Loan Document Loan DocumentAll Fannie Mae-approved documents evidencing, securing, or guaranteeing the Mortgage Loan. modification approval identified during the preliminary underwriting; and
  • inform the Investor InvestorMBS Investor for an MBS Mortgage Loan, or Fannie Mae for a Cash Mortgage Loan. and the Multifamily Trading Desk Multifamily Trading DeskTeam that: purchases and trades Cash Mortgage Loans and MBS Mortgage Loans for Fannie Mae's own account; and can be contacted at (888) 889-1118. if:
    • the Mortgage Loan Mortgage 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 require Additional Disclosure Additional DisclosureInformation you provide that is published as an addendum to the disclosure documents when an MBS is issued and describes special Security, Mortgage Loan, or Property characteristics or terms that differ from those described in the standard Multifamily MBS Prospectus. per Form 4098 ; or
    • you are underwriting the transaction as a Green Mortgage Loan Green 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… , but you have not completed the underwriting needed to qualify the Property PropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). as a Green Mortgage Loan Green 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… .

By entering into a Streamlined Rate Lock Streamlined Rate LockOptional process permitting a Rate Lock before completing full Mortgage Loan underwriting, per Part IV, Chapter 3: Streamlined Rate Lock. , you agree to comply with: