Process

Operating Procedures

When adding, releasing, or substituting collateral:

do not create a new transaction in MSFMSMSFMSMultifamily Structured Facilities Management System performing collateral delivery and securitization functions for Structured Transactions. (the activity will occur under the original MSFMS Deal IDMSFMS Deal IDNumber assigned by MSFMS when registering a Structured Transaction. ); and
comply with the Structured Transaction ApprovalStructured Transaction ApprovalFannie Mae approval of a Structured Transaction outlining the terms, conditions, pricing, and fees. timing requirements.

Features and Activities
Activity	You must...	Process
Collateral Addition: adding new collateral to an existing Structured Transaction	Submit a request to the Fannie Mae Deal TeamFannie Mae Deal TeamTeam responsible for reviewing Pre-Review Mortgage Loans, waivers, etc. .	Step 1: Fannie Mae Deal TeamFannie Mae Deal TeamTeam responsible for reviewing Pre-Review Mortgage Loans, waivers, etc. will determine if the PropertyPropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). addition complies with the Structured Transaction Loan DocumentsStructured Transaction Loan DocumentsDocuments executed for a Structured Transaction, including a Master Credit Facility or Bulk Delivery Agreement, an Interest Rate Hedge Agreement, and all other required Loan Documents. , and send you a response. Step 2: If you receive a Structured Transaction ApprovalStructured Transaction ApprovalFannie Mae approval of a Structured Transaction outlining the terms, conditions, pricing, and fees. , you must comply withPart IV, Chapter 6: Structured Transactions, Section 604: Delivery, and pay any applicable fees per the Structured Transaction Loan DocumentsStructured Transaction Loan DocumentsDocuments executed for a Structured Transaction, including a Master Credit Facility or Bulk Delivery Agreement, an Interest Rate Hedge Agreement, and all other required Loan Documents. or the Structured Transaction ApprovalStructured Transaction ApprovalFannie Mae approval of a Structured Transaction outlining the terms, conditions, pricing, and fees. .
Collateral Release: releasing collateral from an existing Structured Transaction	Submit a request to Multifamily Structured Asset ManagementMultifamily Structured Asset ManagementTeam that can be contacted at [email protected]. perPart V, Chapter 4: Asset Management: Loan Document Administration, Section 416: Credit Facilities and Bulk Deliveries.	Step 1: Multifamily Structured Asset ManagementMultifamily Structured Asset ManagementTeam that can be contacted at [email protected]. will determine if the PropertyPropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). release complies with the Structured Transaction Loan DocumentsStructured Transaction Loan DocumentsDocuments executed for a Structured Transaction, including a Master Credit Facility or Bulk Delivery Agreement, an Interest Rate Hedge Agreement, and all other required Loan Documents. , and send you a response. Step 2: If you receive a Structured Transaction ApprovalStructured Transaction ApprovalFannie Mae approval of a Structured Transaction outlining the terms, conditions, pricing, and fees. , you must: change the MSFMSMSFMSMultifamily Structured Facilities Management System performing collateral delivery and securitization functions for Structured Transactions. collateral status to “release requested”; pay any applicable fees per the Structured Transaction Loan DocumentsStructured Transaction Loan DocumentsDocuments executed for a Structured Transaction, including a Master Credit Facility or Bulk Delivery Agreement, an Interest Rate Hedge Agreement, and all other required Loan Documents. or the Structured Transaction ApprovalStructured Transaction ApprovalFannie Mae approval of a Structured Transaction outlining the terms, conditions, pricing, and fees. within 1 Business DayBusiness DayAny day other than a Saturday, Sunday, day when Fannie Mae is closed, day when the Federal Reserve Bank of New York is closed, or for any MBS and required remittance withdrawal, day when the Federal Reserve Bank is closed in the district where any of the MBS funds are held. after closing and releasing the collateral; and notify Multifamily Structured Asset ManagementMultifamily Structured Asset ManagementTeam that can be contacted at [email protected]. and Multifamily Structured AcquisitionsMultifamily Structured AcquisitionsTeam that can be contacted at [email protected]. if you need to change the release date.
Collateral Substitution: adding and releasing collateral in an existing Structured Transaction	Submit a request to Multifamily Structured Asset ManagementMultifamily Structured Asset ManagementTeam that can be contacted at [email protected]. perPart V, Chapter 4: Asset Management: Loan Document Administration, Section 416: Credit Facilities and Bulk Deliveries.	Step 1: Fannie Mae Deal TeamFannie Mae Deal TeamTeam responsible for reviewing Pre-Review Mortgage Loans, waivers, etc. will determine if the PropertyPropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). substitution complies with the Structured Transaction Loan DocumentsStructured Transaction Loan DocumentsDocuments executed for a Structured Transaction, including a Master Credit Facility or Bulk Delivery Agreement, an Interest Rate Hedge Agreement, and all other required Loan Documents. , and send you a response. Step 2: If you receive a Structured Transaction ApprovalStructured Transaction ApprovalFannie Mae approval of a Structured Transaction outlining the terms, conditions, pricing, and fees. , you must comply with both the Collateral Addition and Collateral Release processes in this table. Step 3: If Fannie Mae permits a delayed substitution per the Structured Transaction Loan DocumentsStructured Transaction Loan DocumentsDocuments executed for a Structured Transaction, including a Master Credit Facility or Bulk Delivery Agreement, an Interest Rate Hedge Agreement, and all other required Loan Documents. , you must: Provide acceptable substitute collateral (such as cash, a Letter of CreditLetter of CreditLetter of Credit approved by Fannie Mae per Part I, Chapter 2: Mortgage Loan, Section 204: Letters of Credit. , or other permitted replacement collateral per the Structured Transaction Loan DocumentsStructured Transaction Loan DocumentsDocuments executed for a Structured Transaction, including a Master Credit Facility or Bulk Delivery Agreement, an Interest Rate Hedge Agreement, and all other required Loan Documents. ). Add the substitute collateral within 90 days or other approved timeframe per the Structured Transaction ApprovalStructured Transaction ApprovalFannie Mae approval of a Structured Transaction outlining the terms, conditions, pricing, and fees. or the Structured Transaction Loan DocumentsStructured Transaction Loan DocumentsDocuments executed for a Structured Transaction, including a Master Credit Facility or Bulk Delivery Agreement, an Interest Rate Hedge Agreement, and all other required Loan Documents. .
Conversion to Fixed Rate: converting an ARM Mortgage Loan to a fixed rate Mortgage Loan	Submit a request to Multifamily Structured Asset ManagementMultifamily Structured Asset ManagementTeam that can be contacted at [email protected]. .	If Fannie Mae approves the conversion, you must comply withPart IV, Chapter 7: Variable Rate Conversions and Renewals.
Borrow-Up: funding additional loan proceeds without adding collateral	Submit a request to Multifamily Structured Asset ManagementMultifamily Structured Asset ManagementTeam that can be contacted at [email protected]. perPart V, Chapter 4: Asset Management: Loan Document Administration, Section 416: Credit Facilities and Bulk Deliveries.	If Fannie Mae approves the borrow-up, you must comply withPart IV, Chapter 6: Structured Transactions, Section 604: Delivery, and pay any applicable fees.