Guide Update 20-05: Letter of Credit Forms
Effective June 10, 2020, Lender and Borrower Letter of Credit related forms were updated to:
The following changes were made:
- Retired Form 4664 and created a new
- Form 4664B, for a Borrower Letter of Credit collateralizing a Mortgage Loan, and
- Form 4664L, for a Lender Letter of Credit collateralizing the Restricted Liquidity Requirement.
- Revised Form 4653 to combine the form of legal opinion for new Letters of Credit and Amended Letters of Credit into 1 form.
- Revised Form 4663 to combine the form of letter of credit for Lender Letters of Credit and Borrower Letters of Credit into 1 form.
- Corrected DUS Capital Calculation Requirements (Form 4165) error; Letters of Credit held for Fannie Mae’s benefit and used in lieu of balance sheet assets for the Lender Liquidity Requirements will not be deducted from Acceptable Lender Net Worth.
- Updated the Multifamily Certification and Custody mailing address and numerous form references in Part I, Chapter 2 and Part V, Chapter 1 of the Guide.
Please contact [email protected] with any questions.