Deliver Loan Document Amendments

Operating Procedures

Step 1:  Execute and deliver the Rate Conversion Amendment.

• If you have a Limited Power of AttorneyLimited Power of AttorneyLegal document authorizing a Servicer to execute certain Loan Documents related to the asset management of a Mortgage Loan as attorney-in-fact on behalf of Fannie Mae. with Fannie Mae (per Part V, Chapter 4: Asset Management: Loan Document Administration, Section 403: Execution of Documents by Servicer – Limited Power of Attorney), you must
  • execute the Rate Conversion Amendment as Fannie Mae’s attorney-in-fact, and
  • include the executed document in the Mortgage Loan Delivery PackageMortgage Loan Delivery PackageLoan Documents and underwriting material required in connection with the Delivery of a Mortgage Loan. .
• If you do not have a Limited Power of AttorneyLimited Power of AttorneyLegal document authorizing a Servicer to execute certain Loan Documents related to the asset management of a Mortgage Loan as attorney-in-fact on behalf of Fannie Mae. , you must
  • obtain the BorrowerBorrowerPerson who is the obligor per the Note. ’s signature,
  • deliver the Rate Conversion Amendment to Multifamily AcquisitionsMultifamily AcquisitionsTeam that can be contacted at [email protected] who will execute and retain the original with the Mortgage Loan Delivery PackageMortgage Loan Delivery PackageLoan Documents and underwriting material required in connection with the Delivery of a Mortgage Loan. , and
  • retain the returned, executed copy in your Servicing FileServicing FileYour file for each Mortgage Loan serviced. .

Step 2:  Determine if state law requires a Security InstrumentSecurity InstrumentInstrument creating a lien or encumbrance on 1 or more Properties and securing the obligations under the Loan Documents. amendment for a change in 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. Maturity DateMaturity DateDate all amounts due and owing per the Mortgage Loan become fully due and payable per the Loan Documents. .

If an amendment is needed, you must ensure

• your counsel sends it to Multifamily AcquisitionsMultifamily AcquisitionsTeam that can be contacted at [email protected] for execution before closing the conversion, and
• the returned, executed amendment is recorded in the appropriate land records.