Value of the PropertyPropertyMultifamily residential property securing the Mortgage Loan and including the land (or Leasehold interest in land), Improvements, and personal property (as defined in the Uniform Commercial Code). determined by the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. to size 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. per Part II, Chapter 2: Valuation and Income, Section 201: Market and Valuation.