Net Cash FlowNet Cash FlowOn an annual basis or any specified period, the total Net Operating Income, minus the full amount underwritten for Replacement Reserve expense, regardless of whether deposits will be made (per Part II, Chapter 2: Valuation and Income, Section 203: Income Analysis and the applicable products and… as adjusted by the LenderLenderPerson Fannie Mae approved to sell or service Mortgage Loans. per Part II, Chapter 2: Valuation and Income, Section 203: Income Analysis and the applicable products and features in Part III.