801.01

Pre-Commitment

Requirements

Before you request a Credit Enhancement Mortgage LoanCredit Enhancement Mortgage LoanMortgage Loan financed by a Bond issuance where Fannie Mae provides credit enhancement by a Credit Enhancement Instrument, or an MBS for Bonds. CommitmentCommitmentContractual agreement between you and Fannie Mae where Fannie Mae agrees to buy a Mortgage Loan at a future date in exchange for an MBS, or at a specific price for a Cash Mortgage Loan, and you agree to Deliver that Mortgage Loan. , you must ensure:

  • the criteria for mailing the POSPOSInitial disclosure document for prospective Bond purchasers containing terms, conditions, and information regarding the Bonds, the project, the Issuer, the Borrower and the credit enhancer.  were met;
  • the Good Faith DepositGood Faith DepositAmount you collect from the Borrower when originating a Mortgage Loan per ​Part IV, Chapter 2: Rate Lock and Committing, Section 203: Good Faith Deposits. was collected;
  • the BondsBondsTax-exempt or taxable multifamily revenue bonds, or other tax-exempt or taxable bonds, issued to finance 1 or more Credit Enhancement Mortgage Loan Properties. were priced; and
  • any Credit Enhancement Commitment Letter was executed and delivered to Fannie Mae.