Section 102

Uniform Commercial Code (UCC) Financing Statements

102.01

Filing Documents

Requirements

You must maintain Fannie Mae's first Lien LienLien, mortgage, bond interest, pledge, security interest, charge, or encumbrance of any kind. security interest in the Personal Property Personal PropertyFurniture, fixtures, equipment, and other tangible personal property located on or used in connection with the Property. by filing all necessary UCC UCCUniform Commercial Code financing statements and continuations by the earlier of:

  • the date any outstanding filing lapses; or
  • any applicable jurisdiction filing deadline.

Guidance

For all Mortgage Loans Mortgage LoansMortgage debt obligation evidenced, or when made will be evidenced, by the Loan Documents, or  a mortgage debt obligation with a Fannie Mae credit enhancement. , you should effectively monitor

  • UCC UCCUniform Commercial Code financing statements, and
  • continuation filing deadlines.

Operating Procedures

Each Mortgage Loan Mortgage 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. Servicing File Servicing FileYour file for each Mortgage Loan serviced. must include a file-stamped copy of the UCC UCCUniform Commercial Code financing statements filed for the Personal Property Personal PropertyFurniture, fixtures, equipment, and other tangible personal property located on or used in connection with the Property. , including

  • initial filings,
  • continuations,
  • assignments, and
  • other amendments.
102.02

UCC Continuations, Amendments, and Terminations

Operating Procedures

You are authorized and required to file:

  1. All UCC UCCUniform Commercial Code continuation statements in all appropriate jurisdictions.
  2. Any UCC UCCUniform Commercial Code financing statement amendments to correct any scrivener’s error.

Unless Fannie Mae granted you a Limited Power of Attorney Limited 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 are not authorized to

  • sign or file any UCC UCCUniform Commercial Code financing statement amendment other than for a scrivener’s error, or
  • terminate any UCC UCCUniform Commercial Code financing statement.

Guidance

See Part V, Chapter 4: Asset Management: Loan Document Administration, Section 403: Execution of Documents by Servicer – Limited Power of Attorney  for more information.