103.06
| 103.06A | |
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Requirements
You must promptly notify Multifamily Asset ManagementMultifamily Asset ManagementTeam that can be contacted at [email protected]. and Multifamily Business OperationsMultifamily Business OperationsTeam that can be contacted at [email protected]. if a Letter of CreditLetter of CreditLetter of Credit approved by Fannie Mae per Part I, Chapter 2: Mortgage Loan, Section 204: Letters of Credit. draw is appropriate.
Operating Procedures
Unless a 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. is being fully repaid, you must:
- assess each BorrowerBorrowerPerson who is the obligor per the Note. request to fully release or partially reduce a Letter of CreditLetter of CreditLetter of Credit approved by Fannie Mae per Part I, Chapter 2: Mortgage Loan, Section 204: Letters of Credit. or other collateral;
- submit your recommendation to Multifamily Asset ManagementMultifamily Asset ManagementTeam that can be contacted at [email protected]. ; and
- notify the BorrowerBorrowerPerson who is the obligor per the Note. when each request is approved or denied.