Releasing/Reducing Letters of Credit or Other Collateral
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.