- an inspection rating of 4 or 5 per the Fannie Mae Assessment Addendum tab of the MBA Standard Inspection Form;
- incomplete repairs per the specified timing in the Loan Documents;
- significant deferred maintenance; or
- non-significant deferred maintenance that was not corrected within 12 months after notifying the Borrower.
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- Inform Multifamily InspectionsMultifamily InspectionsTeam that can be contacted at [email protected].
and Multifamily Loss MitigationMultifamily Loss MitigationTeam that can be contacted at [email protected].
:
- promptly after receiving notice of any Life Safety Issues per Part V, Chapter 5: Surveillance, Section 502.06F: Life Safety Issues; or
- otherwise within 10 Business DaysBusiness DaysAny day other than a
Saturday,
Sunday,
day when Fannie Mae is closed,
day when the Federal Reserve Bank of New York is closed, or
for any MBS and required remittance withdrawal, day when the Federal Reserve Bank is closed in the district where any of the MBS funds are held.
after becoming aware.
- Reinstate any suspended Completion/Repair EscrowCompletion/Repair EscrowCustodial Account funded on the Mortgage Loan Origination Date for Completion/Repairs or capital improvements per the Loan Documents.
or Replacement ReserveReplacement ReserveCustodial Account the Borrower funds during the Mortgage Loan term for Replacements.
if the PropertyPropertyMultifamily residential real estate securing the Mortgage Loan, including the
fee simple or Leasehold interest,
Improvements, and
personal property (per the Uniform Commercial Code).
inspection rating is 4 or 5, unless the rating resulted from a casualty loss (see Part V, Chapter 5: Surveillance, Section 502.06E: Collateral Analysis).
- Inspect the PropertyPropertyMultifamily residential real estate securing the Mortgage Loan, including the
fee simple or Leasehold interest,
Improvements, and
personal property (per the Uniform Commercial Code).
as necessary to ensure the BorrowerBorrowerPerson who is the obligor per the Note.
resolves any deferred maintenance.
- Regardless of whether the 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 on a WatchlistWatchlistThe risk rating classification if you or Fannie Mae determine the Mortgage Loan has heightened credit risk.
, submit a request to Multifamily Loss MitigationMultifamily Loss MitigationTeam that can be contacted at [email protected].
before ordering a PCAPCAAssessment of the Property's physical condition and historical operation.
(excluding regularly-scheduled PCAsPCAsAssessment of the Property's physical condition and historical operation.
required per the Loan DocumentsLoan DocumentsAll Fannie Mae-approved documents evidencing, securing, or guaranteeing the Mortgage Loan.
).
- Identify the appropriate Fannie Mae risk rating per Part VI, Chapter 1: Watchlist Management.
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