503.03

Annual Financial Analysis of Operations

503.03A

Reporting Period

Requirements

The annual Financial Analysis of Operations (Form 4254 or Form 4254.Seniors) for each PropertyPropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). must cover the

  • previous calendar year for a PropertyPropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). with a 12/31 fiscal year end, or
  • fiscal year ending in the previous calendar year for a PropertyPropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). with a non-12/31 fiscal year end.
503.03B

Submission

Operating Procedures

  1. Comply with the Annual Reporting Protocol table.
  2. Analyze the Borrower'sBorrower'sPerson who is the obligor per the Note.  operating statements per Form 4254.DEF.
  3. Indicate on each statement line which of the Borrower'sBorrower'sPerson who is the obligor per the Note. income and expense items are included.
  4. Provide the pertinent income, expense, and other required data for the current reporting period in the MAMPMAMPMultifamily Asset Management Portal used to submit Property inspections, operating statements, requested modifications, asset management reports, and data corrections for loan or property attributes. .
Annual Reporting Protocol
For... Due Date You must...
First Year
A Mortgage Loan Fannie Mae purchases on or before June 30  June 1 of the following year. Annualize the operating data to represent 12 months of operations.
A Mortgage Loan Fannie Mae purchases on or after July 1 June 1 of the second year after purchase. Submit 12 months of actual operating data.
Subsequent Years
Every Property
  • June 1 for a PropertyPropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). with a 12/31 fiscal year end, or
  • for a PropertyPropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). with a non-12/31 fiscal year end:
    • within 150 days after the fiscal year-end; and
    • submit a data change request via the MAMPMAMPMultifamily Asset Management Portal used to submit Property inspections, operating statements, requested modifications, asset management reports, and data corrections for loan or property attributes. to change the Borrower'sBorrower'sPerson who is the obligor per the Note.  fiscal year end.
 Submit 12 months of actual operating data.
503.03C

Annual Review

Operating Procedures

Within 15 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 Fannie Mae notifies you of 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. review, you must submit: 

  • the Borrower'sBorrower'sPerson who is the obligor per the Note.  operating statements, with each income and expense line item indicated per Form 4254.DEF; 
  • the Borrower'sBorrower'sPerson who is the obligor per the Note.  escrow activity reconciliation; and
  • any other requested documentation.