Borrower and Guarantor Notices

Operating Procedures

You:

• Will receive an annual list of all Mortgage LoansMortgage 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. requiring GuarantorGuarantorKey Principal or other Person executing a Payment Guaranty, Non-Recourse Guaranty, or any other Mortgage Loan guaranty. financial records for the past fiscal year.
• Must send the BorrowerBorrowerPerson who is the obligor per the Note. and GuarantorsGuarantorsKey Principal or other Person executing a Payment Guaranty, Non-Recourse Guaranty, or any other Mortgage Loan guaranty. a list of all required financial reports.
• Must provide the BorrowerBorrowerPerson who is the obligor per the Note. and GuarantorsGuarantorsKey Principal or other Person executing a Payment Guaranty, Non-Recourse Guaranty, or any other Mortgage Loan guaranty. sufficient time for you to submit certified financial reports:
  • for BorrowersBorrowersPerson who is the obligor per the Note. ,
    • within 45 days after the end of each fiscal quarter, and
    • 120 days after the end of each fiscal year; and
  • for GuarantorsGuarantorsKey Principal or other Person executing a Payment Guaranty, Non-Recourse Guaranty, or any other Mortgage Loan guaranty. , by June 1.
• Must use best efforts to obtain all required reports.
• Must promptly submit all GuarantorGuarantorKey Principal or other Person executing a Payment Guaranty, Non-Recourse Guaranty, or any other Mortgage Loan guaranty. financial reports received per Part V, Chapter 5: Surveillance, Section 504.02C: Review Financial Reporting.