504.02B

Borrower Fails to Provide Guarantor Financial Reports

Operating Procedures

You must immediately notify Fannie Mae and the Borrower BorrowerPerson who is the obligor per the Note. or Guarantor GuarantorKey Principal or other Person executing a Payment Guaranty, Non-Recourse Guaranty, or any other Mortgage Loan guaranty. if:

  • the Borrower BorrowerPerson who is the obligor per the Note. fails to submit the required Guarantor GuarantorKey Principal or other Person executing a Payment Guaranty, Non-Recourse Guaranty, or any other Mortgage Loan guaranty. financial reports and information by the date required per the Loan Documents Loan DocumentsAll Fannie Mae-approved documents evidencing, securing, or guaranteeing the Mortgage Loan. ;
  • the Guarantor GuarantorKey Principal or other Person executing a Payment Guaranty, Non-Recourse Guaranty, or any other Mortgage Loan guaranty. fails to certify each financial report is true, complete, and accurate in all material respects; or
  • you believe any financial report or information is materially inaccurate or misleading.

You must provide:

  • the Borrower BorrowerPerson who is the obligor per the Note. or Guarantor GuarantorKey Principal or other Person executing a Payment Guaranty, Non-Recourse Guaranty, or any other Mortgage Loan guaranty. 30 days to deliver/certify all required financial reports and information; and
  • Fannie Mae copies of all related correspondence with the Borrower BorrowerPerson who is the obligor per the Note. or any Guarantor GuarantorKey Principal or other Person executing a Payment Guaranty, Non-Recourse Guaranty, or any other Mortgage Loan guaranty. .
If the Borrower or a Guarantor... You...

Fails to:

 

  • timely submit all required information; or
  • respond to at least 3 written notices.

Must request a waiver through:

 

  • the MAMP MAMPMultifamily Asset Management Portal used to submit Property inspections, operating statements, requested modifications, asset management reports, and data corrections for loan or property attributes. for financials required from the Borrower BorrowerPerson who is the obligor per the Note. ; or
  • Sponsor Financials for financials required from the Guarantors GuarantorsKey Principal or other Person executing a Payment Guaranty, Non-Recourse Guaranty, or any other Mortgage Loan guaranty. .
Is diligently attempting to deliver all required information. May extend the 30-day period by an additional 30 days.