Eligible Mortgage Loans

Requirements

For any CondominiumCondominiumStatutorily established Property ownership regime where Condominium Documents designate: individual units for separate ownership; and common areas for shared use and joint ownership by the unit owners. PropertyPropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). , you must:

• evaluate the Condominium DocumentsCondominium DocumentsGoverning documents: for the Condominium and owners’ association’s creation, operation, and management; and including Condominium instruments for Condominium governance, such as declarations, plats, bylaws, rules and regulations,  articles of… for compliance with the Condominium DocumentCondominium DocumentGoverning documents: for the Condominium and owners’ association’s creation, operation, and management; and including Condominium instruments for Condominium governance, such as declarations, plats, bylaws, rules and regulations,  articles of… Review Checklist (Form 6498);
• determine if it is a:
  • Residential CondominiumResidential CondominiumCondominium Property where all units are residential. where the BorrowerBorrowerPerson who is the obligor per the Note. owns:
    • 100% of the units (i.e., a Wholly-Owned CondominiumWholly-Owned CondominiumResidential Condominium Property where the Borrower owns 100% of the units. ); or
    • less than 100% but at least 80% of the units (i.e., a Fractured CondominiumFractured CondominiumResidential Condominium Property where the Borrower owns less than 100% of the units. ); or
  • Commercial CondominiumCommercial CondominiumMixed-use Condominium Property combining Borrower-owned multifamily residential units with 1 or more other uses (e.g., retail, hotel, office, etc.) which may not be Borrower-owned. where the BorrowerBorrowerPerson who is the obligor per the Note. owns 100% of the residential units but does not own any other unit;
• ensure each CondominiumCondominiumStatutorily established Property ownership regime where Condominium Documents designate: individual units for separate ownership; and common areas for shared use and joint ownership by the unit owners. PropertyPropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). unit:
  • is a separate tax parcel; and
  • has a separate tax bill;
• confirm:
  • the entire PropertyPropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). is subject to the CondominiumCondominiumStatutorily established Property ownership regime where Condominium Documents designate: individual units for separate ownership; and common areas for shared use and joint ownership by the unit owners. regime;
  • all assessments and payments due per the Condominium DocumentsCondominium DocumentsGoverning documents: for the Condominium and owners’ association’s creation, operation, and management; and including Condominium instruments for Condominium governance, such as declarations, plats, bylaws, rules and regulations,  articles of… are current;
  • future assessments and payments from the BorrowerBorrowerPerson who is the obligor per the Note. are subordinate to 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. ;
  • the BorrowerBorrowerPerson who is the obligor per the Note. is:
    • complying with all Condominium DocumentsCondominium DocumentsGoverning documents: for the Condominium and owners’ association’s creation, operation, and management; and including Condominium instruments for Condominium governance, such as declarations, plats, bylaws, rules and regulations,  articles of…; and
    • not involved in any CondominiumCondominiumStatutorily established Property ownership regime where Condominium Documents designate: individual units for separate ownership; and common areas for shared use and joint ownership by the unit owners. PropertyPropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). disputes that may
      • result in material litigation, or
      • materially adversely impact 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). ; and
• retain Form 6498 in your Servicing FileServicing FileYour file for each Mortgage Loan serviced. .