Brokered Transaction

Any 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. sourced by you using a third party (e.g., a Mortgage Loan BrokerMortgage Loan BrokerThird-party Person who arranges Mortgage Loan financing on the Borrower’s behalf, or Transfers/Assumptions on behalf of the new Borrower for an assumption, or transferee for a transfer. or Correspondent) for which the third party receives a referral or other similar fee paid by you or by, or on behalf of, the BorrowerBorrowerPerson who is the obligor per the Note. .  The following are not Brokered Transactions, even when a referral or other similar fee is paid or received:

  • you use an investment sale broker retained solely to assist in selling a Portfolio Mortgage LoanPortfolio Mortgage LoanMortgage Loan purchased by Fannie Mae and held as of a certain date regardless of whether it is a Cash Mortgage Loan or an MBS Mortgage Loan. PropertyPropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). that is not being refinanced with Fannie Mae;
  • the third party is another multifamily LenderLenderPerson Fannie Mae approved to sell or service Mortgage Loans. ;
  • the third party continues receiving ongoing referral or other similar fees after the Mortgage Loan Origination DateMortgage Loan Origination DateDate you fund a Mortgage Loan to the Borrower. for subsequent 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. originated by you with that same SponsorSponsorPrincipal equity owner and/or primary decision maker of the Borrower (often the Key Principal or the Person Controlling the Key Principal). and with which the third party is not involved; or
  • the third party owns more than 5% of your total equity.
Synonyms
Brokered Transactions