If the BorrowerBorrowerPerson who is the obligor under the Note. is a non-profit entity, then you must ensure that each of the following complies with Part I, Chapter 3: Borrower, Guarantor, Key Principals, and Principals:
- the BorrowerBorrowerPerson who is the obligor under the Note.;
- Key PrincipalsKey PrincipalsPerson(s) who control and/or manage the Borrower or the Property, are critical to the successful operation and management of the Borrower and the Property, and who may be required to provide a Guaranty. ;
- GuarantorsGuarantorsKey Principal or other Person who executes a Payment Guaranty, a Non-Recourse Guaranty, or any other guaranty in connection with the Mortgage Loan. ; and
- PrincipalsPrincipalsPerson who owns or controls specified interests in the Borrower per Part I: Mortgage Loan, Section 303. .
If the BorrowerBorrowerPerson who is the obligor under the Note. is a non-profit entity, you may reimburse the BorrowerBorrowerPerson who is the obligor under the Note. from the Origination FeeOrigination FeeFee charged by the Lender to the Borrower for underwriting and originating the Mortgage Loan, per Part IV A: Mortgage Loan Commitment, Delivery and Purchase Procedures, Section 202. for up to a combined total of $10,000 for the cost of any required MH CommunityMH CommunityResidential real estate development with lots on which manufactured homes are located, together with amenities, utility services, landscaping, roads, and other infrastructure. 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. third-party reports (e.g., AppraisalAppraisalWritten statement independently and impartially prepared by a qualified appraiser stating an opinion as to the market value of the Property as of a specific date, supported by the presentation and analysis of relevant market information. , Environmental Site AssessmentEnvironmental Site AssessmentReport (either a Phase I ESA or a Phase II ESA) identifying whether a Property is subject to Recognized Environmental Conditions or Business Environmental Risks. ).
Fannie Mae will reimburse the cost of any third-party report within 2 months after the delivery of 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. . To receive reimbursement, you must:
- request an invoice from the vendor with the report cost listed as a separate line item from any ancillary charges (Fannie Mae will not reimburse other costs such as fees for expediting a report);
- within 1 month after the Mortgage Loan Origination DateMortgage Loan Origination DateDate the Lender funds a Mortgage Loan to the Borrower.
- complete Form 4829, detailing the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. ’s information, the commitment number or loan number, PropertyPropertyMultifamily residential property securing the Mortgage Loan and including the land (or Leasehold interest in land), Improvements, and personal property (as defined in the Uniform Commercial Code). information, wiring instructions, and listing the third-party cost as “Other” (note that any fields related to servicing may be left blank); and
- manually sign or e-sign Form 4829, scan or save it as a PDF file, and email the signed PDF Form 4829 and the third-party report invoice to: [email protected].