MH Site Leases

Operating Procedures

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 you fund 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];
• include in the Multifamily Loan AgreementMultifamily Loan AgreementAgreement evidencing the terms of a Mortgage Loan using the  Loan Documents or another form approved by Fannie Mae. :
  • a BorrowerBorrowerPerson who is the obligor per the Note. representation stating the actual percentage of MH SiteMH SiteDeveloped lot within an MH Community on which a Manufactured Home can be located. LeasesLeasesWritten agreement between an owner and the tenant of a Property stipulating the conditions for possession and use of real estate for a specified period of time and rent. that incorporate the required tenant protections, and a covenant to continue the tenant protections over the entire 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. term; and
  • a BorrowerBorrowerPerson who is the obligor per the Note. requirement to annually submit to you:
    • a certified copy of the MH CommunityMH CommunityResidential real estate development with lots on which manufactured homes are located, together with amenities, utility services, landscaping, roads, and other infrastructure. ’s current Rules and Regulations;
    • a certified copy of the current form of Residential Leases for MH SitesMH SitesDeveloped lot within an MH Community on which a Manufactured Home can be located. ;
    • copies of any actual Residential Leases for MH SitesMH SitesDeveloped lot within an MH Community on which a Manufactured Home can be located. you request; and
    • a certification of the actual percentage of MH SiteMH SiteDeveloped lot within an MH Community on which a Manufactured Home can be located. LeasesLeasesWritten agreement between an owner and the tenant of a Property stipulating the conditions for possession and use of real estate for a specified period of time and rent. that include all of the required tenant protections; and
  • receive a Guaranty (Payment) (Form 6020 series) from the Key PrincipalKey PrincipalAny Person who controls and/or manages the Borrower or the Property, is critical to the successful operation and management of the Borrower and the Property, and who may be required to provide a Guaranty. , guarantying the repayment (not to exceed 10% 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. amount) of all pricing incentives, rebates, and fees you provided if the BorrowerBorrowerPerson who is the obligor per the Note. fails to maintain the specified percentage of MH SiteMH SiteDeveloped lot within an MH Community on which a Manufactured Home can be located. LeasesLeasesWritten agreement between an owner and the tenant of a Property stipulating the conditions for possession and use of real estate for a specified period of time and rent. with all of the required tenant protections.