Verification of Issuer Rating
While the Letter of CreditLetter of CreditLetter of Credit approved by Fannie Mae per Part I, Chapter 2: Mortgage Loan, Section 204: Letters of Credit. is outstanding, the ServicerServicerPrimary Person responsible for servicing the Mortgage Loan (e.g., the originator, the selling Lender, or a third-party servicer). must monitor the rating of the Letter of CreditLetter of CreditLetter of Credit approved by Fannie Mae per Part I, Chapter 2: Mortgage Loan, Section 204: Letters of Credit. issuer as required in Part I, Chapter 2: Mortgage Loan, Section 204.03: Verifying Issuer Ratings, and notify Multifamily Business OperationsMultifamily Business OperationsTeam that can be contacted at [email protected] whenever the issuer ceases to meet the required rating, regardless of whether the Achievement AgreementAchievement AgreementAgreement requiring the Borrower to provide a letter of credit, cash, or guaranty as additional collateral to support the Mortgage Loan amount and specifying the terms for releasing the collateral. or other Collateral AgreementCollateral AgreementAgreement under which collateral (other than the Property) may be pledged, transferred, or otherwise provided to secure the Borrower’s obligations under a Mortgage Loan. provides issuer rating acceptability or gives Fannie Mae the right to take any action in the event of a rating drop.