Bulk Deliveries
Requirements
A Bulk DeliveryBulk DeliveryStructured Transaction that: is governed by a Bulk Delivery Agreement; and includes the ability to add Mortgage Loans in the future, or substitute a new Property for an existing Property as collateral. is a Structured Transaction that:
- consists of multiple single-asset MBS Mortgage LoansMBS Mortgage LoansMortgage Loan purchased by Fannie Mae in exchange for an issued MBS backed by the Mortgage Loan. with the same SponsorSponsorPrincipal equity owner and/or primary decision maker of the Borrower (often the Key Principal or the Person Controlling the Key Principal). that are governed by a Bulk Delivery Agreement; and
- includes the ability to
- add 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. in the future, or
- substitute a new 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). for an existing 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). as collateral.
Product Description | |
---|---|
Minimum Transaction Size |
Equals:
|
Loss Sharing | Must be the same for all 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. , regardless of when they are added to the Bulk DeliveryBulk DeliveryStructured Transaction that: is governed by a Bulk Delivery Agreement; and includes the ability to add Mortgage Loans in the future, or substitute a new Property for an existing Property as collateral. . |
Loan Structure |
|
Property Ownership | All BorrowersBorrowersPerson who is the obligor per the Note. must be ControlledControlledPossessing, directly or indirectly, the power to direct or cause the management and operations of an entity (e.g., through the ownership of voting securities or other ownership interests, or by contract). by the same SponsorSponsorPrincipal equity owner and/or primary decision maker of the Borrower (often the Key Principal or the Person Controlling the Key Principal). . |
Fannie Mae Due Diligence Fee | $1,500 for each 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). added or substituted after the Bulk Delivery Agreement effective date. |
Additions | PropertiesPropertiesMultifamily 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). may be added for up to 3 years after the Bulk Delivery Agreement effective date. |
Substitutions |
|
Substitution Test |
A 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). may be substituted if the substitute Property'sProperty'sMultifamily 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). :
|
Substitution Fee |
On or before the release date, you must collect a fee
|
Releases |
Occur when 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. is
|
MBS Disclosure | All 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. must have Additional DisclosureAdditional DisclosureInformation you provide that is published as an addendum to the disclosure documents when an MBS is issued and describes special Security, Mortgage Loan, or Property characteristics or terms that differ from those described in the standard Multifamily MBS Prospectus. . |
Supplemental Mortgage Loans | 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. are eligible for Supplemental Mortgage LoansSupplemental Mortgage LoansMortgage Loan purchased by Fannie Mae that is subordinated to, and has a Mortgage Loan Origination Date after, the Senior Mortgage Loan that is also owned by Fannie Mae. . |
Assumptions |
|
You must use
- the Bulk Delivery Agreement, and
- Fannie Mae's Loan DocumentsLoan DocumentsAll documents evidencing, securing, or guaranteeing the debt obligation executed for a Mortgage Loan and approved by Fannie Mae. .
Fannie Mae may engage outside counsel at your expense to prepare the Bulk Delivery Agreement or Loan DocumentsLoan DocumentsAll documents evidencing, securing, or guaranteeing the debt obligation executed for a Mortgage Loan and approved by Fannie Mae. .
You may require the BorrowerBorrowerPerson who is the obligor per the Note. to
- pay these legal fees, and
- fund a deposit for their payment.