Section 503
The ServicerServicerPrimary Person responsible for servicing the Mortgage Loan (e.g., the originator, the selling Lender, or a third-party servicer). must submit quarterly and annual Financial Analysis of Operations reports (Form 4254) to Fannie Mae 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). in accordance with the requirements of this Section. All reports are found on, and must be submitted electronically through, the MAMPMAMPMultifamily Asset Management Portal used to submit Property inspections, operating statements, and requested modifications; asset management reports; and data corrections related to loan or property level attributes..
The ServicerServicerPrimary Person responsible for servicing the Mortgage Loan (e.g., the originator, the selling Lender, or a third-party servicer). must submit a waiver through the MAMPMAMPMultifamily Asset Management Portal used to submit Property inspections, operating statements, and requested modifications; asset management reports; and data corrections related to loan or property level attributes. 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). if a Financial Analysis of Operations (Form 4254 or Form 4254.Seniors) is required by this Section, and:
- 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. was purchased from a LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. whose Lender ContractLender ContractProgram Documents per the Mortgage Selling and Servicing Agreement. specifies that the collection of 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). operating statements for 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. is not required;
- the Loan DocumentsLoan DocumentsAll documents evidencing, securing, or guaranteeing the debt obligation executed for a Mortgage Loan and approved by Fannie Mae. either do not permit the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. to collect, or require the BorrowerBorrowerPerson who is the obligor under the Note. to submit, financial reports; or
- 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.:
- was liquidated in the current quarter (for waivers of quarterly reporting) or year (for waivers of annual reporting), prior to the Financial Analysis of Operations submission deadline;
- was delivered under a Forward CommitmentForward CommitmentCommitment to purchase a permanent Mortgage Loan for a to-be constructed or rehabilitated Property per Part XV of the DUS Guide, subject to certain conditions. and has not yet converted to a permanent loan;
- was defeased;
- is subject to FHAFHAFederal Housing Administration or HUDHUDU.S. Department of Housing and Urban Development risk sharing;
- is being managed by Fannie Mae’s Special Asset ManagementSpecial Asset ManagementTeam that performs the work of the Special Servicer for Fannie Mae that can be contacted at [email protected]; or
- was acquired by Fannie Mae in the current reporting year and less than 6 months of operating data is available for the 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)..
If the ServicerServicerPrimary Person responsible for servicing the Mortgage Loan (e.g., the originator, the selling Lender, or a third-party servicer). is unable to submit an annual or quarterly Financial Analysis of Operations (Form 4254 or Form 4254.Seniors) report for 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). because the BorrowerBorrowerPerson who is the obligor under the Note. failed to provide the requested operating statements, before submitting a waiver request, the ServicerServicerPrimary Person responsible for servicing the Mortgage Loan (e.g., the originator, the selling Lender, or a third-party servicer). should:
- for the annual Financial Analysis of Operations, wait until 6 months have passed from the submission due date to submit a waiver request in the MAMPMAMPMultifamily Asset Management Portal used to submit Property inspections, operating statements, and requested modifications; asset management reports; and data corrections related to loan or property level attributes.; and
- for a quarterly Financial Analysis of Operations, wait until the following quarterly submission due date to submit a waiver request in the MAMPMAMPMultifamily Asset Management Portal used to submit Property inspections, operating statements, and requested modifications; asset management reports; and data corrections related to loan or property level attributes..
Delaying the submission of the waiver request will provide additional time to obtain and submit the operating statement data, if received. If the BorrowerBorrowerPerson who is the obligor under the Note. fails to respond to at least 3 written requests within the applicable waiting period specified above, the waiver request should then be submitted, with the following condition:
“Unresponsive Borrower - The Borrower was contacted in writing at least 3 times and failed to provide the requested operating statements.”
Fannie Mae will review the waiver requests, and will notify the ServicerServicerPrimary Person responsible for servicing the Mortgage Loan (e.g., the originator, the selling Lender, or a third-party servicer). if additional information is required. If quarterly or annual operating statements are received after a waiver has been granted, the ServicerServicerPrimary Person responsible for servicing the Mortgage Loan (e.g., the originator, the selling Lender, or a third-party servicer). must submit the Financial Analysis of Operations report (Form 4254 or Form 4254.Seniors) upon receipt of such operating data.
| 503.03A | |
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The ServicerServicerPrimary Person responsible for servicing the Mortgage Loan (e.g., the originator, the selling Lender, or a third-party servicer). must submit detailed quarterly operating statements 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)., normalized to account for any seasonal variations in income and expenses, in accordance with the requirements set forth for each Asset ClassAsset ClassType of Multifamily Property securing a Mortgage Loan (e.g., conventional, Seniors Housing, Manufactured Housing Community, Cooperative, etc.). in the tables below. The reports must be submitted through the MAMPMAMPMultifamily Asset Management Portal used to submit Property inspections, operating statements, and requested modifications; asset management reports; and data corrections related to loan or property level attributes.. All submitted operating statements will undergo automated quality control testing, and any quality control issues identified must be resolved timely.
The quarterly operating statements must reflect the actual physical occupancy level for the 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 of the end of each quarter, based on the most recently available rent roll. When quarterly reports are required, the ServicerServicerPrimary Person responsible for servicing the Mortgage Loan (e.g., the originator, the selling Lender, or a third-party servicer). must provide actual expenses, and must normalize certain expense items, including, but not limited to, real estate taxes, casualty insurance, Replacement ReservesReplacement ReservesCustodial Account established by the Lender and funded by deposits from the Borrower over the term of the Mortgage Loan to fund the replacement of capital items at the Property., and management fees, consistent with the guidance provided in the MAMPMAMPMultifamily Asset Management Portal used to submit Property inspections, operating statements, and requested modifications; asset management reports; and data corrections related to loan or property level attributes. for submitting annual financial statements. The ServicerServicerPrimary Person responsible for servicing the Mortgage Loan (e.g., the originator, the selling Lender, or a third-party servicer). must explain any seasonal data discrepancies, and provide comments if any of the following are observed:
- a variance of greater than 20% from the same reporting period in the prior year of any of Effective Gross IncomeEffective Gross IncomeOn an annual basis or any specified period, the total of Net Rental Income plus other income per Part II: Property, Section 202 and the applicable products and features in Part III., total operating expenses, Gross Potential RentGross Potential RentOn an annual basis or any specified period, the total actual and potential rent for a Property (per Part II: Property, Section 202 and the applicable products and features in Part III)., Private Pay, Medicare/Medicaid, Repairs and Maintenance, Utilities, Water and Sewer, Real Estate Taxes and Property Insurance;
- a variance in physical occupancy of greater than 10% from the immediately preceding reporting period;
- a change in the 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).’s tax-exempt status (if applicable);
- a change in the required P&IP&IPrincipal and interest payments during a reporting period (e.g., interest-only to amortizing);
- management fees of less than 3%;
- a change in any other pertinent information related to the 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). financial analysis; or
- 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 on the Fannie Mae WatchlistWatchlistMortgage Loan or Property exhibiting heightened credit risk as identified by the Lender or Fannie Mae..
Quarterly financial reporting is not required, and no waiver need be submitted, for 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. if it is secured by a Cooperative PropertyCooperative PropertyMultifamily residential property owned by a Cooperative Organization., or it is a Small Mortgage LoanSmall Mortgage LoanMortgage Loan with an original loan amount less than or equal to $6 million and underwritten per Part III: Products and Features, Chapter 9., unless such Cooperative PropertyCooperative PropertyMultifamily residential property owned by a Cooperative Organization. or Small Mortgage LoanSmall Mortgage LoanMortgage Loan with an original loan amount less than or equal to $6 million and underwritten per Part III: Products and Features, Chapter 9. is on the Fannie Mae WatchlistWatchlistMortgage Loan or Property exhibiting heightened credit risk as identified by the Lender or Fannie Mae..
1. All Asset Classes (except Seniors HousingSeniors HousingMultifamily residential rental property with any combination of Independent Living, Assisted Living, Alzheimer’s/Dementia Care, or Skilled Nursing units. 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)., WatchlistWatchlistMortgage Loan or Property exhibiting heightened credit risk as identified by the Lender or Fannie Mae. 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)., Credit FacilitiesCredit FacilitiesStructured Transaction that is governed by a Master Credit Facility Agreement, and includes cross-collateralized and cross-defaulted Mortgage Loans and Properties., and Bulk DeliveriesBulk DeliveriesStructured 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.). The ServicerServicerPrimary Person responsible for servicing the Mortgage Loan (e.g., the originator, the selling Lender, or a third-party servicer). must submit detailed quarterly operating statements 75 days after the end of the second and third quarters, as set forth below.
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All Asset Classes except Seniors Housing, Watchlist Properties, Credit Facilities, and Bulk Deliveries |
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Required Information |
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Quarter |
Due Date* |
Property with a 12/31 Fiscal Year End | Property with other than a 12/31 Fiscal Year End |
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Second |
September 15 |
Financial operating statements for the period from January 1 through June 30 |
6 months year to date operating data |
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Third |
December 15 |
Financial operating statements for the period from January 1 through September 30 |
9 months year to date operating data |
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*If any due date is not a Business Day, then the submission may be made on the next Business Day. |
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2. Seniors Housing Properties. For Seniors HousingSeniors HousingMultifamily residential rental property with any combination of Independent Living, Assisted Living, Alzheimer’s/Dementia Care, or Skilled Nursing units. 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)., the ServicerServicerPrimary Person responsible for servicing the Mortgage Loan (e.g., the originator, the selling Lender, or a third-party servicer). must submit detailed quarterly operating statements 75 days after the end of the first, second, third and fourth quarters, as set forth below.
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Seniors Housing Properties |
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Required Information |
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Quarter |
Due Date* |
Property with a 12/31 Fiscal Year End | Property with other than a 12/31 Fiscal Year End |
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First |
June 15 |
Financial operating statements for the period from January 1 through March 31 |
Trailing 3 months operating data |
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Second |
September 15 |
Financial operating statements for the period from April 1 through June 30 |
Trailing 3 months operating data |
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Third |
December 15 |
Financial operating statements for the period from July 1 through September 30 |
Trailing 3 months operating data |
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Fourth |
March 15 |
Financial operating statements for the period from October 1 through December 31 |
Trailing 3 months operating data |
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*If any due date is not a Business Day, then the submission may be made on the next Business Day. |
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3. Watchlist Properties. For WatchlistWatchlistMortgage Loan or Property exhibiting heightened credit risk as identified by the Lender or Fannie Mae. 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). (including 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. secured by a Cooperative PropertyCooperative PropertyMultifamily residential property owned by a Cooperative Organization. or any Small Mortgage LoansSmall Mortgage LoansMortgage Loan with an original loan amount less than or equal to $6 million and underwritten per Part III: Products and Features, Chapter 9.), the ServicerServicerPrimary Person responsible for servicing the Mortgage Loan (e.g., the originator, the selling Lender, or a third-party servicer). must submit detailed quarterly operating statements 90 days after the end of the first quarter, and 75 days after the end of the second and third quarters, as set forth below.
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Watchlist Properties |
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Required Information |
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Quarter |
Due Date* |
Property with a 12/31 Fiscal Year End | Property with other than a 12/31 Fiscal Year End |
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First |
June 30 |
Financial operating statements for the period from January 1 through March 31 |
3 months year-to-date operating data |
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Second |
September 15 |
Financial operating statements for the period from January 1 through June 30 |
6 months year-to-date operating data |
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Third |
December 15 |
Financial operating statements for the period from January 1 through September 30 |
9 months year-to-date operating data |
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*If any due date is not a Business Day, then the submission may be made on the next Business Day. |
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4. Credit Facilities and Bulk Deliveries. For Credit FacilitiesCredit FacilitiesStructured Transaction that is governed by a Master Credit Facility Agreement, and includes cross-collateralized and cross-defaulted Mortgage Loans and Properties. and Bulk DeliveriesBulk DeliveriesStructured 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., the ServicerServicerPrimary Person responsible for servicing the Mortgage Loan (e.g., the originator, the selling Lender, or a third-party servicer). must submit both the detailed quarterly operating statements and the Deal Level Structured Transaction (BD/CF) Quarterly report, including the Structured Facilities Monitoring Narrative (Form 4801), Spreadsheet (Form 4802), and any other relevant documents, 75 days after the end of the first, second, third, and fourth quarters, as set forth below.
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Credit Facility and Bulk Delivery Properties |
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Required Information |
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Quarter |
Due Date* |
Property with a 12/31 Fiscal Year End | Property with other than a 12/31 Fiscal Year End |
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First |
June 15 |
Financial operating statements for the period from January 1 through March 31, and deal level reports |
Trailing 3 months operating data |
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Second |
September 15 |
Financial operating statements for the period from April 1 through June 30, and deal level reports |
Trailing 3 months operating data |
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Third |
December 15 |
Financial operating statements for the period from July 1 through September 30, and deal level reports |
Trailing 3 months operating data |
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Fourth |
March 15 |
Financial operating statements for the period from October 1 through December 31, and deal level reports |
Trailing 3 months operating data |
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*If any due date is not a Business Day, then the submission may be made on the next Business Day. |
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The ServicerServicerPrimary Person responsible for servicing the Mortgage Loan (e.g., the originator, the selling Lender, or a third-party servicer). must submit a Financial Analysis of Operations (Form 4254 or Form 4254.Seniors) annually to Fannie Mae 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). for the previous calendar year or, if applicable, for the fiscal year ending in the previous calendar year.
The ServicerServicerPrimary Person responsible for servicing the Mortgage Loan (e.g., the originator, the selling Lender, or a third-party servicer). must submit detailed operating statements 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)., normalized to account for any seasonal variations in income and expense. The annual operating statements must reflect the actual physical occupancy rate for the 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 of the end of the reporting period, based on the most recent available rent roll. The ServicerServicerPrimary Person responsible for servicing the Mortgage Loan (e.g., the originator, the selling Lender, or a third-party servicer). must provide actual expenses and must also normalize certain expense items, including, but not limited to, real estate taxes, property casualty insurance, Replacement ReservesReplacement ReservesCustodial Account established by the Lender and funded by deposits from the Borrower over the term of the Mortgage Loan to fund the replacement of capital items at the Property., and property management fees. The ServicerServicerPrimary Person responsible for servicing the Mortgage Loan (e.g., the originator, the selling Lender, or a third-party servicer). must provide comments if any of the following are observed:
- a variance of greater than 20% from the prior year of any of Effective Gross IncomeEffective Gross IncomeOn an annual basis or any specified period, the total of Net Rental Income plus other income per Part II: Property, Section 202 and the applicable products and features in Part III., total operating expenses, Gross Potential RentGross Potential RentOn an annual basis or any specified period, the total actual and potential rent for a Property (per Part II: Property, Section 202 and the applicable products and features in Part III)., Private Pay, Medicare/Medicaid, Repairs and Maintenance, Utilities, Water and Sewer, Real Estate Taxes and Property Insurance;
- a variance in physical occupancy of greater than 10% from the reporting period immediately preceding the current reporting period;
- a change in the 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).’s tax-exempt status (if applicable) during the year;
- a change in the required P&IP&IPrincipal and interest payments during the year (e.g., interest-only to amortizing);
- management fees of less than 3%;
- a change in any other pertinent information related to the 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). financial analysis; or
- 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 on the Fannie Mae WatchlistWatchlistMortgage Loan or Property exhibiting heightened credit risk as identified by the Lender or Fannie Mae..
The following steps must be taken to complete and submit the annual Financial Analysis of Operations report (Form 4254 or Form 4254.Seniors) to Fannie Mae:
1. For a 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. purchased by Fannie Mae on or before June 30 in any given year, the Annual Financial Analysis of Operations (Form 4254 or Form 4254.Seniors) covering that first year must be submitted to Fannie Mae by June 1 of the following year, and the ServicerServicerPrimary Person responsible for servicing the Mortgage Loan (e.g., the originator, the selling Lender, or a third-party servicer). must annualize the available operating data to represent a full 12 months of operations. If 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. was purchased by Fannie Mae on or after July 1 in any given year, the ServicerServicerPrimary Person responsible for servicing the Mortgage Loan (e.g., the originator, the selling Lender, or a third-party servicer). is not required to submit an annual Financial Analysis of Operations (Form 4254 or Form 4254.Seniors) until June 1 of the second year after purchase in order to collect 12 months of actual operating data.
For all subsequent years, the ServicerServicerPrimary Person responsible for servicing the Mortgage Loan (e.g., the originator, the selling Lender, or a third-party servicer). must submit an annual operating statement 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). to Fannie Mae on or before June 1 or, if applicable, within 150 days following the fiscal year-end for any 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). owned by a BorrowerBorrowerPerson who is the obligor under the Note. with a non-calendar fiscal year. For any BorrowerBorrowerPerson who is the obligor under the Note. with a non-calendar fiscal year, the ServicerServicerPrimary Person responsible for servicing the Mortgage Loan (e.g., the originator, the selling Lender, or a third-party servicer). must submit a data change request through the MAMPMAMPMultifamily Asset Management Portal used to submit Property inspections, operating statements, and requested modifications; asset management reports; and data corrections related to loan or property level attributes. requesting a change to the BorrowerBorrowerPerson who is the obligor under the Note.’s fiscal year end.
2 The ServicerServicerPrimary Person responsible for servicing the Mortgage Loan (e.g., the originator, the selling Lender, or a third-party servicer). must analyze the operating statements submitted by the BorrowerBorrowerPerson who is the obligor under the Note. in accordance with the Multifamily Analysis of Operations Form 4254 and Form 4254.Senors Line Item Definitions (Form 4254.DEF), which is located at www.fanniemae.com/multifamily or the MAMPMAMPMultifamily Asset Management Portal used to submit Property inspections, operating statements, and requested modifications; asset management reports; and data corrections related to loan or property level attributes.. The ServicerServicerPrimary Person responsible for servicing the Mortgage Loan (e.g., the originator, the selling Lender, or a third-party servicer). must indicate on the Borrower'sBorrower'sPerson who is the obligor under the Note. operating statements the line item under which each of the Borrower'sBorrower'sPerson who is the obligor under the Note. income and expense line items is included.
3. 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)., the ServicerServicerPrimary Person responsible for servicing the Mortgage Loan (e.g., the originator, the selling Lender, or a third-party servicer). must access the MAMPMAMPMultifamily Asset Management Portal used to submit Property inspections, operating statements, and requested modifications; asset management reports; and data corrections related to loan or property level attributes. and provide the pertinent income, expense, and other required data for the current reporting period. All submitted operating statements will undergo automated quality control testing, and any issues must be resolved timely.
| 503.04C | |
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Fannie Mae will notify the ServicerServicerPrimary Person responsible for servicing the Mortgage Loan (e.g., the originator, the selling Lender, or a third-party servicer). which 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 subject to the annual review. Within 15 Business DaysBusiness DaysAny day other than a Saturday, Sunday, day on which Fannie Mae is closed, day on which the Federal Reserve Bank of New York is closed, or for any MBS and any required withdrawal for remittance thereunder, a day on which the Federal Reserve Bank is closed in the district where any… after receiving notice, the ServicerServicerPrimary Person responsible for servicing the Mortgage Loan (e.g., the originator, the selling Lender, or a third-party servicer). must submit through the MAMPMAMPMultifamily Asset Management Portal used to submit Property inspections, operating statements, and requested modifications; asset management reports; and data corrections related to loan or property level attributes. for each 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. under review:
- the BorrowerBorrowerPerson who is the obligor under the Note.’s operating statements, with each income and expense line item coded by the ServicerServicerPrimary Person responsible for servicing the Mortgage Loan (e.g., the originator, the selling Lender, or a third-party servicer). according to the line item definitions in the Multifamily Analysis of Operations Form 4254 and Form 4254.Seniors Line Item Definitions (Form 4254.DEF);
- an escrow activity reconciliation of the BorrowerBorrowerPerson who is the obligor under the Note.’s operating statement data; and
- any other documentation requested by Fannie Mae.
| 503.04D | |
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The Multifamily Asset ManagementMultifamily Asset ManagementTeam that can be contacted at [email protected] team tests compliance with many areas of the Asset Management process to ensure ServicersServicersPrimary Person responsible for servicing the Mortgage Loan (e.g., the originator, the selling Lender, or a third-party servicer). are properly adhering to Fannie Mae’s requirements. Testing results are communicated through the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. Assessment process, and recommendations, requirements for corrective action, or best practice enhancements are proposed and monitored through completion.
| 503.04E | |
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The ServicerServicerPrimary Person responsible for servicing the Mortgage Loan (e.g., the originator, the selling Lender, or a third-party servicer). must maintain the BorrowerBorrowerPerson who is the obligor under the Note.’s operating statements and reconciliation for the life 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..