Section 504
| 504.01 | |
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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 ensure that the BorrowerBorrowerPerson who is the obligor under the Note. and any guarantor are in compliance with the Loan DocumentsLoan DocumentsAll documents evidencing, securing, or guaranteeing the debt obligation executed for a Mortgage Loan and approved by Fannie Mae.. 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., the ServicerServicerPrimary Person responsible for servicing the Mortgage Loan (e.g., the originator, the selling Lender, or a third-party servicer). must:
- confirm that the BorrowerBorrowerPerson who is the obligor under the Note. complied with all quarterly and annual reporting requirements, which are primarily set out in Article 8 of the Multifamily Loan Agreement (Form 6001 series); and
- review all information required by the Loan DocumentsLoan DocumentsAll documents evidencing, securing, or guaranteeing the debt obligation executed for a Mortgage Loan and approved by Fannie Mae. to be furnished by the BorrowerBorrowerPerson who is the obligor under the Note..
To assist in compiling the financial records and other items required to be furnished by the BorrowerBorrowerPerson who is the obligor under the Note., the ServicerServicerPrimary Person responsible for servicing the Mortgage Loan (e.g., the originator, the selling Lender, or a third-party servicer). may use the Annual Loan Agreement Certification (Form 6620 series).
| 504.02A | |
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At the end of each fiscal year, the ServicerServicerPrimary Person responsible for servicing the Mortgage Loan (e.g., the originator, the selling Lender, or a third-party servicer). must send the BorrowerBorrowerPerson who is the obligor under the Note., and all guarantors on 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., a list of the financial reports required to be submitted and certified by each BorrowerBorrowerPerson who is the obligor under the Note. and guarantor. The list must be delivered in sufficient time to allow submission to the ServicerServicerPrimary Person responsible for servicing the Mortgage Loan (e.g., the originator, the selling Lender, or a third-party servicer). of the certified financial reports within 45 days after the end of each fiscal quarter, and 120 days after the end of each fiscal year.
Fannie Mae will provide the ServicerServicerPrimary Person responsible for servicing the Mortgage Loan (e.g., the originator, the selling Lender, or a third-party servicer). with an annual list of 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. for which 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 records and other required items for the past fiscal year by, or on behalf of, each guarantor 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.. The guarantor financial information 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., or as otherwise directed by Fannie Mae, by the June 1 deadline required for the annual Financial Analysis of Operations reports (Form 4254) 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 Fannie Mae determines increased credit risk 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. not on the initial list provided to the ServicerServicerPrimary Person responsible for servicing the Mortgage Loan (e.g., the originator, the selling Lender, or a third-party servicer)., Fannie Mae may ask for the submission of the associated guarantor financial records at any other time during the year.
The LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must use its best efforts to obtain the required financial reports for any guarantor not included on Fannie Mae’s list of 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. for which 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 records of each guarantor 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..
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. included on Fannie Mae’s list, the ServicerServicerPrimary Person responsible for servicing the Mortgage Loan (e.g., the originator, the selling Lender, or a third-party servicer). must contact Fannie Mae immediately upon the occurrence of any of the following events:
- the BorrowerBorrowerPerson who is the obligor under the Note. is unable to submit the required guarantor financial reports and other items by the date required in the Loan DocumentsLoan DocumentsAll documents evidencing, securing, or guaranteeing the debt obligation executed for a Mortgage Loan and approved by Fannie Mae.;
- the BorrowerBorrowerPerson who is the obligor under the Note. or guarantor is unable to certify that each financial report is true, complete, and accurate in all material respects; or
- the ServicerServicerPrimary Person responsible for servicing the Mortgage Loan (e.g., the originator, the selling Lender, or a third-party servicer). believes the financial reports and other items are, inaccurate or misleading in any material way.
Upon the occurrence of any of the foregoing events, the ServicerServicerPrimary Person responsible for servicing the Mortgage Loan (e.g., the originator, the selling Lender, or a third-party servicer). must notify the BorrowerBorrowerPerson who is the obligor under the Note., and the BorrowerBorrowerPerson who is the obligor under the Note. or guarantor shall have an additional 30 days after receipt of such written notice to deliver to the ServicerServicerPrimary Person responsible for servicing the Mortgage Loan (e.g., the originator, the selling Lender, or a third-party servicer). all required financial reports and other items, properly certified by the BorrowerBorrowerPerson who is the obligor under the Note. or guarantor. If the ServicerServicerPrimary Person responsible for servicing the Mortgage Loan (e.g., the originator, the selling Lender, or a third-party servicer). determines that the BorrowerBorrowerPerson who is the obligor under the Note. or guarantor is diligently attempting to deliver all required financial reports and other items, this 30 day period may be extended by the ServicerServicerPrimary Person responsible for servicing the Mortgage Loan (e.g., the originator, the selling Lender, or a third-party servicer). for up to an additional 30 days.
If the BorrowerBorrowerPerson who is the obligor under the Note. or a guarantor fails to (i) submit all required financial reports and other items, properly certified by the BorrowerBorrowerPerson who is the obligor under the Note. or guarantor, within the above time frame; or (ii) respond to at least 3 written requests for the delivery of the required information, the ServicerServicerPrimary Person responsible for servicing the Mortgage Loan (e.g., the originator, the selling Lender, or a third-party servicer). must request 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 the BorrowerBorrowerPerson who is the obligor under the Note., or Multifamily Operating StatementsMultifamily Operating StatementsTeam that can be contacted at [email protected] for the guarantor. The ServicerServicerPrimary Person responsible for servicing the Mortgage Loan (e.g., the originator, the selling Lender, or a third-party servicer). must provide copies of all correspondence between the ServicerServicerPrimary Person responsible for servicing the Mortgage Loan (e.g., the originator, the selling Lender, or a third-party servicer). and the BorrowerBorrowerPerson who is the obligor under the Note. or any guarantor related to this matter to Fannie Mae.
The ServicerServicerPrimary Person responsible for servicing the Mortgage Loan (e.g., the originator, the selling Lender, or a third-party servicer). must promptly review all information submitted by the BorrowerBorrowerPerson who is the obligor under the Note. or guarantor. If the ServicerServicerPrimary Person responsible for servicing the Mortgage Loan (e.g., the originator, the selling Lender, or a third-party servicer). determines that no additional follow-up is required, the ServicerServicerPrimary Person responsible for servicing the Mortgage Loan (e.g., the originator, the selling Lender, or a third-party servicer). must submit the certified material for the BorrowerBorrowerPerson who is the obligor under the Note. and guarantors requested by Fannie Mae 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., or as otherwise directed by Fannie Mae. The ServicerServicerPrimary Person responsible for servicing the Mortgage Loan (e.g., the originator, the selling Lender, or a third-party servicer). must also place that material, and the financial information for any other guarantor received by the ServicerServicerPrimary Person responsible for servicing the Mortgage Loan (e.g., the originator, the selling Lender, or a third-party servicer)., along with any explanatory schedules, in its Servicing FileServicing FileFile for each Mortgage Loan serviced by the Lender..
If the ServicerServicerPrimary Person responsible for servicing the Mortgage Loan (e.g., the originator, the selling Lender, or a third-party servicer). determines that additional follow-up is required to explain any submitted material, or that additional or supporting information is required (e.g., for a LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. using the Form 6620 series, a required item the BorrowerBorrowerPerson who is the obligor under the Note. failed to attach to the submission, or an item to which the BorrowerBorrowerPerson who is the obligor under the Note. failed to certify), the ServicerServicerPrimary Person responsible for servicing the Mortgage Loan (e.g., the originator, the selling Lender, or a third-party servicer). must contact the BorrowerBorrowerPerson who is the obligor under the Note. or guarantor promptly to request additional information. Once the additional or resubmitted information is received, the ServicerServicerPrimary Person responsible for servicing the Mortgage Loan (e.g., the originator, the selling Lender, or a third-party servicer). must submit a copy of all financial reporting, explanatory schedules, and other supporting information furnished by the BorrowerBorrowerPerson who is the obligor under the Note. and guarantor to 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 the BorrowerBorrowerPerson who is the obligor under the Note., or to Multifamily Operating StatementsMultifamily Operating StatementsTeam that can be contacted at [email protected] for the guarantor.
The ServicerServicerPrimary Person responsible for servicing the Mortgage Loan (e.g., the originator, the selling Lender, or a third-party servicer). must retain the original of all financial records, certifications, and related information furnished by the BorrowerBorrowerPerson who is the obligor under the Note. or guarantor (including each Annual Loan Agreement Certification, if used by the ServicerServicerPrimary Person responsible for servicing the Mortgage Loan (e.g., the originator, the selling Lender, or a third-party servicer)., and any explanatory schedules) in its Servicing FileServicing FileFile for each Mortgage Loan serviced by the Lender..