603.03

Increased Communication with Fannie Mae

A ServicerServicerPrimary Person responsible for servicing the Mortgage Loan (e.g.,  the originator, the selling Lender, or a third-party servicer). must increase its communication with the appropriate Multifamily Loss MitigationMultifamily Loss MitigationTeam that can be contacted at [email protected] , Multifamily Maturity Management, and Top Loss Management Representative concerning 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. that meets the criteria of a:

  • Special Mention Asset;
  • Substandard Asset; or
  • Doubtful Asset. 

The ServicerServicerPrimary Person responsible for servicing the Mortgage Loan (e.g.,  the originator, the selling Lender, or a third-party servicer). must contact Multifamily Loss MitigationMultifamily Loss MitigationTeam that can be contacted at [email protected] , or the appropriate Multifamily Maturity Management or Top Loss Management Representative by telephone or e-mail within 10 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 the ServicerServicerPrimary Person responsible for servicing the Mortgage Loan (e.g.,  the originator, the selling Lender, or a third-party servicer). determines that 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. has moved to either a Substandard Asset or a Doubtful Asset since the last reporting period.

These communications must provide sufficient detail to ensure that Fannie Mae is fully apprised of the nature and severity of the factors leading to the rating characterization assigned by the ServicerServicerPrimary Person responsible for servicing the Mortgage Loan (e.g.,  the originator, the selling Lender, or a third-party servicer). .

A ServicerServicerPrimary Person responsible for servicing the Mortgage Loan (e.g.,  the originator, the selling Lender, or a third-party servicer). must act prudently and in a timely manner, as required under its Lender ContractLender ContractProgram Documents per the Mortgage Selling and Servicing Agreement. , this GuideGuideMultifamily Selling and Servicing Guide and Delegated Underwriting and Servicing Guide, including any exhibits, appendices, or other referenced forms, as updated, amended, restated, modified, or supplemented by any lender memo; provided, however, if a topic is covered in the Multifamily Selling and…, and the Loan DocumentsLoan DocumentsAll documents evidencing, securing, or guaranteeing the debt obligation executed for a Mortgage Loan and approved by Fannie Mae. , to mitigate the risk of loss or default with respect to 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. serviced on behalf of Fannie Mae.  Such actions may include, but are not limited to:

  • increased monitoring of the management and operating results of 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). (and other collateral, if any);
  • increased monitoring of the physical condition of 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). (i.e., increased inspections beyond the stated requirements);
  • rescission of waivers or implementation of Loan DocumentLoan DocumentAll documents evidencing, securing, or guaranteeing the debt obligation executed for a Mortgage Loan and approved by Fannie Mae. requirements that serve to mitigate risk (e.g., the reinstatement of the Multifamily Loan AgreementMultifamily Loan AgreementAgreement evidencing the terms of a Mortgage Loan using the Form 6001 series Loan Documents or another form approved by Fannie Mae. requirement to fund the Replacement ReserveReplacement ReserveCustodial 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. that had been previously waived); and
  • increased communication with the BorrowerBorrowerPerson who is the obligor under the Note. and any party that has managerial rights pertaining to the BorrowerBorrowerPerson who is the obligor under the Note. or 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). (and other collateral pledged with respect to 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. , if any).