418.07

HAP Contract Approval and Releasing Restabilization Reserve

The ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. is delegated the authority to:

  • approve renewal of the HAP ContractHAP ContractAn agreement providing a HUD Section 8 rental subsidy for the Property in the form of a: project-based voucher contract (PBV), or project-based rental assistance contract (PBRA). during 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. term; and
  • waive any Loan DocumentLoan DocumentAll Fannie Mae-approved documents evidencing, securing, or guaranteeing the Mortgage Loan. provision requiring the HAP ContractHAP ContractAn agreement providing a HUD Section 8 rental subsidy for the Property in the form of a: project-based voucher contract (PBV), or project-based rental assistance contract (PBRA). to be fully funded by HUDHUDU.S. Department of Housing and Urban Development through 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. Maturity DateMaturity DateDate all Mortgage Loan amounts become fully due and payable per the Loan Documents. .

The ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must submit through the MAMPMAMPMultifamily Asset Management Portal used to submit Property inspections, operating statements, requested modifications, asset management reports, and data corrections for loan or property attributes. a copy of the renewed HAP ContractHAP ContractAn agreement providing a HUD Section 8 rental subsidy for the Property in the form of a: project-based voucher contract (PBV), or project-based rental assistance contract (PBRA). , and retain a copy in the Servicing FileServicing FileYour file for each Mortgage Loan serviced. , together with any BorrowerBorrowerPerson who is the obligor per the Note. request for release of the Restabilitzation Reserve.

Provided the Loan DocumentsLoan DocumentsAll Fannie Mae-approved documents evidencing, securing, or guaranteeing the Mortgage Loan. explicitly allow the disbursement, Fannie Mae consent is not required for the ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. to approve disbursements from the Restabilization Reserve, including a: 

  •  disbursement due to a HAP Contract Delay; or
  • BorrowerBorrowerPerson who is the obligor per the Note. -requested final disbursement, provided:
    • the ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. has received written evidence that the HAPHAPAn agreement providing a HUD Section 8 rental subsidy for the Property in the form of a: project-based voucher contract (PBV), or project-based rental assistance contract (PBRA). contract has been extended by HUDHUDU.S. Department of Housing and Urban Development through the Maturity DateMaturity DateDate all Mortgage Loan amounts become fully due and payable per the Loan Documents. with no material changes to its terms; and
    • no default has occurred and is continuing under the Loan DocumentsLoan DocumentsAll Fannie Mae-approved documents evidencing, securing, or guaranteeing the Mortgage Loan. .