Chapter 2

Streamlined Rate Lock

Section 201	General

The LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. may enter into a Rate LockRate LockAgreement between the Lender and the Investor containing the terms of the Lender-Arranged Sale or Multifamily Trading Desk trade of the Mortgage Loan and the MBS terms and conditions relating to the underlying MBS, if applicable, which may be documented via a recorded telephone conversation. and obtain a CommitmentCommitmentContractual agreement between Fannie Mae and the Lender where Fannie Mae agrees to buy a Mortgage Loan from the Lender at a future date in exchange for an MBS, or at a specific price for a Cash Mortgage Loan, and the Lender agrees to Deliver that Mortgage Loan to Fannie Mae. prior to completing full underwriting of 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. by using the Streamlined Rate Lock option described in this Chapter. The Streamlined Rate Lock is available for both (i) MBS Mortgage LoansMBS Mortgage LoansMortgage Loan purchased by Fannie Mae in exchange for an issued MBS backed by the Mortgage Loan. with either the Multifamily Trading DeskMultifamily Trading DeskTeam that quotes interest rate pricing for a Mortgage Loan and can be contacted at (888) 889-1118. or a Third Party MBS InvestorThird Party MBS InvestorMBS Investor for an MBS Mortgage Loan that is not the Multifamily Trading Desk., or (ii) Cash Mortgage LoansCash Mortgage LoansMortgage Loan purchased by Fannie Mae in exchange for cash. with the Multifamily Trading DeskMultifamily Trading DeskTeam that quotes interest rate pricing for a Mortgage Loan and can be contacted at (888) 889-1118.. The LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must underwrite, originate, commit, and deliver Streamlined Rate Lock Mortgage Loans in accordance with the standards, timeframe, and requirements of the 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…, except as expressly modified by Fannie Mae or this Chapter.

201.01	Eligible Mortgage Loans

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. that is secured by 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). that meets the occupancy requirements set forth in Part II, Chapter 1: Attributes and Characteristics, Section 104: Minimum Occupancy is eligible to use the Streamlined Rate Lock option. The following 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. types are not eligible to use the Streamlined Rate Lock option:

Adjustable Rate Mortgage LoansAdjustable Rate Mortgage LoansMortgage Loan with an interest rate that periodically adjusts based on an Index per the Note or Loan Documents. (ARM Loans); and
Structured ARM Loans.

The Streamlined Rate Lock option may be used for (i) Green Rewards Mortgage LoansGreen Rewards Mortgage LoansMortgage Loan secured by a Property on which the Borrower agrees to undertake 1 or more Energy- and Water-Efficiency Measures (Efficiency Measures or EWEM) that comply with Part III: Products and Features, Section 403., and (ii) Green Mortgage LoansGreen Mortgage LoansMortgage Loan secured by a Property that incorporates features expected to have a positive environmental outcome including, but not limited to, reducing energy and water consumption at a Property, generating energy, or meeting criteria set by a third-party green building certification organization… secured by 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). with a Fannie Mae-recognized Green Building CertificationGreen Building CertificationDesignation awarded by a third-party organization to multifamily properties constructed or maintained to meet specified energy and water efficiency standards or other sustainability criteria. after the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. has:

received a Property Condition AssessmentProperty Condition AssessmentAssessment of the current physical condition and historical operation of the Property. with an HPB ModuleHPB ModulePCA High Performance Building Module assessing cost effective opportunities to increase a Property’s energy and water efficiency and reduce costs. (or a separate HPB Report) which projects that the agreed-upon Energy- and Water-Efficiency Measures will achieve the reduction in annual energy or water consumption required to qualify as a Green Rewards Mortgage LoanGreen Rewards Mortgage LoanMortgage Loan secured by a Property on which the Borrower agrees to undertake 1 or more Energy- and Water-Efficiency Measures (Efficiency Measures or EWEM) that comply with Part III: Products and Features, Section 403. by Part II, Chapter 4: Inspections and Reserves, Section 403: Completion/Repairs; or
reviewed and approved any required Green Building CertificationGreen Building CertificationDesignation awarded by a third-party organization to multifamily properties constructed or maintained to meet specified energy and water efficiency standards or other sustainability criteria. prior to Rate LockRate LockAgreement between the Lender and the Investor containing the terms of the Lender-Arranged Sale or Multifamily Trading Desk trade of the Mortgage Loan and the MBS terms and conditions relating to the underlying MBS, if applicable, which may be documented via a recorded telephone conversation..

If the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. has not received (i) the Property Condition AssessmentProperty Condition AssessmentAssessment of the current physical condition and historical operation of the Property. with an HPB ModuleHPB ModulePCA High Performance Building Module assessing cost effective opportunities to increase a Property’s energy and water efficiency and reduce costs. (or a separate HPB Report) confirming that 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). will qualify as a Green Rewards Mortgage LoanGreen Rewards Mortgage LoanMortgage Loan secured by a Property on which the Borrower agrees to undertake 1 or more Energy- and Water-Efficiency Measures (Efficiency Measures or EWEM) that comply with Part III: Products and Features, Section 403., or (ii) any required Green Building CertificationGreen Building CertificationDesignation awarded by a third-party organization to multifamily properties constructed or maintained to meet specified energy and water efficiency standards or other sustainability criteria., the Streamlined Rate Lock option may still be used if the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans.:

discloses to each InvestorInvestorMBS Investor for an MBS Mortgage Loan, or Fannie Mae for a Cash Mortgage Loan. that the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. intends to deliver the MBS Mortgage LoanMBS Mortgage LoanMortgage Loan purchased by Fannie Mae in exchange for an issued MBS backed by the Mortgage Loan. as a “Green MBS”; and
requests the Fannie Mae Deal TeamFannie Mae Deal TeamTeam responsible for reviewing Pre-Review Mortgage Loans, waivers, etc. to provide the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. with an alternative quote for the Guaranty Fee RateGuaranty Fee RateRate of the Mortgage Loan Guaranty Fee expressed as an annualized percentage. and Servicing Fee RateServicing Fee RateRate of the Servicing Fee for the Mortgage Loan, expressed as an annualized percentage. to be included in the Gross Note RateGross Note RateInterest rate stated in the Loan Documents. if, upon the completion of full underwriting, 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). fails to qualify as a Green Mortgage LoanGreen Mortgage LoanMortgage Loan secured by a Property that incorporates features expected to have a positive environmental outcome including, but not limited to, reducing energy and water consumption at a Property, generating energy, or meeting criteria set by a third-party green building certification organization….

201.02	Pre-Review Mortgage Loans

For a Pre-Review Mortgage LoanPre-Review Mortgage LoanMortgage Loan that is not delegated to the Lender and requires Fannie Mae’s approval before Rate Lock., the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must obtain authorization from the Fannie Mae Deal TeamFannie Mae Deal TeamTeam responsible for reviewing Pre-Review Mortgage Loans, waivers, etc. prior to proceeding with a Streamlined Rate Lock.

201.03	Commitment Terms

201.03A	Rate Lock Period; Delivery Timing

The Rate Lock PeriodRate Lock PeriodTime from Rate Lock execution through the Settlement Date. for a Streamlined Rate Lock 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. may not exceed 180 days.
A Streamlined Rate Lock 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. must be delivered to Fannie Mae within 30 days after the Mortgage Loan Origination DateMortgage Loan Origination DateDate the Lender funds a Mortgage Loan to the Borrower..

201.03B	Minimum Rate Lock Amount for Trades with the Multifamily Trading Desk; Dual Commitment Option

For Cash and MBS Trades with the Multifamily Trading DeskMultifamily Trading DeskTeam that quotes interest rate pricing for a Mortgage Loan and can be contacted at (888) 889-1118., the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must follow the procedures for entering into a Rate LockRate LockAgreement between the Lender and the Investor containing the terms of the Lender-Arranged Sale or Multifamily Trading Desk trade of the Mortgage Loan and the MBS terms and conditions relating to the underlying MBS, if applicable, which may be documented via a recorded telephone conversation. set forth in Part IV A, Chapter 3: Committing, except that the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. has the option to rate lock less than the fully anticipated amount 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., but not less than 75% of the anticipated 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. amount.

If the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. anticipates that it will be utilizing the Dual Commitment OptionDual Commitment OptionFor ERL Mortgage Loans and Streamlined Rate Lock Mortgage Loans that are subject to trades with the Multifamily Trading Desk, the ability of the Lender to increase the Rate Lock Amount of the Mortgage Loan per Part IV B: Mortgage Loan Commitment, Delivery, and Purchase Procedures for Special…, the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must notify the Multifamily Trading DeskMultifamily Trading DeskTeam that quotes interest rate pricing for a Mortgage Loan and can be contacted at (888) 889-1118. at the time of the original Rate LockRate LockAgreement between the Lender and the Investor containing the terms of the Lender-Arranged Sale or Multifamily Trading Desk trade of the Mortgage Loan and the MBS terms and conditions relating to the underlying MBS, if applicable, which may be documented via a recorded telephone conversation..

201.03C	Commitment Modifications

The Settlement DateSettlement DateCalendar date a Security is delivered by Fannie Mae via the Federal Reserve book-entry system to the applicable Investor’s designated book-entry account at a depository institution. and Commitment Expiration DateCommitment Expiration DateDate when a Commitment expires. may only be extended after the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. has fully underwritten the Streamlined Rate Lock 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. as described in Part IV B, Chapter 2: Streamlined Rate Lock, Section 204: The Lender’s Determination after Completion and Review of the Full Underwriting Package. For MBS Mortgage LoansMBS Mortgage LoansMortgage Loan purchased by Fannie Mae in exchange for an issued MBS backed by the Mortgage Loan. or Cash Mortgage LoansCash Mortgage LoansMortgage Loan purchased by Fannie Mae in exchange for cash. with the Multifamily Trading DeskMultifamily Trading DeskTeam that quotes interest rate pricing for a Mortgage Loan and can be contacted at (888) 889-1118., any extension of the Streamlined Rate Lock must be approved by the Multifamily Trading DeskMultifamily Trading DeskTeam that quotes interest rate pricing for a Mortgage Loan and can be contacted at (888) 889-1118., and may be subject to additional fees. 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. with an initial Rate Lock PeriodRate Lock PeriodTime from Rate Lock execution through the Settlement Date. in excess of 180 days, or any Rate LockRate LockAgreement between the Lender and the Investor containing the terms of the Lender-Arranged Sale or Multifamily Trading Desk trade of the Mortgage Loan and the MBS terms and conditions relating to the underlying MBS, if applicable, which may be documented via a recorded telephone conversation. extension that would cause the total Rate Lock PeriodRate Lock PeriodTime from Rate Lock execution through the Settlement Date. to exceed 180 days, the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must also contact the Fannie Mae Deal TeamFannie Mae Deal TeamTeam responsible for reviewing Pre-Review Mortgage Loans, waivers, etc. for approval before seeking the extension (e.g., no extension is permitted 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. with an initial Rate Lock PeriodRate Lock PeriodTime from Rate Lock execution through the Settlement Date. in excess of 150 days without the approval of the Fannie Mae Deal TeamFannie Mae Deal TeamTeam responsible for reviewing Pre-Review Mortgage Loans, waivers, etc.).

The LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. may negotiate an extension of the Settlement DateSettlement DateCalendar date a Security is delivered by Fannie Mae via the Federal Reserve book-entry system to the applicable Investor’s designated book-entry account at a depository institution. with the Third Party MBS InvestorThird Party MBS InvestorMBS Investor for an MBS Mortgage Loan that is not the Multifamily Trading Desk., provided that the extension does not exceed more than 30 days beyond the original Settlement DateSettlement DateCalendar date a Security is delivered by Fannie Mae via the Federal Reserve book-entry system to the applicable Investor’s designated book-entry account at a depository institution.. Any approved extension request (a) may require adjustment to the locked interest rate, as determined by the Third Party MBS InvestorThird Party MBS InvestorMBS Investor for an MBS Mortgage Loan that is not the Multifamily Trading Desk.; and (b) may require LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. to pay any fees charged by the Third Party MBS InvestorThird Party MBS InvestorMBS Investor for an MBS Mortgage Loan that is not the Multifamily Trading Desk..

Any approved modification of the Streamlined Rate Lock or CommitmentCommitmentContractual agreement between Fannie Mae and the Lender where Fannie Mae agrees to buy a Mortgage Loan from the Lender at a future date in exchange for an MBS, or at a specific price for a Cash Mortgage Loan, and the Lender agrees to Deliver that Mortgage Loan to Fannie Mae. must be done in accordance with Part IV A, Chapter 3: Committing, Section 305: Commitment Terms and Procedures.

201.04	Basic Streamlined Rate Lock Mortgage Loan Requirements

201.04A	General

For all Streamlined Rate Lock 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 LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must:

comply with all applicable Required PracticesRequired PracticesRequired practices for committing and delivering Mortgage Loans. set forth in Part IV A, Chapter 3: Committing, Section 302: Requirements for Rate Lock and Commitment;
comply with the Preliminary Streamlined Mortgage Loan Underwriting requirements described in Part IV B, Chapter 2: Streamlined Rate Lock, Section 202: Preliminary Underwriting Requirements; and
complete full underwriting and update the underwriting documentation for the Streamlined Rate Lock 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. no later than the earlier of (i) the Mortgage Loan Origination DateMortgage Loan Origination DateDate the Lender funds a Mortgage Loan to the Borrower., or (ii) 90 days after the date on which the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. enters into the Streamlined Rate LockRate LockAgreement between the Lender and the Investor containing the terms of the Lender-Arranged Sale or Multifamily Trading Desk trade of the Mortgage Loan and the MBS terms and conditions relating to the underlying MBS, if applicable, which may be documented via a recorded telephone conversation..

201.04B	Good Faith Deposit

Prior to obtaining a Streamlined Rate Lock, the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must collect a Good Faith DepositGood Faith DepositAs defined in Part IV A: Mortgage Loan Commitment, Delivery and Purchase Procedures, Section 304. from the BorrowerBorrowerPerson who is the obligor under the Note.. The LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. may not spread the lien of the existing Security InstrumentSecurity InstrumentInstrument creating a lien or encumbrance on 1 or more Properties and securing the obligations under the Loan Documents. to secure the Good Faith DepositGood Faith DepositAs defined in Part IV A: Mortgage Loan Commitment, Delivery and Purchase Procedures, Section 304. in lieu of cash or a letter of credit.

201.04C	Delivery Tolerance

Except as provided in Part IV B, Chapter 2: Streamlined Rate Lock, Section 204.02: Lender Determinations after Full Underwriting, the Delivered Mortgage Loan AmountDelivered Mortgage Loan AmountUPB of a Mortgage Loan when it is purchased by Fannie Mae. of the Streamlined Rate Lock 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. must be within the standard Delivery ToleranceDelivery TolerancePer Part IV A: Mortgage Loan Commitment, Delivery and Purchase Procedures, Section 401 for the Delivery of a Mortgage Loan for purchase. as provided in Part IV A, Chapter 4: Delivery Procedures – Data, Section 401: General.

201.04D	Green Mortgage Loans

The LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must inform the InvestorInvestorMBS Investor for an MBS Mortgage Loan, or Fannie Mae for a Cash Mortgage Loan. and the Multifamily Trading DeskMultifamily Trading DeskTeam that quotes interest rate pricing for a Mortgage Loan and can be contacted at (888) 889-1118. that:

the Rate LockRate LockAgreement between the Lender and the Investor containing the terms of the Lender-Arranged Sale or Multifamily Trading Desk trade of the Mortgage Loan and the MBS terms and conditions relating to the underlying MBS, if applicable, which may be documented via a recorded telephone conversation. is for a Green Mortgage LoanGreen Mortgage LoanMortgage Loan secured by a Property that incorporates features expected to have a positive environmental outcome including, but not limited to, reducing energy and water consumption at a Property, generating energy, or meeting criteria set by a third-party green building certification organization…; and
underwriting required to qualify 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 a Green Mortgage LoanGreen Mortgage LoanMortgage Loan secured by a Property that incorporates features expected to have a positive environmental outcome including, but not limited to, reducing energy and water consumption at a Property, generating energy, or meeting criteria set by a third-party green building certification organization… has not been completed, including:
- for a Green Rewards Mortgage LoanGreen Rewards Mortgage LoanMortgage Loan secured by a Property on which the Borrower agrees to undertake 1 or more Energy- and Water-Efficiency Measures (Efficiency Measures or EWEM) that comply with Part III: Products and Features, Section 403., the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. has not yet received a Property Condition AssessmentProperty Condition AssessmentAssessment of the current physical condition and historical operation of the Property. with an HPB ModuleHPB ModulePCA High Performance Building Module assessing cost effective opportunities to increase a Property’s energy and water efficiency and reduce costs. (or a separate HPB Report) listing Energy- and Water-Efficiency Measures that project the reduction in annual energy or water consumption required to qualify as a Green Rewards Mortgage LoanGreen Rewards Mortgage LoanMortgage Loan secured by a Property on which the Borrower agrees to undertake 1 or more Energy- and Water-Efficiency Measures (Efficiency Measures or EWEM) that comply with Part III: Products and Features, Section 403.; or
- for a Green Mortgage LoanGreen Mortgage LoanMortgage Loan secured by a Property that incorporates features expected to have a positive environmental outcome including, but not limited to, reducing energy and water consumption at a Property, generating energy, or meeting criteria set by a third-party green building certification organization… secured by 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). with a Fannie Mae-recognized Green Building CertificationGreen Building CertificationDesignation awarded by a third-party organization to multifamily properties constructed or maintained to meet specified energy and water efficiency standards or other sustainability criteria., the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. has not reviewed and approved the required Green Building CertificationGreen Building CertificationDesignation awarded by a third-party organization to multifamily properties constructed or maintained to meet specified energy and water efficiency standards or other sustainability criteria. prior to Rate LockRate LockAgreement between the Lender and the Investor containing the terms of the Lender-Arranged Sale or Multifamily Trading Desk trade of the Mortgage Loan and the MBS terms and conditions relating to the underlying MBS, if applicable, which may be documented via a recorded telephone conversation..

The Fannie Mae Deal TeamFannie Mae Deal TeamTeam responsible for reviewing Pre-Review Mortgage Loans, waivers, etc. must provide the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. with an alternative Guaranty Fee RateGuaranty Fee RateRate of the Mortgage Loan Guaranty Fee expressed as an annualized percentage. and Servicing Fee RateServicing Fee RateRate of the Servicing Fee for the Mortgage Loan, expressed as an annualized percentage. to be included in the Gross Note RateGross Note RateInterest rate stated in the Loan Documents. if, upon the completion of full underwriting, 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). fails to qualify as a Green Mortgage LoanGreen Mortgage LoanMortgage Loan secured by a Property that incorporates features expected to have a positive environmental outcome including, but not limited to, reducing energy and water consumption at a Property, generating energy, or meeting criteria set by a third-party green building certification organization….

Section 202	Preliminary Underwriting Requirements

All underwriting standards and requirements of the 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… are applicable to Streamlined Rate Lock 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., except for the timing and documentation differences described in this Section 202. Prior to obtaining a Streamlined Rate Lock, the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must:

(a) receive an executed Borrower CommitmentBorrower CommitmentLender’s written commitment with the Borrower to originate a Mortgage Loan, and any separate written or oral rate lock agreements between the Lender and the Borrower to rate lock the Mortgage Loan. pursuant to Part IV A, Chapter 3: Committing, Section 302: Requirements for Rate Lock and Commitment in which the BorrowerBorrowerPerson who is the obligor under the Note. agrees to close the Streamlined Rate Lock 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. and be liable for any costs, fees, or damages associated with the BorrowerBorrowerPerson who is the obligor under the Note.’s failure to originate 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., as further described in the Streamlined Rate Lock Agreement;

(b) obtain sufficient preliminary information and documentation to obtain preliminary approval from the Lender’s Loan CommitteeLender’s Loan CommitteePerson, committee, or other approving body authorized by the Lender to review and approve real estate financing transactions. for the Streamlined Rate Lock 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. and the Streamlined Rate Lock;

(c) receive funds from the BorrowerBorrowerPerson who is the obligor under the Note. to pay transaction costs and costs of third-party professional reports in accordance with the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans.’s requirements;

(d) collect the Minimum Good Faith DepositMinimum Good Faith DepositAmount you are required to collect when originating a Mortgage Loan per Part IV A: Mortgage Loan Commitment, Delivery and Purchase Procedures, Section 304. pursuant to the terms of Part IV A, Chapter 3: Committing, Section 304: Good Faith Deposits (the Good Faith DepositGood Faith DepositAs defined in Part IV A: Mortgage Loan Commitment, Delivery and Purchase Procedures, Section 304. required by a Third Party MBS InvestorThird Party MBS InvestorMBS Investor for an MBS Mortgage Loan that is not the Multifamily Trading Desk. may be in excess of the Minimum Good Faith DepositMinimum Good Faith DepositAmount you are required to collect when originating a Mortgage Loan per Part IV A: Mortgage Loan Commitment, Delivery and Purchase Procedures, Section 304. required by Fannie Mae);

(e) complete the following underwriting related to the BorrowerBorrowerPerson who is the obligor under the Note., the Key PrincipalKey PrincipalPerson(s) who control and/or manage the Borrower or the Property, are critical to the successful operation and management of the Borrower and the Property, and who may be required to provide a Guaranty., and the PrincipalPrincipalPerson who owns or controls specified interests in the Borrower per Part I: Mortgage Loan, Section 303.:

1. identify the BorrowerBorrowerPerson who is the obligor under the Note., the Key PrincipalsKey PrincipalsPerson(s) who control and/or manage the Borrower or the Property, are critical to the successful operation and management of the Borrower and the Property, and who may be required to provide a Guaranty., and the PrincipalsPrincipalsPerson who owns or controls specified interests in the Borrower per Part I: Mortgage Loan, Section 303.;

2. perform an ACheckACheckLender due diligence for the Borrower, Key Principal, and Principal using the ACheck application. review for each BorrowerBorrowerPerson who is the obligor under the Note., Key PrincipalKey PrincipalPerson(s) who control and/or manage the Borrower or the Property, are critical to the successful operation and management of the Borrower and the Property, and who may be required to provide a Guaranty., and PrincipalPrincipalPerson who owns or controls specified interests in the Borrower per Part I: Mortgage Loan, Section 303.; and

3. determine that each BorrowerBorrowerPerson who is the obligor under the Note., Key PrincipalKey PrincipalPerson(s) who control and/or manage the Borrower or the Property, are critical to the successful operation and management of the Borrower and the Property, and who may be required to provide a Guaranty., and PrincipalPrincipalPerson who owns or controls specified interests in the Borrower per Part I: Mortgage Loan, Section 303. is not (a) a “specially designated national and blocked person” on the Specially Designated Nationals List maintained by OFACOFACU.S. Treasury Department, Office of Foreign Assets Control.; or (b) included on the SCP ListSCP ListFHFA’s Suspended Counterparty Program list located at www.fhfa.gov..

(f) advise the BorrowerBorrowerPerson who is the obligor under the Note.:

1. to review and request any modifications to the Fannie Mae standard form multifamily Loan DocumentsLoan DocumentsAll documents evidencing, securing, or guaranteeing the debt obligation executed for a Mortgage Loan and approved by Fannie Mae.; and

2. that, if the BorrowerBorrowerPerson who is the obligor under the Note. enters into a Rate LockRate LockAgreement between the Lender and the Investor containing the terms of the Lender-Arranged Sale or Multifamily Trading Desk trade of the Mortgage Loan and the MBS terms and conditions relating to the underlying MBS, if applicable, which may be documented via a recorded telephone conversation. 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. with the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. and InvestorInvestorMBS Investor for an MBS Mortgage Loan, or Fannie Mae for a Cash Mortgage Loan. prior to the review and approval by the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. of all Loan DocumentLoan DocumentAll documents evidencing, securing, or guaranteeing the debt obligation executed for a Mortgage Loan and approved by Fannie Mae. modifications requested by the BorrowerBorrowerPerson who is the obligor under the Note., approval of any subsequent modifications shall be at the sole discretion of Fannie Mae and the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans., and any refusal by the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. shall not constitute a defense of the BorrowerBorrowerPerson who is the obligor under the Note. to the failure by the BorrowerBorrowerPerson who is the obligor under the Note. to close 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. in accordance with the Loan Commitment (in the amount of the Rate Lock Loan Amount); and

(g) enter into a Streamlined Rate Lock Agreement among the BorrowerBorrowerPerson who is the obligor under the Note., the Key PrincipalKey PrincipalPerson(s) who control and/or manage the Borrower or the Property, are critical to the successful operation and management of the Borrower and the Property, and who may be required to provide a Guaranty. and the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. in which the BorrowerBorrowerPerson who is the obligor under the Note. and the Key PrincipalKey PrincipalPerson(s) who control and/or manage the Borrower or the Property, are critical to the successful operation and management of the Borrower and the Property, and who may be required to provide a Guaranty. jointly and severally agree to pay to the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans., on a full recourse basis, any damages associated with the BorrowerBorrowerPerson who is the obligor under the Note.’s failure to originate 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., which damages to a Third Party MBS InvestorThird Party MBS InvestorMBS Investor for an MBS Mortgage Loan that is not the Multifamily Trading Desk. may be in excess of the Minimum Good Faith DepositMinimum Good Faith DepositAmount you are required to collect when originating a Mortgage Loan per Part IV A: Mortgage Loan Commitment, Delivery and Purchase Procedures, Section 304. required by Fannie Mae.

Section 203	Rate Lock and Full Underwriting

The LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. may obtain a Streamlined Rate Lock by following the rate lock procedures detailed in Part IV A, Chapter 3: Committing, at such time as the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. has:

(a) completed the preliminary due diligence described in Part IV B, Chapter 2: Streamlined Rate Lock, Section 202: Preliminary Underwriting Requirements and the preliminary underwriting deemed necessary by the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans.; and

(b) obtained approval from the Fannie Mae Deal TeamFannie Mae Deal TeamTeam responsible for reviewing Pre-Review Mortgage Loans, waivers, etc. of all exceptions or modifications identified at the time of the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans.’s preliminary underwriting, including all Loan DocumentLoan DocumentAll documents evidencing, securing, or guaranteeing the debt obligation executed for a Mortgage Loan and approved by Fannie Mae. modifications.

The LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must complete full underwriting of the Streamlined Rate Lock 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. no later than the earlier of (i) the Mortgage Loan Origination DateMortgage Loan Origination DateDate the Lender funds a Mortgage Loan to the Borrower., or (ii) 90 days after the date on which the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. enters into the Streamlined Rate Lock. For Green Mortgage LoansGreen Mortgage LoansMortgage Loan secured by a Property that incorporates features expected to have a positive environmental outcome including, but not limited to, reducing energy and water consumption at a Property, generating energy, or meeting criteria set by a third-party green building certification organization…, the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must review:

the PCA ReportPCA ReportProperty Condition Assessment Report documenting the findings of a PCA. with an HPB ModuleHPB ModulePCA High Performance Building Module assessing cost effective opportunities to increase a Property’s energy and water efficiency and reduce costs. (or a separate HPB Report), and confirm that the BorrowerBorrowerPerson who is the obligor under the Note. has agreed to implement Energy- and Water Efficiency Measures that the HPB ModuleHPB ModulePCA High Performance Building Module assessing cost effective opportunities to increase a Property’s energy and water efficiency and reduce costs. or HPB Report projects to achieve the reduction in annual energy or water consumption required to qualify as a Green Rewards Mortgage LoanGreen Rewards Mortgage LoanMortgage Loan secured by a Property on which the Borrower agrees to undertake 1 or more Energy- and Water-Efficiency Measures (Efficiency Measures or EWEM) that comply with Part III: Products and Features, Section 403.; or
the required Fannie Mae-recognized Green Building CertificationGreen Building CertificationDesignation awarded by a third-party organization to multifamily properties constructed or maintained to meet specified energy and water efficiency standards or other sustainability criteria. prior to Rate LockRate LockAgreement between the Lender and the Investor containing the terms of the Lender-Arranged Sale or Multifamily Trading Desk trade of the Mortgage Loan and the MBS terms and conditions relating to the underlying MBS, if applicable, which may be documented via a recorded telephone conversation..

The LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must update all underwriting documentation as of the Mortgage Loan Origination DateMortgage Loan Origination DateDate the Lender funds a Mortgage Loan to the Borrower. in accordance with the underwriting requirements of the 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….

Section 204	The Lender’s Determination after Completion and Review of the Full Underwriting Package

204.01	Full Underwriting

After the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. has completed full underwriting of the Streamlined Rate Lock 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 LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must make 1 of the determinations described in Part IV B, Chapter 2: Streamlined Rate Lock, Section 204.02: Lender Determinations after Full Underwriting.

204.01A	Changes to Rate Lock Amount or Commitment Amount

Subject to the terms of Part IV B, Chapter 2: Streamlined Rate Lock, Section 204.02: Lender Determinations after Full Underwriting, no changes may be made to the Rate LockRate LockAgreement between the Lender and the Investor containing the terms of the Lender-Arranged Sale or Multifamily Trading Desk trade of the Mortgage Loan and the MBS terms and conditions relating to the underlying MBS, if applicable, which may be documented via a recorded telephone conversation. amount after obtaining a Streamlined Rate Lock or to the Commitment AmountCommitment AmountAnticipated Mortgage Loan amount per the Commitment. after a CommitmentCommitmentContractual agreement between Fannie Mae and the Lender where Fannie Mae agrees to buy a Mortgage Loan from the Lender at a future date in exchange for an MBS, or at a specific price for a Cash Mortgage Loan, and the Lender agrees to Deliver that Mortgage Loan to Fannie Mae. has been confirmed. All changes to the preliminary Net Operating IncomeNet Operating IncomeOn an annual basis or any specified period, the total Effective Gross Income minus the Property’s operating expenses., 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). value, or any other items used to determine the Rate LockRate LockAgreement between the Lender and the Investor containing the terms of the Lender-Arranged Sale or Multifamily Trading Desk trade of the Mortgage Loan and the MBS terms and conditions relating to the underlying MBS, if applicable, which may be documented via a recorded telephone conversation. amount must be fully documented in the Folder II submission of the Mortgage Loan Delivery PackageMortgage Loan Delivery PackageLoan Documents and underwriting material required in connection with the Delivery of a Mortgage Loan..

204.01B	Mortgage Loan Delivery Package

The preliminary information and documentation described in Part IV B, Chapter 2: Streamlined Rate Lock, Section 202: Preliminary Underwriting Requirements must be included in the Mortgage Loan Delivery PackageMortgage Loan Delivery PackageLoan Documents and underwriting material required in connection with the Delivery of a Mortgage Loan. described in Part IV A, Chapter 5: Delivery Procedures – Documents and must be in a form that will enable Fannie Mae to conduct a post-purchase file review of the information.

In addition, the following must be included in the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans.’s final Mortgage Loan Delivery PackageMortgage Loan Delivery PackageLoan Documents and underwriting material required in connection with the Delivery of a Mortgage Loan. DeliveredDeliveredMeeting all of the data delivery requirements in , and submitting an acceptable Mortgage Loan Delivery Package per Part IV A: Mortgage Loan Commitment, Delivery and Purchase Procedures, Chapter 5. A Mortgage Loan is “Delivered,” when all documents, data, and information are correct, accurate, and… pursuant to Part IV A, Chapter 5: Delivery Procedures – Documents:

a complete Transaction Approval Memo and underwriting spreadsheets with details on how the Rate LockRate LockAgreement between the Lender and the Investor containing the terms of the Lender-Arranged Sale or Multifamily Trading Desk trade of the Mortgage Loan and the MBS terms and conditions relating to the underlying MBS, if applicable, which may be documented via a recorded telephone conversation. amount for the Streamlined Rate Lock 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 calculated, including any required change to the Guaranty Fee RateGuaranty Fee RateRate of the Mortgage Loan Guaranty Fee expressed as an annualized percentage. and Servicing Fee RateServicing Fee RateRate of the Servicing Fee for the Mortgage Loan, expressed as an annualized percentage. included in the Streamlined Rate Lock for a non-qualifying Green Rewards Mortgage LoanGreen Rewards Mortgage LoanMortgage Loan secured by a Property on which the Borrower agrees to undertake 1 or more Energy- and Water-Efficiency Measures (Efficiency Measures or EWEM) that comply with Part III: Products and Features, Section 403., as described in Part IV B, Chapter 2: Streamlined Rate Lock, Section 204.02: Lender Determinations after Full Underwriting;
the calculation of any changes to the Delivered Mortgage Loan AmountDelivered Mortgage Loan AmountUPB of a Mortgage Loan when it is purchased by Fannie Mae.; and
all required underwriting documentation used at the time of full underwriting.

204.02	Lender Determinations after Full Underwriting

After completing the full underwriting and prior to submitting Folder II of the Mortgage Loan Delivery PackageMortgage Loan Delivery PackageLoan Documents and underwriting material required in connection with the Delivery of a Mortgage Loan. to Fannie Mae, the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must, based on the results of the full underwriting, determine if the Streamlined Rate Lock 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. will be:

delivered with no changes to the terms of the Streamlined Rate Lock or the CommitmentCommitmentContractual agreement between Fannie Mae and the Lender where Fannie Mae agrees to buy a Mortgage Loan from the Lender at a future date in exchange for an MBS, or at a specific price for a Cash Mortgage Loan, and the Lender agrees to Deliver that Mortgage Loan to Fannie Mae.;
delivered with changes to the terms of the Streamlined Rate Lock or the CommitmentCommitmentContractual agreement between Fannie Mae and the Lender where Fannie Mae agrees to buy a Mortgage Loan from the Lender at a future date in exchange for an MBS, or at a specific price for a Cash Mortgage Loan, and the Lender agrees to Deliver that Mortgage Loan to Fannie Mae.; or
not delivered to Fannie Mae.

204.02A	No Change to the Streamlined Rate Lock, or an Increase or Decrease to the Delivered Mortgage Loan Amount within the Delivery Tolerance

The LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must make DeliveryDeliveryMeeting all of the data delivery requirements in , and submitting an acceptable Mortgage Loan Delivery Package per Part IV A: Mortgage Loan Commitment, Delivery and Purchase Procedures, Chapter 5. A Mortgage Loan is “Delivered,” when all documents, data, and information are correct, accurate, and… of an eligible Streamlined Rate Lock 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. satisfying the terms and conditions of the Streamlined Rate Lock, the CommitmentCommitmentContractual agreement between Fannie Mae and the Lender where Fannie Mae agrees to buy a Mortgage Loan from the Lender at a future date in exchange for an MBS, or at a specific price for a Cash Mortgage Loan, and the Lender agrees to Deliver that Mortgage Loan to Fannie Mae., and the 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… if, after the completion of full underwriting, the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. determines that:

no change is necessary to the Streamlined Rate Lock or the CommitmentCommitmentContractual agreement between Fannie Mae and the Lender where Fannie Mae agrees to buy a Mortgage Loan from the Lender at a future date in exchange for an MBS, or at a specific price for a Cash Mortgage Loan, and the Lender agrees to Deliver that Mortgage Loan to Fannie Mae.;
a decrease to the Delivered Mortgage Loan AmountDelivered Mortgage Loan AmountUPB of a Mortgage Loan when it is purchased by Fannie Mae. from the Commitment AmountCommitment AmountAnticipated Mortgage Loan amount per the Commitment. within the Delivery ToleranceDelivery TolerancePer Part IV A: Mortgage Loan Commitment, Delivery and Purchase Procedures, Section 401 for the Delivery of a Mortgage Loan for purchase. (see Part IV A, Chapter 4: Delivery Procedures – Data, Section 401: General) must be made to conform 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. to the required Pricing and Underwriting TierPricing and Underwriting TierTier 1, Tier 2, Tier 3, or Tier 4 per the Multifamily Underwriting Standards (Form 4660).; or
an increase to the Delivered Mortgage Loan AmountDelivered Mortgage Loan AmountUPB of a Mortgage Loan when it is purchased by Fannie Mae. from the Commitment AmountCommitment AmountAnticipated Mortgage Loan amount per the Commitment. within the Delivery ToleranceDelivery TolerancePer Part IV A: Mortgage Loan Commitment, Delivery and Purchase Procedures, Section 401 for the Delivery of a Mortgage Loan for purchase. (see Part IV A, Chapter 4: Delivery Procedures – Data, Section 401: General) can be made, provided that the Delivered Mortgage Loan AmountDelivered Mortgage Loan AmountUPB of a Mortgage Loan when it is purchased by Fannie Mae. must be at the same Pricing and Underwriting at which 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 underwritten.

Within 1 Business DayBusiness DayAny 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 determining that the Delivered Mortgage Loan AmountDelivered Mortgage Loan AmountUPB of a Mortgage Loan when it is purchased by Fannie Mae. will be greater or less than the Commitment AmountCommitment AmountAnticipated Mortgage Loan amount per the Commitment. but within the Delivery ToleranceDelivery TolerancePer Part IV A: Mortgage Loan Commitment, Delivery and Purchase Procedures, Section 401 for the Delivery of a Mortgage Loan for purchase., the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must submit a data change request in C&DC&DElectronic committing and delivery system used for issuing and confirming Commitments for acquiring Mortgage Loans, or any such successor system., as described in Part IV A, Chapter 3: Committing, Section 305: Commitment Terms and Procedures, to update the fields that relate to the changed Commitment AmountCommitment AmountAnticipated Mortgage Loan amount per the Commitment..

204.02B	Changes to the terms of the Streamlined Rate Lock or the Commitment

1. Decrease in the Delivered Mortgage Loan Amount in Excess of the Delivery Tolerance up to 10% of the Commitment Amount.

If after the completion of full underwriting, the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. determines that the Delivered Mortgage Loan AmountDelivered Mortgage Loan AmountUPB of a Mortgage Loan when it is purchased by Fannie Mae. will be less than 95% of the Commitment AmountCommitment AmountAnticipated Mortgage Loan amount per the Commitment. but greater than 90% of the Commitment AmountCommitment AmountAnticipated Mortgage Loan amount per the Commitment., then:

for Cash and MBS Trades with the Multifamily Trading DeskMultifamily Trading DeskTeam that quotes interest rate pricing for a Mortgage Loan and can be contacted at (888) 889-1118.:
- Fannie Mae shall accept delivery 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. in such lesser amount; and
- the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. shall owe as liquidated damages, to be paid from the Good Faith DepositGood Faith DepositAs defined in Part IV A: Mortgage Loan Commitment, Delivery and Purchase Procedures, Section 304., an amount equal to (i) the difference between 95% of the Commitment AmountCommitment AmountAnticipated Mortgage Loan amount per the Commitment. and the Delivered Mortgage Loan AmountDelivered Mortgage Loan AmountUPB of a Mortgage Loan when it is purchased by Fannie Mae., multiplied by (ii) the applicable Good Faith DepositGood Faith DepositAs defined in Part IV A: Mortgage Loan Commitment, Delivery and Purchase Procedures, Section 304. percentage set forth in Part IV A, Chapter 3: Committing, Section 304: Good Faith Deposits;
for MBS Trades with a Third Party MBS InvestorThird Party MBS InvestorMBS Investor for an MBS Mortgage Loan that is not the Multifamily Trading Desk.:
- the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must confirm whether the Third Party MBS InvestorThird Party MBS InvestorMBS Investor for an MBS Mortgage Loan that is not the Multifamily Trading Desk. will accept delivery of an MBSMBSMortgage-Backed Security in a lower amount than that required to meet that Third Party MBS InvestorThird Party MBS InvestorMBS Investor for an MBS Mortgage Loan that is not the Multifamily Trading Desk.’s delivery requirements (but which Third Party MBS InvestorThird Party MBS InvestorMBS Investor for an MBS Mortgage Loan that is not the Multifamily Trading Desk.’s delivery requirements shall not be less than 90% of the Commitment AmountCommitment AmountAnticipated Mortgage Loan amount per the Commitment.); and
- send confirmation by the Third Party MBS InvestorThird Party MBS InvestorMBS Investor for an MBS Mortgage Loan that is not the Multifamily Trading Desk. that the Third Party MBS InvestorThird Party MBS InvestorMBS Investor for an MBS Mortgage Loan that is not the Multifamily Trading Desk. will accept delivery of the MBSMBSMortgage-Backed Security in such lower amount to Multifamily AcquisitionsMultifamily AcquisitionsTeam that can be contacted at [email protected].

Within 1 Business DayBusiness DayAny 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 determining that the Delivered Mortgage Loan AmountDelivered Mortgage Loan AmountUPB of a Mortgage Loan when it is purchased by Fannie Mae. will be less than the Commitment AmountCommitment AmountAnticipated Mortgage Loan amount per the Commitment. and not within the Delivery ToleranceDelivery TolerancePer Part IV A: Mortgage Loan Commitment, Delivery and Purchase Procedures, Section 401 for the Delivery of a Mortgage Loan for purchase. as permitted above, the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must submit a data change request in C&DC&DElectronic committing and delivery system used for issuing and confirming Commitments for acquiring Mortgage Loans, or any such successor system. as described in Part IV A, Chapter 3: Committing, Section 305: Commitment Terms and Procedures to update the fields that relate to the changed Commitment AmountCommitment AmountAnticipated Mortgage Loan amount per the Commitment..

2. Increase in the Delivered Mortgage Loan Amount in Excess of the Delivery Tolerance is Justified (Dual Commitment Option).

the Streamlined Rate Lock 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. qualifies for additional proceeds in excess of the Delivery ToleranceDelivery TolerancePer Part IV A: Mortgage Loan Commitment, Delivery and Purchase Procedures, Section 401 for the Delivery of a Mortgage Loan for purchase.; and
the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. desires to increase the Commitment AmountCommitment AmountAnticipated Mortgage Loan amount per the Commitment. of the Streamlined Rate Lock 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..

3. Change in the Streamlined Rate Lock for a Non-Qualifying Green Rewards Mortgage Loan.

In addition to any other changes required by this Section, if after determining that 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. will not (a) project the reduction in annual energy or water consumption required to qualify as a Green Rewards Mortgage LoanGreen Rewards Mortgage LoanMortgage Loan secured by a Property on which the Borrower agrees to undertake 1 or more Energy- and Water-Efficiency Measures (Efficiency Measures or EWEM) that comply with Part III: Products and Features, Section 403., or (b) receive the Fannie Mae-recognized Green Building CertificationGreen Building CertificationDesignation awarded by a third-party organization to multifamily properties constructed or maintained to meet specified energy and water efficiency standards or other sustainability criteria. required to qualify as a Green Mortgage LoanGreen Mortgage LoanMortgage Loan secured by a Property that incorporates features expected to have a positive environmental outcome including, but not limited to, reducing energy and water consumption at a Property, generating energy, or meeting criteria set by a third-party green building certification organization…, an adjustment to the Streamlined Rate Lock will be required. Within 1 Business DayBusiness DayAny 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 such determination, the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must:

prior to originating 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., (i) notify the Fannie Mae Deal TeamFannie Mae Deal TeamTeam responsible for reviewing Pre-Review Mortgage Loans, waivers, etc., and (ii) make any necessary changes 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. amount and Gross Note RateGross Note RateInterest rate stated in the Loan Documents. in the Loan DocumentsLoan DocumentsAll documents evidencing, securing, or guaranteeing the debt obligation executed for a Mortgage Loan and approved by Fannie Mae.; and
prior to the Delivery DeadlineDelivery DeadlinePer Part IV A: Mortgage Loan Commitment, Delivery and Purchase Procedures, Section 401 for the Delivery of a Mortgage Loan for purchase., submit a data change request in C&DC&DElectronic committing and delivery system used for issuing and confirming Commitments for acquiring Mortgage Loans, or any such successor system., as described in Part IV A, Chapter 3: Committing, Section 305: Commitment Terms and Procedures, to:
- update the Gross Note RateGross Note RateInterest rate stated in the Loan Documents. for 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. to include the alternative “non-Green” Guaranty Fee RateGuaranty Fee RateRate of the Mortgage Loan Guaranty Fee expressed as an annualized percentage. and Servicing Fee RateServicing Fee RateRate of the Servicing Fee for the Mortgage Loan, expressed as an annualized percentage. provided by the Fannie Mae Deal TeamFannie Mae Deal TeamTeam responsible for reviewing Pre-Review Mortgage Loans, waivers, etc. at the time of Rate LockRate LockAgreement between the Lender and the Investor containing the terms of the Lender-Arranged Sale or Multifamily Trading Desk trade of the Mortgage Loan and the MBS terms and conditions relating to the underlying MBS, if applicable, which may be documented via a recorded telephone conversation. as a Green Mortgage LoanGreen Mortgage LoanMortgage Loan secured by a Property that incorporates features expected to have a positive environmental outcome including, but not limited to, reducing energy and water consumption at a Property, generating energy, or meeting criteria set by a third-party green building certification organization…; and
- make any required change in 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. amount.

204.02C	Waiver to Accept Delivery

If, after the completion of final underwriting, the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. determines that (i) the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. cannot make DeliveryDeliveryMeeting all of the data delivery requirements in , and submitting an acceptable Mortgage Loan Delivery Package per Part IV A: Mortgage Loan Commitment, Delivery and Purchase Procedures, Chapter 5. A Mortgage Loan is “Delivered,” when all documents, data, and information are correct, accurate, and… of the Streamlined Rate Lock 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. without a modification to the terms of the Streamlined Rate Lock and the CommitmentCommitmentContractual agreement between Fannie Mae and the Lender where Fannie Mae agrees to buy a Mortgage Loan from the Lender at a future date in exchange for an MBS, or at a specific price for a Cash Mortgage Loan, and the Lender agrees to Deliver that Mortgage Loan to Fannie Mae., and (ii) the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. still desires to make DeliveryDeliveryMeeting all of the data delivery requirements in , and submitting an acceptable Mortgage Loan Delivery Package per Part IV A: Mortgage Loan Commitment, Delivery and Purchase Procedures, Chapter 5. A Mortgage Loan is “Delivered,” when all documents, data, and information are correct, accurate, and… of the Streamlined Rate Lock 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. with a modification to terms of the Streamlined Rate Lock and the CommitmentCommitmentContractual agreement between Fannie Mae and the Lender where Fannie Mae agrees to buy a Mortgage Loan from the Lender at a future date in exchange for an MBS, or at a specific price for a Cash Mortgage Loan, and the Lender agrees to Deliver that Mortgage Loan to Fannie Mae., the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must submit a waiver request explaining the reasons for the proposed modifications to the Streamlined Rate Lock and the CommitmentCommitmentContractual agreement between Fannie Mae and the Lender where Fannie Mae agrees to buy a Mortgage Loan from the Lender at a future date in exchange for an MBS, or at a specific price for a Cash Mortgage Loan, and the Lender agrees to Deliver that Mortgage Loan to Fannie Mae. and the rationale for the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans.’s desire for Fannie Mae to accept DeliveryDeliveryMeeting all of the data delivery requirements in , and submitting an acceptable Mortgage Loan Delivery Package per Part IV A: Mortgage Loan Commitment, Delivery and Purchase Procedures, Chapter 5. A Mortgage Loan is “Delivered,” when all documents, data, and information are correct, accurate, and… of the Streamlined Rate Lock 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 the waiver request is not approved by Fannie Mae and the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. cannot otherwise make DeliveryDeliveryMeeting all of the data delivery requirements in , and submitting an acceptable Mortgage Loan Delivery Package per Part IV A: Mortgage Loan Commitment, Delivery and Purchase Procedures, Chapter 5. A Mortgage Loan is “Delivered,” when all documents, data, and information are correct, accurate, and… of the Streamlined Rate Lock 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. without a modification to the terms of the Streamlined Rate Lock and the CommitmentCommitmentContractual agreement between Fannie Mae and the Lender where Fannie Mae agrees to buy a Mortgage Loan from the Lender at a future date in exchange for an MBS, or at a specific price for a Cash Mortgage Loan, and the Lender agrees to Deliver that Mortgage Loan to Fannie Mae., the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. will be subject to the provisions set forth in Part IV A, Chapter 5: Delivery Procedures – Documents, Section 501.05: Failure to Deliver: Return of Package.

204.02D	Non-Delivery of Streamlined Rate Lock Mortgage Loan

After the completion of full underwriting, the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. may inform Fannie Mae that 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. will not be delivered. In such case, the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. will be subject to the provisions set forth in Part IV A, Chapter 5: Delivery Procedures – Documents, Section 501.05: Failure to Deliver: Return of Package.

Section 205	Dual Commitment Option

205.01	General

For trades with the Multifamily Trading DeskMultifamily Trading DeskTeam that quotes interest rate pricing for a Mortgage Loan and can be contacted at (888) 889-1118., the Dual Commitment OptionDual Commitment OptionFor ERL Mortgage Loans and Streamlined Rate Lock Mortgage Loans that are subject to trades with the Multifamily Trading Desk, the ability of the Lender to increase the Rate Lock Amount of the Mortgage Loan per Part IV B: Mortgage Loan Commitment, Delivery, and Purchase Procedures for Special… is available to increase the Commitment AmountCommitment AmountAnticipated Mortgage Loan amount per the Commitment. of the Streamlined Rate Lock 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 the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. determines that 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). supports an increase to the Mortgage Loan Amount after completion of full underwriting. If the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. anticipates using the Dual Commitment OptionDual Commitment OptionFor ERL Mortgage Loans and Streamlined Rate Lock Mortgage Loans that are subject to trades with the Multifamily Trading Desk, the ability of the Lender to increase the Rate Lock Amount of the Mortgage Loan per Part IV B: Mortgage Loan Commitment, Delivery, and Purchase Procedures for Special…, the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must notify the Multifamily Trading DeskMultifamily Trading DeskTeam that quotes interest rate pricing for a Mortgage Loan and can be contacted at (888) 889-1118. at the time of the original Rate LockRate LockAgreement between the Lender and the Investor containing the terms of the Lender-Arranged Sale or Multifamily Trading Desk trade of the Mortgage Loan and the MBS terms and conditions relating to the underlying MBS, if applicable, which may be documented via a recorded telephone conversation.. If the Dual Commitment OptionDual Commitment OptionFor ERL Mortgage Loans and Streamlined Rate Lock Mortgage Loans that are subject to trades with the Multifamily Trading Desk, the ability of the Lender to increase the Rate Lock Amount of the Mortgage Loan per Part IV B: Mortgage Loan Commitment, Delivery, and Purchase Procedures for Special… is used, the Delivery ToleranceDelivery TolerancePer Part IV A: Mortgage Loan Commitment, Delivery and Purchase Procedures, Section 401 for the Delivery of a Mortgage Loan for purchase. may not be used to increase 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. amount after the completion of full underwriting of the Streamlined Rate Lock 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..

205.02	Obtaining Additional Proceeds

If the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. uses the Dual Commitment OptionDual Commitment OptionFor ERL Mortgage Loans and Streamlined Rate Lock Mortgage Loans that are subject to trades with the Multifamily Trading Desk, the ability of the Lender to increase the Rate Lock Amount of the Mortgage Loan per Part IV B: Mortgage Loan Commitment, Delivery, and Purchase Procedures for Special…, the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must contact the Multifamily Trading DeskMultifamily Trading DeskTeam that quotes interest rate pricing for a Mortgage Loan and can be contacted at (888) 889-1118. to request a quote and indicate:

that the quote is associated with the original Rate LockRate LockAgreement between the Lender and the Investor containing the terms of the Lender-Arranged Sale or Multifamily Trading Desk trade of the Mortgage Loan and the MBS terms and conditions relating to the underlying MBS, if applicable, which may be documented via a recorded telephone conversation. for a Streamlined Rate Lock 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.; and
whether the original Rate LockRate LockAgreement between the Lender and the Investor containing the terms of the Lender-Arranged Sale or Multifamily Trading Desk trade of the Mortgage Loan and the MBS terms and conditions relating to the underlying MBS, if applicable, which may be documented via a recorded telephone conversation. was for an MBS Mortgage LoanMBS Mortgage LoanMortgage Loan purchased by Fannie Mae in exchange for an issued MBS backed by the Mortgage Loan. or a Cash Mortgage LoanCash Mortgage LoanMortgage Loan purchased by Fannie Mae in exchange for cash..

The percentage of the UPBUPBUnpaid Principal Balance applicable to risk sharing may not be changed from the original Rate LockRate LockAgreement between the Lender and the Investor containing the terms of the Lender-Arranged Sale or Multifamily Trading Desk trade of the Mortgage Loan and the MBS terms and conditions relating to the underlying MBS, if applicable, which may be documented via a recorded telephone conversation.. In addition, none of following terms of the original Rate LockRate LockAgreement between the Lender and the Investor containing the terms of the Lender-Arranged Sale or Multifamily Trading Desk trade of the Mortgage Loan and the MBS terms and conditions relating to the underlying MBS, if applicable, which may be documented via a recorded telephone conversation. may be changed in C&DC&DElectronic committing and delivery system used for issuing and confirming Commitments for acquiring Mortgage Loans, or any such successor system.:

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;
Amortization term;
Prepayment terms;
Pricing method (the pricing structure as set forth in the Pricing MemoPricing MemoApplicable DUS Pricing Memo or non-DUS Pricing Memo communicating pricing for various products and features to Lenders.);
Amortization type (interest payment method);
Interest accrual method;
Pricing and Underwriting TierPricing and Underwriting TierTier 1, Tier 2, Tier 3, or Tier 4 per the Multifamily Underwriting Standards (Form 4660).;
CommitmentCommitmentContractual agreement between Fannie Mae and the Lender where Fannie Mae agrees to buy a Mortgage Loan from the Lender at a future date in exchange for an MBS, or at a specific price for a Cash Mortgage Loan, and the Lender agrees to Deliver that Mortgage Loan to Fannie Mae. date;
Rate LockRate LockAgreement between the Lender and the Investor containing the terms of the Lender-Arranged Sale or Multifamily Trading Desk trade of the Mortgage Loan and the MBS terms and conditions relating to the underlying MBS, if applicable, which may be documented via a recorded telephone conversation. period;
Commitment Expiration DateCommitment Expiration DateDate when a Commitment expires.; and
Settlement DateSettlement DateCalendar date a Security is delivered by Fannie Mae via the Federal Reserve book-entry system to the applicable Investor’s designated book-entry account at a depository institution..

No increase to the Good Faith DepositGood Faith DepositAs defined in Part IV A: Mortgage Loan Commitment, Delivery and Purchase Procedures, Section 304. is required under the Dual Commitment OptionDual Commitment OptionFor ERL Mortgage Loans and Streamlined Rate Lock Mortgage Loans that are subject to trades with the Multifamily Trading Desk, the ability of the Lender to increase the Rate Lock Amount of the Mortgage Loan per Part IV B: Mortgage Loan Commitment, Delivery, and Purchase Procedures for Special…. If approved by Fannie Mae, the Multifamily Trading DeskMultifamily Trading DeskTeam that quotes interest rate pricing for a Mortgage Loan and can be contacted at (888) 889-1118. will lock the rate with the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. pursuant to the provisions of Part IV A, Chapter 3: Committing, Section 303: Obtaining a Rate Lock. Within 1 Business DayBusiness DayAny 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 obtaining the Rate LockRate LockAgreement between the Lender and the Investor containing the terms of the Lender-Arranged Sale or Multifamily Trading Desk trade of the Mortgage Loan and the MBS terms and conditions relating to the underlying MBS, if applicable, which may be documented via a recorded telephone conversation. from the Multifamily Trading DeskMultifamily Trading DeskTeam that quotes interest rate pricing for a Mortgage Loan and can be contacted at (888) 889-1118., the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must make changes to the CommitmentCommitmentContractual agreement between Fannie Mae and the Lender where Fannie Mae agrees to buy a Mortgage Loan from the Lender at a future date in exchange for an MBS, or at a specific price for a Cash Mortgage Loan, and the Lender agrees to Deliver that Mortgage Loan to Fannie Mae. in C&DC&DElectronic committing and delivery system used for issuing and confirming Commitments for acquiring Mortgage Loans, or any such successor system. as follows:

For an MBS Mortgage LoanMBS Mortgage LoanMortgage Loan purchased by Fannie Mae in exchange for an issued MBS backed by the Mortgage Loan., submit a data change request in C&DC&DElectronic committing and delivery system used for issuing and confirming Commitments for acquiring Mortgage Loans, or any such successor system. as described in Part IV A, Chapter 3: Committing, Section 305: Commitment Terms and Procedures to update the fields that relate to the changed Commitment AmountCommitment AmountAnticipated Mortgage Loan amount per the Commitment.. The revised CommitmentCommitmentContractual agreement between Fannie Mae and the Lender where Fannie Mae agrees to buy a Mortgage Loan from the Lender at a future date in exchange for an MBS, or at a specific price for a Cash Mortgage Loan, and the Lender agrees to Deliver that Mortgage Loan to Fannie Mae. for such MBS Mortgage LoanMBS Mortgage LoanMortgage Loan purchased by Fannie Mae in exchange for an issued MBS backed by the Mortgage Loan. replaces the original CommitmentCommitmentContractual agreement between Fannie Mae and the Lender where Fannie Mae agrees to buy a Mortgage Loan from the Lender at a future date in exchange for an MBS, or at a specific price for a Cash Mortgage Loan, and the Lender agrees to Deliver that Mortgage Loan to Fannie Mae..
For a Cash Mortgage LoanCash Mortgage LoanMortgage Loan purchased by Fannie Mae in exchange for cash., submit an “Additional Rate Lock” request in C&DC&DElectronic committing and delivery system used for issuing and confirming Commitments for acquiring Mortgage Loans, or any such successor system. (refer to the C&DC&DElectronic committing and delivery system used for issuing and confirming Commitments for acquiring Mortgage Loans, or any such successor system. User Manual). The revised CommitmentCommitmentContractual agreement between Fannie Mae and the Lender where Fannie Mae agrees to buy a Mortgage Loan from the Lender at a future date in exchange for an MBS, or at a specific price for a Cash Mortgage Loan, and the Lender agrees to Deliver that Mortgage Loan to Fannie Mae. updates the original CommitmentCommitmentContractual agreement between Fannie Mae and the Lender where Fannie Mae agrees to buy a Mortgage Loan from the Lender at a future date in exchange for an MBS, or at a specific price for a Cash Mortgage Loan, and the Lender agrees to Deliver that Mortgage Loan to Fannie Mae..

The revised Commitment AmountCommitment AmountAnticipated Mortgage Loan amount per the Commitment. will be the sum of (i) the original Commitment AmountCommitment AmountAnticipated Mortgage Loan amount per the Commitment., plus (ii) the Rate LockRate LockAgreement between the Lender and the Investor containing the terms of the Lender-Arranged Sale or Multifamily Trading Desk trade of the Mortgage Loan and the MBS terms and conditions relating to the underlying MBS, if applicable, which may be documented via a recorded telephone conversation. amount for the additional loan proceeds. The stated interest rate in the revised CommitmentCommitmentContractual agreement between Fannie Mae and the Lender where Fannie Mae agrees to buy a Mortgage Loan from the Lender at a future date in exchange for an MBS, or at a specific price for a Cash Mortgage Loan, and the Lender agrees to Deliver that Mortgage Loan to Fannie Mae. will be the weighted average of the interest rate in the original Rate LockRate LockAgreement between the Lender and the Investor containing the terms of the Lender-Arranged Sale or Multifamily Trading Desk trade of the Mortgage Loan and the MBS terms and conditions relating to the underlying MBS, if applicable, which may be documented via a recorded telephone conversation. and the interest rate in the Rate LockRate LockAgreement between the Lender and the Investor containing the terms of the Lender-Arranged Sale or Multifamily Trading Desk trade of the Mortgage Loan and the MBS terms and conditions relating to the underlying MBS, if applicable, which may be documented via a recorded telephone conversation. for the additional loan proceeds.