Generally

For certain LendersLendersPerson Fannie Mae approved to sell or service Mortgage Loans. , the Lender’s ContractLender’s ContractProgram Documents per the Multifamily Selling and Servicing Agreement. with Fannie Mae will specify which party has all of the risk of loss on 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. , or if the LenderLenderPerson Fannie Mae approved to sell or service Mortgage Loans. and Fannie Mae share the loss.  In some Lender ContractsLender ContractsProgram Documents per the Multifamily Selling and Servicing Agreement. , the 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. may be Secondary RiskSecondary RiskMortgage Loan where the Lender bears all losses until the Lender’s recourse obligations are exhausted. until the Lender'sLender'sPerson Fannie Mae approved to sell or service Mortgage Loans. recourse obligation is deemed exhausted after which the 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. will become Primary RiskPrimary RiskMortgage Loan where Fannie Mae bears all losses or where the Lender and Fannie Mae share losses. .