Protection of Property Income
For all Non-Performing Mortgage LoansNon-Performing Mortgage LoansMortgage Loan that is subject to an uncured default., if the BorrowerBorrowerPerson who is the obligor under the Note. is not accounting for and paying to the ServicerServicerPrimary Person responsible for servicing the Mortgage Loan (e.g., the originator, the selling Lender, or a third-party servicer). the monthly net operating income from 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). after the Date of DefaultDate of DefaultDate of the initial Payment Default or Performance Default, per Part V, Chapter 7: Non-Performing Mortgage Loans, Section 703: Mortgage Loan Defaults., then:
- for all Primary Risk Mortgage LoansPrimary Risk Mortgage LoansMortgage Loan where Fannie Mae bears all losses or where the Lender and Fannie Mae share losses. the ServicerServicerPrimary Person responsible for servicing the Mortgage Loan (e.g., the originator, the selling Lender, or a third-party servicer). must notify Fannie Mae Special Asset ManagementSpecial Asset ManagementTeam that performs the work of the Special Servicer for Fannie Mae that can be contacted at [email protected] as part of the Asset Review or otherwise; or
- for all Secondary Risk Mortgage LoansSecondary Risk Mortgage LoansMortgage Loan where the Lender bears all losses until the Lender’s recourse obligations are exhausted., the Special ServicerSpecial ServicerServicer (which may be Fannie Mae, the Servicer, or a third-party special servicer contracted by Fannie Mae) responsible for implementing the loss mitigation actions for a Non-Performing Mortgage Loan. must provide in the SWAT the actions it intends to take to obtain control of the net operating income.