705.03
| 705.03A | |
|
|
|
For Primary Risk Mortgage LoansPrimary Risk Mortgage LoansMortgage Loan where Fannie Mae bears all losses or where the Lender and Fannie Mae share losses. , any proposed changes in the property management for PropertyPropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). securing a Non-Performing Mortgage LoanNon-Performing Mortgage LoanMortgage Loan that is subject to an uncured default. must be approved in writing by Fannie Mae Special Asset ManagementSpecial Asset ManagementTeam performing Fannie Mae’s Special Servicing that can be contacted at [email protected] .
| 705.03B | |
|
|
|
For Secondary Risk Mortgage LoansSecondary Risk Mortgage LoansMortgage Loan where the Lender bears all losses until the Lender’s recourse obligations are exhausted. , the recommendation to change the property management for PropertyPropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). securing a Non-Performing Mortgage LoanNon-Performing Mortgage LoanMortgage Loan that is subject to an uncured default. must be included in the SWAT.
The decision to approve the replacement property management must focus on, among other customary underwriting criteria, identifying conflicts of interest between the proposed Property Manager and Fannie Mae, as well as evaluating the Property Manager's ability to maintain the Property'sProperty'sMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). physical condition and improve operating income.
Fannie Mae will communicate its approval or rejection of the proposed replacement of the property management within thirty (30) days after receipt from the ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. of all information necessary to render its decision. Fannie Mae's approval may be conditioned upon receiving additional documentation or the satisfaction of additional requirements. If Fannie Mae has not approved or conditionally approved the proposed replacement property management within thirty (30) days after the Servicer'sServicer'sPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. request, the proposed change in property management will be deemed to be denied by Fannie Mae.
Unless the change in property management is through a court-appointed receiver, the ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must send an original Assignment of Management Agreement (Form 4508) for the proposed new property management company executed by the BorrowerBorrowerPerson who is the obligor per the Note. and information regarding the new property management company to Fannie Mae Special Asset ManagementSpecial Asset ManagementTeam performing Fannie Mae’s Special Servicing that can be contacted at [email protected] to effect a change in PropertyPropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). management.