Level 2 and Level 3 In Place Loans – Generally

If Fannie Mae does not approve an In Place LoanIn Place LoanMortgage Loan refinancing a Portfolio Mortgage Loan that does not meet Tier 2 underwriting requirements. for purchase, then Fannie Mae in its sole discretion (or, for Portfolio Mortgage LoansPortfolio Mortgage LoansMortgage Loan purchased by Fannie Mae and held as of a certain date regardless of whether it is a Cash Mortgage Loan or an MBS Mortgage Loan. with loss sharing, Fannie Mae and the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. , in their joint discretion) may agree to enter into a modification and extension of the Portfolio Mortgage LoanPortfolio Mortgage LoanMortgage Loan purchased by Fannie Mae and held as of a certain date regardless of whether it is a Cash Mortgage Loan or an MBS Mortgage Loan. with such additional loan terms as deemed necessary.  Any modification or extension of the Portfolio Mortgage LoanPortfolio Mortgage LoanMortgage Loan purchased by Fannie Mae and held as of a certain date regardless of whether it is a Cash Mortgage Loan or an MBS Mortgage Loan. , or any new Level 3 In Place LoanLevel 3 In Place LoanGenerally, Portfolio Mortgage Loans with an Underwritten DSCR greater than 5 basis points below Tier 2 standards or an LTV greater than 5% above Tier 2 standards per Part V: Servicing and Asset Management, Section 802. refinancing of a Portfolio Mortgage LoanPortfolio Mortgage LoanMortgage Loan purchased by Fannie Mae and held as of a certain date regardless of whether it is a Cash Mortgage Loan or an MBS Mortgage Loan. with loss sharing will be subject to Triggering Modification Interim Loss Sharing under the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. ’s Loss Sharing Addendum.