Unless specifically modified in this Chapter, an In Place LoanIn Place LoanMortgage Loan refinancing a Portfolio Mortgage Loan that does not meet Tier 2 underwriting requirements. must meet all of the requirements provided in:
- Part I;
- Part II;
- the applicable Part III Chapters based on the specific products and features 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. ; and
- Form 4660Form 4660Multifamily Underwriting Standards identifying Pre-Review Mortgage Loans and containing the minimum underwriting requirements (e.g., debt service coverage ratio, loan to value ratio, interest only, underwriting floors, etc.) for all Mortgage Loans. .
In all cases, the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must exercise prudent judgment and, unless modified by this Chapter, give the same selling and servicing representations and warranties as are required for newly originated 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. .