804.02
No modifications are permitted to the underwriting requirements for the BorrowerBorrowerPerson who is the obligor per the Note. ’s structure and experience set forth in Part I, Chapter 3: Borrower, Guarantor, Key Principals, and Principals. A new Underwriting Certificate is required from the BorrowerBorrowerPerson who is the obligor per the Note. , any GuarantorGuarantorKey Principal or other Person executing a Payment Guaranty, Non-Recourse Guaranty, or any other guaranty related to the Mortgage Loan. of the In Place LoanIn Place LoanMortgage Loan refinancing a Portfolio Mortgage Loan that does not meet Tier 2 underwriting requirements. , and any Key PrincipalKey PrincipalAny Person who controls and/or manages the Borrower or the Property, is critical to the successful operation and management of the Borrower and the Property, and who may be required to provide a Guaranty. . In addition, the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must:
- confirm the original underwriting of the organizational structure, experience and creditworthiness of the BorrowerBorrowerPerson who is the obligor per the Note. , GuarantorGuarantorKey Principal or other Person executing a Payment Guaranty, Non-Recourse Guaranty, or any other guaranty related to the Mortgage Loan. , Key PrincipalKey PrincipalAny Person who controls and/or manages the Borrower or the Property, is critical to the successful operation and management of the Borrower and the Property, and who may be required to provide a Guaranty. , and PrincipalPrincipalPerson who owns or controls specified interests in the Borrower per Part I: Mortgage Loan, Section 303. ;
- identify the GuarantorGuarantorKey Principal or other Person executing a Payment Guaranty, Non-Recourse Guaranty, or any other guaranty related to the Mortgage Loan. , Key PrincipalsKey PrincipalsAny Person who controls and/or manages the Borrower or the Property, is critical to the successful operation and management of the Borrower and the Property, and who may be required to provide a Guaranty. and PrincipalsPrincipalsPerson who owns or controls specified interests in the Borrower per Part I: Mortgage Loan, Section 303. of the BorrowerBorrowerPerson who is the obligor per the Note. and report the results of the ACheckACheckLender due diligence performed for the Borrower, Key Principal, and Principal using the ACheck application. for each BorrowerBorrowerPerson who is the obligor per the Note. , GuarantorGuarantorKey Principal or other Person executing a Payment Guaranty, Non-Recourse Guaranty, or any other guaranty related to the Mortgage Loan. , Key PrincipalKey PrincipalAny Person who controls and/or manages the Borrower or the Property, is critical to the successful operation and management of the Borrower and the Property, and who may be required to provide a Guaranty. , and PrincipalPrincipalPerson who owns or controls specified interests in the Borrower per Part I: Mortgage Loan, Section 303. ;
- obtain updated copies of the organizational documents of the BorrowerBorrowerPerson who is the obligor per the Note. and the Key PrincipalKey PrincipalAny Person who controls and/or manages the Borrower or the Property, is critical to the successful operation and management of the Borrower and the Property, and who may be required to provide a Guaranty. and confirm that the BorrowerBorrowerPerson who is the obligor per the Note. ’s organization complies with Part I, Chapter 3: Borrower, Guarantor, Key Principals, and Principals;
- confirm that no unauthorized change has been made to the organizational structure and organization documents of the BorrowerBorrowerPerson who is the obligor per the Note. ; and
- obtain a new good standing certificate from the jurisdiction where the BorrowerBorrowerPerson who is the obligor per the Note. is organized.
| 804.02B | |
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The BorrowerBorrowerPerson who is the obligor per the Note. is required to provide a management plan and a list of major repairs completed during the preceding 3 years, and the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must confirm that 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). is capably managed.
| 804.02C | |
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The LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. is not required to obtain a copy of the Certificates of Occupancy for 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). . However, the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. should review the original loan files to identify any issues related to the legal status of 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). ’s occupancy, and all issues must be clearly outlined in the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. ’s Transaction Approval Memo.
The LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must confirm that there has been no change in the zoning affecting 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). . If 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). zoning has not changed since the time 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. was initially underwritten, and 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). is a non-conforming use, then a new zoning and non-conforming use analysis is not required for 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). . However, if 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). has been rezoned causing it to become a non-conforming use, or rezoned to further restrict the ability of an existing nonconforming use to rebuild, then the LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. must deliver a non-conforming use analysis. The LenderLenderPerson approved by Fannie Mae to sell or service Mortgage Loans. is not required to obtain an aerial photograph of 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). .