Designating
Requirements
If you designated a Senior Mortgage LoanSenior Mortgage LoanSenior loan purchased by Fannie Mae. as eligible for a Tier Dropping Supplemental Mortgage LoanTier Dropping Supplemental Mortgage LoanA Supplemental Mortgage Loan where the combined Underwritten DSCR of the Supplemental Mortgage Loan and all Pre-Existing Mortgage Loans is below the minimum Underwritten DSCR of the original underwriting Tier of the Senior Mortgage Loan, or the combined LTV of the Supplemental Mortgage Loan…, then you must also designate all Supplemental Mortgage LoansSupplemental Mortgage LoansMortgage Loan purchased by Fannie Mae that is subordinated to, and has a Mortgage Loan Origination Date after, the Senior Mortgage Loan that is also owned by Fannie Mae. secured by that PropertyPropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). as eligible for Tier Dropping Supplemental Mortgage LoansTier Dropping Supplemental Mortgage LoansA Supplemental Mortgage Loan where the combined Underwritten DSCR of the Supplemental Mortgage Loan and all Pre-Existing Mortgage Loans is below the minimum Underwritten DSCR of the original underwriting Tier of the Senior Mortgage Loan, or the combined LTV of the Supplemental Mortgage Loan….
- For an MBS Mortgage LoanMBS Mortgage LoanMortgage Loan purchased by Fannie Mae in exchange for an issued MBS backed by the Mortgage Loan. originated before September 1, 2007, you must have designated it as eligible for a Tier Dropping Supplemental Mortgage LoanTier Dropping Supplemental Mortgage LoanA Supplemental Mortgage Loan where the combined Underwritten DSCR of the Supplemental Mortgage Loan and all Pre-Existing Mortgage Loans is below the minimum Underwritten DSCR of the original underwriting Tier of the Senior Mortgage Loan, or the combined LTV of the Supplemental Mortgage Loan… at the time of CommitmentCommitmentContractual agreement between you and Fannie Mae where Fannie Mae agrees to buy a Mortgage Loan at a future date in exchange for an MBS, or at a specific price for a Cash Mortgage Loan, and you agree to Deliver that Mortgage Loan. of each Pre-Existing Mortgage LoanPre-Existing Mortgage LoanMultifamily residential real estate loan secured by Liens against the Property having higher priority than the Lien securing the Subordinate Loan purchased by Fannie Mae. .
- For Pools issued on or after August 1, 2001, the designation for Tier Dropping Supplemental Mortgage LoansTier Dropping Supplemental Mortgage LoansA Supplemental Mortgage Loan where the combined Underwritten DSCR of the Supplemental Mortgage Loan and all Pre-Existing Mortgage Loans is below the minimum Underwritten DSCR of the original underwriting Tier of the Senior Mortgage Loan, or the combined LTV of the Supplemental Mortgage Loan… eligibility must be disclosed on Annex A to the Prospectus.