Lender Letters

Fannie Mae is revising Schedule 2 of the Loan Agreement– Summary of Loan Terms for adjustable rate loans to clarify that an adjustment factor may be applied in determining a new replacement index for LIBOR.

As part of Fannie Mae’s commitment to more fully leverage delegation under the DUS® program and expedite the underwriting and closing processes, we are pleased to announce the following updates to our loan documents. We are also updating our counsel designation request forms to expedite processing for interest rate hedge transactions.

To facilitate Lenders’ ability to deliver and store electronic documents, Lenders may use electronic signatures on:

All documents between Lender and Borrower, other than Loan Documents, and
All items to be delivered in Folder II of the Mortgage Loan Delivery Package pursuant to Part IVA, Section 502.02 of the Multifamily Selling and Servicing Guide (Guide). Electronic signatures must comply with applicable federal and state law.

Effective March 1, 2017, Fannie Mae is revising the remittance process for Multifamily Actual/360 MBS Mortgage Loans and Muni Mae Mortgage Loans, requiring:

all principal and interest remittances to be drafted under the Automated Drafting System; and
the submission by February 10, 2017 of a new Form 1055 – Multifamily Authorization for Automatic Transfer of Funds, from Servicers who service Mortgage Loans with branch numbers XXXXX-400-X through XXXXX-479-X.

Fannie Mae announces new SPE/Separateness and Cash Management requirements for certain Pre-Review Mortgage Loans of $100 million or more and 70% LTV or greater, together with associated new Fannie Mae Multifamily Mortgage Business 6000 Series Form Loan Documents for easy implementation.

Fannie Mae announces the publication of new and revised Fannie Mae Multifamily Mortgage Business 6000 Series Form Loan Documents (the “Loan Documents”), principally relating to master lease structures, phased properties, seniors housing properties, and tax credit properties.