Completion/Repair and Security Agreement Extension Requests
Job-aid
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Drawer AM Job Aids
- Achievement and Other Collateral Agreements: Extensions
- Achievement and Other Collateral Agreements: Release or Reduction
- Casualty Losses
- Commercial Lease Requests
- Completion/Repair and Security Agreement Extension Requests
- Condemnation Requests
- Condominium Conversion Requests
- Easement Requests
- FHA Loss Sharing Termination
- Guaranty Agreement Extension
- Guaranty Agreement Releases
- Partial Collateral Releases
- Property Renovation/Conversion Request
- Property Zoning/Transfer of Development Rights
- Subordinate Financing
- Other Requests
A borrower may request additional time to complete short-term repairs covered under a completion/repair and security agreement. Based on the expiration date for the agreement, extensions may not exceed
- One year for primary risk mortgage loans
- Two years for secondary risk mortgage loans
The table below lists the key points to consider in reviewing a request to extend a completion/repair and security agreement.
Guide Reference |
Multifamily Selling and Servicing Guide |
Delegation Criteria |
Generally, you, as the servicer, have delegated authority to extend the time limit for making repairs if:
Submit to Fannie Mae any requests to extend agreements that have passed the agreement’s expiration date or those for which the property is financed through a credit facility or a bulk delivery. |
What to Submit |
Submit the following to Fannie Mae with your request:
|
How to Submit |
Generally: [email protected]. Structured Facilities* Seniors Housing*: [email protected] Hard Copy (if required by Fannie Mae) *Contact us at these e-mail addresses for requirements specific to these financing/asset types. |
Fees |
Not applicable |
Use of Funds |
Not applicable |
Resolution/Follow-Up |
If you approve the extension request under your delegated authority, or if Fannie Mae approves the request, you must amend the completion/repair and security agreement to reflect the new completion date. If we approve the request to extend the terms and conditions of the completion/repair and security agreement, you should prepare and submit to Fannie Mae an amendment to the completion/repair and security agreement blacklined against the most recent agreement. If You Have Limited Power of Attorney Retain a copy of the documentation in your servicing file and send the executed original of the amendment to Drawer AM at the physical address listed above. If You Do Not Have Limited Power of Attorney |
Always consult the loan documents, transaction documents, your servicing agreement, the Multifamily Guide and the relevant forms for complete instructions.
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