Fannie Mae Small Mortgage Loan definition

Fannie Mae Small Mortgage Loan means (i) a “Small Mortgage Loan” as defined under Part IIIB, Chapter 9 of the Fannie Mae Guide, which is a multifamily Mortgage Loan in the amount of Three Million Dollars ($3,000,000) or less, or for multifamily Mortgage Loans secured by Properties located in certain designated MSAs (“Eligible MSAs”), Five Million Dollars ($5,000,000) or less, or (ii) a multifamily Mortgage Loan in any amount that is secured by Mortgaged Property with five (5) to fifty (50) residential units, which Mortgage Loan in each case is eligible for delivery to Fannie Mae under the terms of the Fannie Mae Guide and the Lender Contract.

Examples of Fannie Mae Small Mortgage Loan in a sentence

• For purposes of this Exhibit B-3 and the representations and warranties set forth herein, a breach of a representation or warranty shall be deemed to have been cured with respect to a Fannie Mae Small Mortgage Loan if and when Seller has taken or caused to be taken action such that the event, circumstance or condition that gave rise to such breach no longer adversely affects such Mortgage Loan.

• A qualified electronic time stamp shall be recognised and accepted in all Member States.

• With respect to each Fannie Mae Small Mortgage Loan, Seller shall be deemed, as of the applicable dates specified above in this Section 10(a)(i), to make the representations and warranties set forth on Exhibit B-3.

• For each of the Greystone commitments, Greystone recites that the commitments were issued for “a first mortgage loan” and that each loan “will be closed and funded by Greystone under the Fannie Mae Small Mortgage Loan Delegated Underwriting and Servicing (‘DUS’) Product Line.” Id. They further provide that upon receipt of Fannie Mae’s commitment, the loan can then be “sold and delivered to Fannie Mae.” Id.

• Supplies and services which are referred to in clauses 8.2 and 8.3 and which do not comply with the contract requirements may be rejected 8.7. Any contract goods may on or after delivery be inspected, tested or analyzed and may be rejected if found not to comply with the requirements of the contract.