![]() ![]() These loans finance the acquisition or refinancing of commercial multifamily properties (e.g., apartment buildings with five or more units, housing for senior citizens, student housing, cooperatives, affordable housing, and manufactured housing).įannie Mae serves primary, secondary, and tertiary markets. ![]() Since 1987, Fannie Mae has been an active purchaser of multifamily mortgage loans. The charter for Fannie Mae, established by Congress in 1938, was expanded in 1984 when it formed its multifamily commercial lending business. The term "servicers" throughout this report refers to Fannie Mae Delegated Underwriting and Servicing (DUS) lenders. In addition to conducting a remote site visit meeting with servicing management, our review includes current and historical Servicer Evaluation Analytical Methodology data through June 30, 2020, as well as other supporting documentation provided by the company. government recently, we assume it will conduct business as usual for the foreseeable future. Although the future existence and role of Fannie Mae has been under discussion internally and externally within various levels of the U.S. We believe that the company will continue to serve as a fully capable master and special servicer for commercial mortgage loans with a multifamily focus. Management reported that there were no disruptions to the company's operations or data facilities. In March 2020, the company implemented its continuity plan due to the COVID-19 pandemic. The new content management system, MF DocWay, is projected to be complete for core transaction documents by 2022.įurthermore, Fannie Mae maintains a disaster recovery and business continuity plan, including response procedures to address operational disruption as a result of a pandemic event. A multi-year effort is underway to replace the current document imaging process and repository for all core loan documents.A new Robotics Process Automation (RPA) tool was implemented to automate data retrieval needed for payoff quotes.The respective employees assigned to these locations became remote off-site teleworkers. In 2020, the company closed its Atlanta and Los Angeles locations. ![]() Fannie Mae created a new relationship management team to maintain consistent messaging during the pandemic, which allows every Fannie Mae lender to have a dedicated point of contact to help with issues and questions.In Spring 2020, due to the pandemic, Fannie Mae added two new third-party vendors to support special servicing, as well as one specialized seniors housing asset management company to consult on higher risk senior housing deals. ![]()
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