Multifamily Quote Sheet (Form 4661 v4.2) User's Manual

Multifamily Quote Sheet (Form 4661 v4.2) User's Manual

Multifamily Quote Sheet (Form 4661 v4.2) User's Manual

© 2014 Fannie Mae. Trademarks of Fannie Mae. 9.9.2014 Multifamily Quote Sheet (Form 4661 v4.2) User’s Manual

Multifamily Quote Sheet (Form 4661 v4.2) User's Manual

© 2014 Fannie Mae. Trademarks of Fannie Mae. 9.9.2014 2 Table of Contents Introduction . . 3 Initial Set Up . . 3 Minimum System Requirements . . 3 Enable Macros . . 3 Customize Quote Sheet Smart Form Settings . . 4 Data Mapping (if using Data Import Option . . 4 Map source file data . . 4 Create Data Import Map in the Quote Sheet Smart Form . . 5 Using Quote Sheet Smart Form . . 7 Tools & Tips . . 7 Using the Quote Sheet Smart Form while other Excel workbooks are open .

. 7 Command buttons on “Quote Sheet” tab . . 7 Quote Sheet Smart Form help screens . . 8 Quote Sheet Smart Form control bar buttons on data tabs . . 8 Field navigation . . 8 Troubleshooting . . 9 User entry fields . . 9 Enter Data into Quote Sheet Smart Form . . 9 Enter data manually . . 9 Import data using Data Map . . 10 Submit Quote Sheet Smart Form . . 15 Export Data from Quote Sheet Smart Form . . 16 Export to file . . 16 Appendix . . 17 Sample Quote Sheet Smart Form . . 17 Data Definitions . 24

Multifamily Quote Sheet (Form 4661 v4.2) User's Manual

© 2014 Fannie Mae. Trademarks of Fannie Mae. 9.9.2014 3 Introduction What is the Quote Sheet Smart Form? The Quote Sheet Smart Form is a new Excel-driven tool that replaced the former Form 4661 Version 3.0. The new Quote Sheet provides the ability to capture multiple detailed pricing requests and includes data validation to ensure consistency across all pricing requests. Initial Set Up Minimum System Requirements Below are the minimum system requirements for utilizing the Quote Sheet Smart Form. Windows XP or XP Professional (version 5.1, service pack 3) Microsoft Office Excel 2007 (version 12) Enable Macros In Microsoft Excel, a macro is a single computer instruction that stands for a sequence of operations.

It can automate almost anything you can do in the program you’re using. In order to use the Quote Sheet Smart Form, the macro setting within Excel must be enabled. To do so, follow the steps below. 1. Click the Excel Main Menu icon.

2. Click the “Excel Options” button. 3. Click the “Trust Center” menu item , then Click the “Trust Center Settings” button. 4. Click the “Macro Settings” menu item, select ”Enable all macros”, and then click “OK” at the bottom right.

Multifamily Quote Sheet (Form 4661 v4.2) User's Manual

© 2014 Fannie Mae. Trademarks of Fannie Mae. 9.9.2014 4 5. Close the “Excel Option” window by clicking the OK button at the bottom right. Customize Quote Sheet Smart Form Settings In order to customize the Quote Sheet Smart Form’s settings for your office, follow the steps below. 1. From the “Instructions and Settings” tab, click the Configure Settings button.

Alternately, press CTRL+SHIFT+C at any time to open the “Settings” window. 2. On the “Settings” window enter the following information; your company name (preferably as it is known to Fannie Mae), business unit name, Fannie Mae Seller Number/ID and your name. Users will also specify a file location where the Quote Sheet Smart Form related information will be used and stored. 3. Click the “Save & Begin” button to complete the Quote Sheet Smart Form configuration and begin using the spreadsheet.

Data Mapping (if using Data Import Option) MAP SOURCE FILE DATA For instructions on mapping the data in the source file, please refer to the “Fannie Mae Multifamily Quote Sheet External Data Mapping Instructions”.

© 2014 Fannie Mae. Trademarks of Fannie Mae. 9.9.2014 5 CREATE DATA IMPORT MAP IN THE QUOTE SHEET SMART FORM In order to import data from Excel source file using a data map, you must first create the data map for the Excel file within the Quote Sheet Smart Form. 1. From the Quote Sheet tab, click Quote Sheet Data button. 2. Dialog box is displayed.

3. Enter option M to define/edit Excel data import map. 4. Click OK.

© 2014 Fannie Mae. Trademarks of Fannie Mae. 9.9.2014 6 5. Dialog box is displayed. 6. Select a type of map to define. 7. Click OK. A data map will be appended to your Quote Sheet Smart Form that lists all fields in the form. 8. Map your Quote Sheet Smart Form to the source data. For detailed instructions on creating Quote Sheet Smart Form Data Map please refer to “Fannie Mae Multifamily Quote Sheet External Data Mapping Instructions”. 9. Save data map. Note: if you don’t name and save your data map, you will lose all your mapping.

Data map lists all data points on all tabs of the Quote Sheet.

© 2014 Fannie Mae. Trademarks of Fannie Mae. 9.9.2014 7 Setting Default Values If for example, a firm only does deals with Conventional multifamily property types and never does any specialized underwriting, a person preparing the data map may want to default the Primary Property Type to Conventional. To do that you would: 1. Default Primary Property Type to Conventional: 1.1 Navigate to the row where Primary Property Type is mapped (Row 28). 1.2 Enter “Default to” in cell G28 (Source Tab Name) of the data map.

1.3 Enter the value “Conventional” in cell H28 (Source Cell Address) of the data map.

2. Allow the default value for Specialized Underwriting (Not Applicable) to be auto- populated: 2.1 Navigate to the row where Specialized Underwriting is mapped (Row 11). 2.2 Enter “Default” in Cell G11 (Source Tab Name) of the data map and leave the Source Cell Address blank. Tips to keep in mind for data mapping: The Deal Overview tab needs to be part of the first data map and import for a deal. Enter the tab name exactly as entered in the source Excel workbook. Specify the source cell address using the Column Letter and Row Number coordinates (e.g. A1). Any required data value that is missing or fails to be imported will be required to be entered manually prior to quote sheet submission.

To default a source value, set the "Source Tab Name" cell to the text "Default To" and specify the actual value to be defaulted in the “Source Cell Address” cell. Where applicable, to use the Quote Sheet Smart Form default field value set the "Source Tab Name" cell to the text "Default" and leave the "Source Cell Address” cell blank. Some values are currently preset to a default value and should not be changed. For example: If the Quote Sheet Smart Form has a default value for Specialized Underwriting and it’s always “Not Applicable”, then enter “Default” then it will default to the default value set by the Quote Sheet Smart Form.

Important notes regarding Narratives If the text in the source file is in a text box, reference the shape name using the following convention "Shape: textbox shape name". For text box sources, only basic formatting (underline, bold, italic) will be retained during the data transfer. Text imported directly from an Excel cell will be text only without any set formatting. Using Quote Sheet Smart Form Tools & Tips USING THE QUOTE SHEET SMART FORM WHILE OTHER EXCEL WORKBOOKS ARE OPEN Because the Quote Sheet requires macros and changes some default user settings to function, it is recommended to use a separate copy of Excel (START/PROGRAMS/EXCEL) to open the Quote Sheet to prevent unexpected results in other workbooks.

If the user does attempt to open another file in the same window as the Quote Sheet, the Quote Sheet will present the user with an option to start another copy of Excel to open the file.

COMMAND BUTTONS ON “QUOTE SHEET” TAB Prepare Quote – navigates to the Deal Overview tab. PDF/Print Quote Sheet – sends all tabs to a PDF file or the user’s local printer.

© 2014 Fannie Mae. Trademarks of Fannie Mae. 9.9.2014 8 Save Copy of Quote Sheet – prompts user for file name and location to save a copy of the Quote Sheet. Quote Sheet copy submitted to Fannie Mae must contain the word “Quote”. Recommended file name format: Property Name_Deal Management ID_QuoteSheet Example: Hillandale_2014- 35367_QuoteSheet.xlsm Email Quote Sheet (Submit to Fannie Mae) – prepares email and attaches a copy of the Quote Sheet Smart Form only if each data entry tab has passed the required data validations.

Note: a tab turns green if the data validation is successful.

Quote Sheet Data – allows the user to export the data to an external file in XLSX, structured Text or XML formats. QUOTE SHEET SMART FORM HELP SCREENS 1. Press CTRL+ H to display information about a selected data entry cell. Alternately, users may click on any data cell using the right mouse button. 2. Press CTRL+SHIFT+H to display information about the active tab. Alternately, users can click the “?” button located at the top, left of the Quote Sheet control bar. QUOTE SHEET SMART FORM CONTROL BAR BUTTONS ON DATA TABS Return – navigates to the tab you previously visited. Workspaces – navigates to a pop up menu where user can choose to create a new free-form tab or edit an existing free form editable tab(s).

Validate – checks for required data that is missing, tab turns green if validation is successful. Print – sends the current tab to the user’s default printer. Clear Data – clears all data on the current tab. Note: The Control Bar will not appear on free-form tabs that are created using the Workspaces button. FIELD NAVIGATION On the data entry tabs, users may use either the tab or enter key to jump to the next available data entry field. On data entry tabs users can quickly tell where the active data entry field is by looking at the Status Bar text at the bottom of the Excel window.

© 2014 Fannie Mae.

Trademarks of Fannie Mae. 9.9.2014 9 TROUBLESHOOTING If the Quote Sheet Smart Form is not functioning as expected or an error occurs go to the “Quote Sheet” tab and click on the “Restart Quote Sheet” button at the bottom, right of the tab. Users will be prompted to “Restart” the Quote Sheet. In most cases, this action should restore the functionality. If an unexpected error occurs and restarting the Quote Sheet does not clear the problem, user can click on the “Report an Issue” button found on the “Quote Sheet” tab. This will generate an email message, pre-formatted to the Multifamily Quote Sheet Support team email address, with a copy of your Quote Sheet attached.

The body of the email will contain instructions for the user to describe the issue prior to sending.

USER ENTRY FIELDS Field and Cell formatting in the Quote Sheet Smart Form provides cues to what data needs to be submitted in the Quote Sheet Smart Form. Data Entry Fields have yellow shading. Required Fields are indicated with a red corner flag and/or a bold label. Conditionally Required Fields have an italicized label and, during manual data entry, will become bold when required. Optional Fields have a non-bold label. Calculated/Protected Fields have grey shading. Enter Data into Quote Sheet Smart Form ENTER DATA MANUALLY 1. Complete Deal Overview tab – Enter information about the overall Deal, Sponsor/Key Principal, Loan, Property, and Property Unit Mix Percentages.

2. Validate Deal Overview tab – Click the Validate button to ensure that all required data has been entered. Remediate any issues identified. When the validation is successful, the worksheet tab will turn green. 3. Complete Loan Options tab – The Loan Options tab allows users to enter Loan Terms to be priced by Fannie Mae. Select New - to add new Option and enter loan terms. Select Copy - to copy the data from the 1st Option into a 2nd Option. The user may then edit the data elements on the 2nd Option.

Select Delete to remove unwanted Options. Users may enter up to 8 Options (sets of loan terms) in the Loan Options Tab.

4. Validate Loan Options tab 5. Complete Narratives tab - The Narrative tab allows users to describe the overall deal, property, participants, etc. Enter comments for some or all of the subject areas from the drop down list. Right click on the yellow space to format text and add bullets. 6. Validate Narratives tab 7. Complete Workspaces (Optional) - These are additional free-form user editable tabs that allow for additional deal information to be submitted (e.g. Cash Flows, Exit Strategies). A maximum of 9 workspace tabs can be added to the Quote Sheet Smart Form. Users cannot rename the workspace tab that is added.

The tab is named “LENDERSHEETn” where n is 1 – 9.

© 2014 Fannie Mae. Trademarks of Fannie Mae. 9.9.2014 10 Users can fully edit the content of a workspace except for the 1st description row, which allows users to label their workspaces. The Hide button in the 1st row hides the workspace tab. The “Workspaces” button will unhide the “LENDERSHEETn”. Deletion of entire columns and tabs has been disabled. To ‘delete’ a column area users should select the column cells directly below the 1st row and clear the contents or cut adjacent empty column cells and paste over the cells.

IMPORT DATA USING DATA MAP 1. From the Quote Sheet tab, click Quote Sheet Data button.

© 2014 Fannie Mae. Trademarks of Fannie Mae. 9.9.2014 11 2. Dialog box is displayed. 3. Enter 1 in the dialog box. 4. Click OK. 10. Dialog box is displayed. 11. Enter the number that corresponds to your user defined map. Option 8 to import data from the current version of the Quote Sheet Smart Form to the same version of the Quote Sheet Smart Form (e.g. from Version 4.0 into Version 4.0). Option 9 to import data from Version 3.0 into Version 4.0. 12. Click OK.

© 2014 Fannie Mae. Trademarks of Fannie Mae. 9.9.2014 12 13. Dialog box is displayed. 14. Click OK.

15. Select the source file with your deal data. 16. Click OK. 17. Data will import. 5. If the source file contains more than 8 loan options, a warning is displayed regarding the Loan Options limit. 6. Click OK. 7. Dialog box is displayed. 8. Click Yes to view the import results.

© 2014 Fannie Mae. Trademarks of Fannie Mae. 9.9.2014 13 9. Dialog box is displayed. 10. Click OK to review the import results. Note: in the event there are errors with the import, user may want to print the ‘sysDataImport’ tab in order to reference while reviewing the data imported into Quote Sheet. User may return to review the last import results by clicking the “Quote Sheet Data” button and choosing option “V” from the menu. View import results The following information will be displayed regarding the import: Source Tab/Field Nbr. – name of the tab from the Excel data source. Target Tab/Field Name – name of the field on that tab from the Excel data source.

Import Result – details whether the data element was IMPORTED or NOT IMPORTED and the reason why it was NOT IMPORTED.

Review/validate imported data Review and validate imported data on all tabs. 1. Review Deal Overview tab 2. Validate Deal Overview tab – click Validate button to ensure that all required data has been entered. Remediate any issues identified. When the validation is successful, the worksheet tab will turn green. 3. Review Loan Options tab 4. Validate Loan Options tab 5. Review Narratives tab 6. Validate Narratives tab 7. Complete Workspaces (Optional) - free-form user editable tabs that allow for additional deal information to be submitted (e.g. Cash Flows, Exit Strategies).

© 2014 Fannie Mae.

Trademarks of Fannie Mae. 9.9.2014 14 A maximum of 9 workspace tabs can be added to the Quote Sheet Smart Form. Users cannot rename the workspace tab that is added. The tab is named “LENDERSHEETn” where n is 1 – 9. Users can fully edit the content of a workspace except for the 1st description row, which allows users to label their workspaces. The Hide button in the 1st row hides the workspace tab. The “Workspaces” button will unhide the “LENDERSHEETn”. Deletion of entire columns and tabs has been disabled. To ‘delete’ a column area users should select the column cells directly below the 1st row and clear the contents or cut adjacent empty column cells and paste over the cells.

© 2014 Fannie Mae. Trademarks of Fannie Mae. 9.9.2014 15 Submit Quote Sheet Smart Form When all required data is entered and validated, user will have an option to submit (email) a copy of the Quote Sheet to Fannie Mae.

© 2014 Fannie Mae. Trademarks of Fannie Mae. 9.9.2014 16 Export Data from Quote Sheet Smart Form EXPORT TO FILE 1. From the Quote Sheet tab, click Quote Sheet Data button 2. Dialog box is displayed. 3. Select option 4,5, or 6 to export the data using desired file format. 4. Click OK. 5. Dialog box is displayed. 6. Click Yes. 7. File is saved.

8. Dialog box is displayed to allow you to open the folder where the file was saved. 9. Click Yes to see the saved file in its folder.

© 2014 Fannie Mae. Trademarks of Fannie Mae. 9.9.2014 17 Appendix Sample Quote Sheet Smart Form A sample of the printed version of the Quote Sheet Smart Form is on the following pages.

Deal Overview Fannie Mae Multifamily Quote Sheet Smart Form (4661) (09/14) Multifamily Deal Overview Date Submitted Deal Name Deal Management Registration ID Program Type DUS Lender Contact Name Loss Sharing Type Lender Contact Phone Number Requested Loss Sharing (%) Specialized Underwriting Not Applicable Asset Type Form 4660 UW Standards Date 3/31/2014 Sponsor Overview Key Principal Overview *Enter either Sponsor, Key Principal or both KP Same as Sponsor? No Sponsor Name KP Name Sponsor Net Worth KP Net Worth Sponsor Liquidity KP Liquidity Sponsor Portfolio DSCR KP Years of Ownership and Management KP Years of Management in Market Additional Participant Information (Only if Small Loan per Guide, Part III, Chapter 9) Borrower Recourse Not Applicable KP FICO Score Loan Overview Borrower Loan Purpose Existing Fannie Mae Loan Number Refinance Type Number of Loan Options 0 Property Overview Property Name Underwritten Cash Flow Primary Property Type Gross Potential Rent Number of Units Effective Gross Income Street Address Replacement Reserves City Total Expenses State Underwritten NOI $- County Rent Per Unit Per Month $- Postal Code Expense Ratio - MSA Code Expense Per Unit $- Year Built Replacement Reserves PUPA $- Year Last Renovated Actual Cooperative NOI Inspection Results Property Value Underwritten Physical Occupancy (%) Property Purchase Price Underwritten Economic Occupancy (%) Property Cost MAH Information (if Affordable Housing - LIHTC only) Underwritten Property Value Percent of Units 51% to 80% AMI Imputed Cap Rate - Percent of Units less than 51% AMI Estimated/Appraised Cap Rate Property Unit Mix Percentages - Specify only applicable percentages Student % Senior Independent Living % Military % Senior Assisted Living % Cooperative % Senior Alzheimer Care % Seniors % Senior Skilled Nursing % Credit Underwriting Region and Related Market Information - For reference only Credit Underwriting Region MSA Name Page 18

Loan Options Fannie Mae Multifamily Quote Sheet Smart Form (4661) (09/14) Loan Options 1 Primary Option Yes Source Lender Short Name/Description Loan Amount Cash In | (Cash Out) - $ Associated Property (for reference) Property Name Number of Units - Property Purchase Price - $ Property Cost - $ Underwritten Property Value - $ Property Underwritten NOI - $ Loan Terms Interest Type Variable Product Type Lien Position 1 Supplemental Type Execution Type Loan Term (months) Interest Only Period (months) Amortization Term (months) Prepayment Period Type Prepayment Period Term (months) Prepayment Premium Period (months) Lock Out Type Lock Out Period (months) Variable Rate Hedge Term Variable Rate Hedge Termination Date Pricing Pricing Method Pricing Waiver Requested Latest Pricing Memo Guaranty Fee Latest Pricing Memo Servicing Fee Commitment and Costs Rate Lock Type Commitment Period (days) Interest Basis Loan Purchase Price (% of par) Excess Origination/Premium ($) Estimated Origination Fee (%) Origination Fee Paid to Broker (%) Origination Fee Paid to Correspondent (%) Fixed Rate Interest Treasury Rate Total Investor Spread Requested Guaranty Fee (Fixed) Requested Servicing Fee (Fixed) Other Fixed Rate, Fee or Spread Actual Fixed Interest Rate - Variable Rate Interest Index Rate Total Investor Spread (Variable) Requested Guaranty Fee (Variable) Requested Servicing Fee (Variable) Cap Cost Factor Actual Variable Interest Rate - Stress Underwritten Variable Interest Rate - Underwriting Floor and Constants Underwritten Interest Rate Floor (per Guide) Underwritten Interest Rate Floor Constant - Actual Fixed Rate Loan Constant - Actual Variable Rate Loan Constant N/A Underwritten Variable Rate Loan Constant N/A Page 19

Loan Options Fannie Mae Multifamily Quote Sheet Smart Form (4661) (09/14) Loan Options 1 Primary Option Yes Source Lender Short Name/Description Loan Amount Guide Tier Constrained Loan Amounts Tier Level Tier Minimum Underwritten DSCR Tier Maximum LTV Tier Underwritten DSC Amount - $ Tier Maximum LTV Amount - $ Tier Maximum Loan Amount - $ If Variable Rate, enter Fixed Rate Test Guide DSCR and LTV values Fixed Rate Test Underwritten DSCR Fixed Rate Test LTV Fixed Rate Minimum Underwritten DSC Amount N/A Fixed Rate Maximum LTV Amount N/A Requested Constrained Loan Amounts Requested Tier Level Requested Minimum Underwritten DSCR Requested Minimum Actual DSCR Requested Maximum LTV Requested Maximum LTC At Requested Underwritten DSC Amount - $ At Requested Actual DSC Amount - $ At Requested Maximum LTV Amount - $ At Requested Maximum LTC Amount N/A Maximum Constrained Loan Amount - $ If Variable Rate, enter Fixed Rate Test Requested DSCR and LTV values Fixed Rate Test Requested Underwritten DSCR Fixed Rate Test Requested LTV Fixed Rate Requested Underwritten DSC Amount N/A Fixed Rate Requested LTV Amount N/A Analytics Loan Amount per Unit - $ Actual Interest Rate - Underwritten Floor DSCR - Underwritten Actual Amortizing DSCR - Underwritten Actual DSCR with IO - Debt Yield - Actual LTP N/A Actual LTV - Actual LTC N/A Standard Exit Refinance Interest Rate Standard Exit Maximum Terminal Cap Rate Alternate Exit Refinance Interest Rate Alternate Exit Maximum Terminal Cap Rate Page 20

Loan Options Fannie Mae Multifamily Quote Sheet Smart Form (4661) (09/14) Loan Options 1 Primary Option Yes Source Lender Short Name/Description Loan Amount Sources Loan Amount - $ Subordinate Financing 1 Subordinate Financing 2 Subordinate Financing 3 Mezz/Preferred Equity 1 Mezz/Preferred Equity 2 LIHTC Equity Other Sources Sub-Total Sources - $ Cash In - $ Total Sources - $ Uses Payoff Existing Mortgage Loan Prepayment Premium Property Purchase Price - $ Development/Construction Cost Payoff Affiliated Mezz/Pref Equity Payoff Unaffiliated Mezz/Pref Equity Funded Capital Improvements Funded Initial Replacement Reserves Funded Completion/Repairs Funded Other Escrows Interest Rate Cap/Hedging Fees Origination Fees Lender Closing/Transaction Fees Third Party Closing/Transaction Fees Other Uses Sub-Total Uses - $ Cash Out - $ Page 21

Narratives Fannie Mae Multifamily Quote Sheet Smart Form (4661) (09/14) Deal Overview General Comments There is no narrative for this topic. Strengths, Risks and Mitigating Factors There is no narrative for this topic. Participants Overview There is no narrative for this topic. Property Overview There is no narrative for this topic. Property Management There is no narrative for this topic. Property Market and Location There is no narrative for this topic. Underwriting Overview There is no narrative for this topic. Refinance Analysis There is no narrative for this topic. Page 22

Narratives Fannie Mae Multifamily Quote Sheet Smart Form (4661) (09/14) There is no narrative for this topic.

Waivers and Reasons for Pre-Review There is no narrative for this topic. Competition Quotes There is no narrative for this topic. Pricing Comments There is no narrative for this topic. Page 23

© 2014 Fannie Mae. Trademarks of Fannie Mae. 9.9.2014 24 Data Definitions The Data Definitions are displayed on the following pages.

Label Description Usage Tab Tab Field Order Required 1st Lien Actual Interest Rate The original term annual rate of interest assessed on the unpaid loan balance of the first lien mortgage, expressed as a percentage. Only required for Supplemental Borrower Loan Purposes. Loan Options 30 Conditional 1st Lien Amortization Term (months) The original term number of months used to calculate the scheduled loan payments of principal and interest for retiring the obligation, for the first lien mortgage.

Only required for Supplemental Borrower Loan Purposes. Loan Options 33 Conditional 1st Lien Current UPB Amount The original term underwritten unpaid principal balance of the first lien mortgage. Only required for Supplemental Borrower Loan Purposes. Loan Options 35 Conditional 1st Lien Debt Service Amount The payments on an amortizing basis on the first lien mortgage calculated by applying the 1st Lien Loan Constant to the 1st Lien Original Loan Amount.

Only required for Supplemental Borrower Loan Purposes. Loan Options 37 Conditional 1st Lien Interest Only Period (months) The original term number of months during which interest-only payments are required to be made on the first lien mortgage loan pursuant to the loan documents, for interest-only mortgage loans or partial interest-only mortgage loans. Only required for Supplemental Borrower Loan Purposes. Loan Options 32 Conditional 1st Lien Loan Constant A ratio of the annual debt service amount (assuming amortization) to the total loan amount based on the Actual Interest rate of the first lien mortgage.

Only required for Supplemental Borrower Loan Purposes. Loan Options 36 Conditional 1st Lien Loan Maturity Date The original term date the scheduled final payment is due per the loan documents/note, for the first lien mortgage. Only required for Supplemental Borrower Loan Purposes. Loan Options 34 Conditional 1st Lien Loan Term (months) The original term number of months between the Note date and the Maturity Date of the loan for the first lien mortgage. Only required for Supplemental Borrower Loan Purposes. Loan Options 31 Conditional 1st Lien Original Loan Amount The original term loan amount at closing of the first lien mortgage, before any scheduled payments have been applied.

Only required for Supplemental Borrower Loan Purposes. Loan Options 29 Conditional 2nd Lien Actual Interest Rate The original term annual rate of interest assessed on the unpaid loan balance of the second lien mortgage, expressed as a percentage. Only required for Supplemental Borrower Loan Purposes, if a 2nd Lien exists. Loan Options 39 Conditional 2nd Lien Amortization Term (months) The original term number of months used to calculate the scheduled loan payments of principal and interest for retiring the obligation, for the second lien mortgage. Only required for Supplemental Borrower Loan Purposes, if a 2nd Lien exists.

Loan Options 42 Conditional 2nd Lien Current UPB Amount The original term underwritten unpaid principal balance of the second lien mortgage. Only required for Supplemental Borrower Loan Purposes, if a 2nd Lien exists. Loan Options 44 Conditional 2nd Lien Debt Service Amount The payments on an amortizing basis on the second lien mortgage calculated by applying the 2nd Lien Loan Constant to the 2nd Lien Original Loan Amount. Only required for Supplemental Borrower Loan Purposes, if a 2nd Lien exists. Loan Options 46 Conditional 2nd Lien Interest Only Period (months) The original term number of months during which interest-only payments are required to be made on the second lien mortgage loan pursuant to the loan documents, for interest-only mortgage loans or partial interest-only mortgage loans.

Only required for Supplemental Borrower Loan Purposes, if a 2nd Lien exists. Loan Options 41 Conditional 2nd Lien Loan Constant A ratio of the annual debt service amount (assuming amortization) to the total loan amount based on the Actual Interest rate of the second lien mortgage. Only required for Supplemental Borrower Loan Purposes, if a 2nd Lien exists. Loan Options 45 Conditional 2nd Lien Loan Maturity Date The original term date the scheduled final payment is due per the loan documents/note, for the second lien mortgage.

Only required for Supplemental Borrower Loan Purposes, if a 2nd Lien exists.

Loan Options 43 Conditional 2nd Lien Loan Term (months) The original term number of months between the Note date and the Maturity Date of the loan for the second lien mortgage. Only required for Supplemental Borrower Loan Purposes, if a 2nd Lien exists. Loan Options 40 Conditional 2nd Lien Original Loan Amount The original term loan amount at closing of the second lien mortgage, before any scheduled payments have been applied. Only required for Supplemental Borrower Loan Purposes, if a 2nd Lien exists.

Loan Options 38 Conditional Actual Fixed Interest Rate The annual fixed rate of interest assessed on the unpaid principal balance, expressed as a percentage. (Calculation) Treasury Rate + Investor Spread + Requested Guaranty Fee (Fixed) + Requested Servicing Fee (Fixed) + Other Fixed Rate, Fee or Spread Loan Options 62 No 25

Label Description Usage Tab Tab Field Order Required Actual Fixed Rate Loan Constant A ratio of the annual debt service amount (assuming amortization) to the total loan amount based on the Actual Fixed Interest rate. (Calculation) Amortized Scheduled Payment Amount (Actual Fixed Interest Rate/12, Amortization Term in Months, -1 (no Present Value used)) * 12 Loan Options 73 No Actual Interest Rate The current annual rate of interest assessed on the unpaid principal balance, expressed as a percentage.

(Calculation) If Fixed Rate, Actual Fixed Interest Rate. If Variable Rate, Actual Variable Interest Rate. Loan Options 109 No Actual LTC A ratio of loan amount to the property all-in cost (soft costs {e.g. legal fees, financing fees, taxes} and hard costs {e.g. Labor and material capital improvements} paid by the borrower), expressed as percentage.

(Calculation) Loan Amount / Property Cost Loan Options 118 No Actual LTP The ratio of the loan amount to the purchase price of the property, expressed as percentage. (Calculation) Loan Amount / Property Purchase Price Loan Options 116 No Actual LTV The ratio of the actual unpaid principal balance at the time Fannie Mae purchases the Mortgage Loan (plus the unpaid principal balance of any Pre-Existing Mortgage Loans if the Mortgage Loan is a Supplemental Mortgage Loan) to the Lender’s Underwriting Value of the Property, expressed as a percentage.

(Calculation) Loan Amount / Underwritten Property Value Loan Options 117 No Actual Variable Interest Rate The annual variable rate of interest assessed on the unpaid loan balance, expressed as percentage.

(Calculation) Index Rate + Requested Guaranty Fee (Variable) + Requested Servicing Fee (Variable) + Cap Cost Loan Options 67 No Actual Variable Rate Loan Constant A ratio of the annual debt service amount (assuming amortization) to the total loan amount based of the Actual Variable Interest Rate. (Calculation) Amortized Scheduled Payment Amount (Actual Variable Interest Rate/12, Amortization Term in Months, -1 (no present value used)) * 12 Loan Options 74 No Adjusted Guaranty Fee The annual indicative rate corresponding to the Delegated Underwriting and Servicing Pricing Grid, charged by Fannie Mae for assuming the credit risk associated with the loan, expressed as a percentage, as adjusted by Fannie Mae Pricing Desk.

Fannie Mae Use Only. Deal Sizing 21 No Adjusted Guaranty Fee Variance from Memo The absolute difference between the Pricing Memo Guaranty Fee and the Fannie Mae Adjusted Guaranty Fee (Variable/Fixed). Fannie Mae Use Only. Deal Sizing 30 No Adjusted Guaranty Fee Variance from Requested The absolute difference between the Fannie Mae Adjusted Guaranty Fee and the Lender Requested Guaranty Fee (Variable/Fixed). Fannie Mae Use Only. Deal Sizing 31 No Adjusted Loss Sharing Percent A percentage indicating the allocation of losses on the loan, between Fannie Mae and the Lender, as specified by Fannie Mae.

Fannie Mae Use Only. Deal Sizing 4 No Adjusted Servicing Fee The amount of servicing fee retained by the servicer as compensation for servicing the loan, expressed as a percentage of the commitment amount, as adjusted by the Fannie Mae Pricing Desk. Fannie Mae Use Only. Deal Sizing 22 No Adjusted Servicing Fee Variance from Memo The absolute difference between the Pricing Memo Servicing Fee and the Fannie Mae Adjusted Servicing Fee (Variable/Fixed). Fannie Mae Use Only. Deal Sizing 32 No Adjusted Servicing Fee Variance from Requested The absolute difference between the Fannie Mae Adjusted Servicing Fee and the Lender requested Servicing Fee (Variable/Fixed).

Fannie Mae Use Only. Deal Sizing 33 No Allowable Property Cost The total contract price of the property plus soft costs (up to 3% of the loan amount as a maximum) plus any immediate repairs for which funds are escrowed. Loan Options 146 No 26

Label Description Usage Tab Tab Field Order Required Alternate Exit Maximum Terminal Cap Rate The rate used to estimate the resale value of a property at the end of the holding period. Loan Options 122 No Alternate Exit Refinance Interest Rate An estimate of the interest rate that would be applied during a refinance of the property.

This is used to evaluate the Debt Service Coverage of the Loan Unpaid Principal Balance if the Loan was refinanced at that particular interest rate. Loan Options 121 No Amortization Term (months) The number of months used to calculate the scheduled loan payments of principal and interest for retiring the obligation.

Loan Options 20 Yes Asset Type A code indicating whether the transaction is a conventional or an affordable housing deal. Deal Overview 5 Yes Number of Units The total number of residential rentable units in all phases of the Property securing the Mortgage Loan. Reference Only. Loan Options 7 Yes Property Actual Cooperative NOI (For Cooperative Properties Only) The total projected baseline revenues less total operating expenses but before capital items and debt service for the individual property. Baseline data is based on historical data for a twelve-month period as adjusted during the underwriting of the loan.

For Cooperatives, the equivalent market rent is used for each unit in the property. Reference Only. For Cooperative Properties. Loan Options 11 No Property Cost The acquisition price including the soft costs (e.g. legal fees, financing fees, taxes) and hard costs (e.g. labor and material capital improvements) paid by the borrower.

Reference Only. Loan Options 9 Yes Associated Property Name The name of the property serving as collateral for the loan. Reference Only. Loan Options 6 Yes Property Purchase Price The dollar amount of the contract price not including the soft cost (legal fees, financing fees, appraisal fees) paid by the borrower. Reference Only. Loan Options 8 Yes Property Underwritten NOI The total revenues less total operating expenses but before capital items and debt service for the property per the lender's underwriting. For Cooperatives, lenders underwrite the property as a multifamily rental property using the equivalent market rent for each unit in the property.

Reference Only. Loan Options 12 Yes Underwritten Property Value An estimated value of the related mortgaged property as reported to Fannie Mae by the lender, based on the lender's evaluation, which shall not exceed the appraised value. Reference Only. Loan Options 10 Yes At Requested Actual DSC Amount The loan amount calculated based on the Fixed Rate Underwritten Debt Service Coverage Ratio using the Actual Fixed Rate Loan Constant, as requested by the lender. (Calculation) Property Underwritten NOI / Requested Minimum Actual DSCR / Actual Fixed Rate Loan Constant (if Fixed Rate) or Actual Variable Rate Loan Constant (if Variable) Loan Options 98 No At Requested Actual Cooperative DSC Amount The loan amount calculated based on the Fixed Rate Actual Cooperative Debt Service Coverage Ratio (using the greater of the Underwritten Interest Rate Floor Constant or the Actual Fixed Rate Loan Constant), as requested by the lender.

For Cooperative Properties. (Calculation) Property Baseline NOI / Requested Minimum Baseline DSCR / Underwritten Interest Rate Floor Loan Options 96 No At Requested Maximum LTC Amount The loan amount calculated based on the Fixed Rate Test Loan to Cost, as requested by the lender. Only relavant for Acquisitions. (Calculation) Requested Maximum LTC (Loan to Cost) * Property Cost Loan Options 100 No At Requested Maximum LTV Amount The loan amount calculated based on the Fixed Rate Test Loan to Value, as requested by the lender.

(Calculation) Requested Maximum LTV (Loan to Value) * Underwritten Property Value Loan Options 99 No 27

Label Description Usage Tab Tab Field Order Required At Requested Underwritten DSC Amount The loan amount calculated based on the Fixed Rate Underwritten Debt Service Coverage Ratio (using the greater of the Underwritten Interest Rate Floor Constant or the Actual Fixed Rate Loan Constant), as requested by the lender. (Calculation) Property Underwritten NOI / Requested Minimum Underwritten DSCR / The Maximum of Underwritten Interest Rate Floor Constant, Actual Fixed Rate Loan Constant (If Fixed Rate) or Actual Variable Rate Loan Constant (if Variable) Loan Options 97 No Actual Cooperative DSCR The ratio of the Actual Net Operating Income to the anticipated annual debt service based on the actual interest rate.

For Cooperative Properties Only. (Calculation) Property Baseline NOI / (Loan Amount * Actual Interest Rate) Loan Options 111 No Actual Cooperative Floor DSCR The ratio of the Actual Net Operating Income to the Annual Debt Service Amount based upon the Interest Rate Floor Constant outlined within the Fannie Mae Multifamily Underwriting Standards. For Cooperative Properties Only. (Calculation) Property Baseline NOI / (Loan Amount * Underwritten Interest Rate Floor) Loan Options 110 No Actual Cooperative NOI The total projected revenues less total operating expenses and capital items but before debt service for all properties in the transaction.

For Cooperative Properties Only Deal Overview 52 Conditional Blended Interest Rate The weighted average interest rate on the entire debt ( weighted by the loan amount) Loan Options 125 No Borrower Loan Purpose A code indicating the purpose of the loan financing. Deal Overview 23 Yes Borrower Rating Fannie Mae Use Only. Fannie Mae Use Only. Deal Sizing 10 No Borrower Recourse A code indicating the extent of the borrower's liability in the event of non repayment of the loan. Required for Small Loans, per Guide, Part III, Chapter 9. Deal Overview 21 Conditional Cap Cost Factor The annualized cost of the replacement interest rate cap at an agreed upon strike rate.

Required for Variable Rate (SARM) loan options. A waiver is required if this value of 0% is submitted.

Loan Options 68 Conditional Cash In The amount of cash the borrower is contributing to the deal over and above the transaction expenses. Loan Options 142 No Cash In / (Cash Out) The amount of the Cash-In or Cash-Out for a particular transaction. (Calculation) Sources Sub-Total Cash In - Uses Sub-Total Cash Out Loan Options 5 No Cash Out The net proceeds to the borrower in excess of the transaction expenses. Loan Options 160 No City The city name where the property or properties which serve as mortgage collateral are located. Deal Overview 31 Yes Combined Actual LTV The combined amount (requested loan option amount and the existing lien(s) amount) divided by underwritten property value.

Loan Options 132 No Combined Actual Cooperative DSCR The ratio of Actual Net Operating Income to the total anticipated annual debt service. This debt service includes the annual debt service on the first lien (assuming amortization) and the anticipated debt service on the proposed lien based on the underwritten interest rate loan constant. For Cooperative Properties. Loan Options 127 No Combined Actual Cooperative Floor DSCR The Actual Cooperative NOI divided by the sum of the current and proposed debt multiplied by the greater of the underwritten floor constant or the actual interest rate.

For Cooperative Properties. Loan Options 126 No Combined Debt Yield The underwritten NOI divided by the sum of the requested loan option amount and the existing lien(s) amount.

Loan Options 131 No Combined Loan Amount The total loan amount of all outstanding debt secured by the property plus the proposed loan amount for the option. Loan Options 123 No 28

Label Description Usage Tab Tab Field Order Required Combined Loan Amount per Unit The total loan amount of all outstanding debt secured by the property plus the proposed loan amount for the option, per unit. Loan Options 124 No Combined Underwritten Actual Amortizing DSCR The underwritten NOI divided by the sum of the current and proposed debt multiplied by the actual interest rate constant on an amortizing basis.

Loan Options 129 No Combined Underwritten Actual DSCR with IO The UW Underwritten NOI divided by the total debt service payments (actual and proposed) wherein the debt service payments include IO payments as applicable. Loans that are amortizing are calculated using the loan constant times the amortizing balance , any loans that are IO are calculated using the note rate.

Loan Options 130 No Combined Underwritten Floor DSCR The ratio of Underwritten Net Operating Income to the total anticipated annual debt service. This debt service includes the annual debt service on the first lien (assuming amortization) and the anticipated debt service on the proposed lien based on the underwritten interest rate loan constant. Loan Options 128 No Commitment Period (days) The period of time in days (commencing on the Commitment Date) during which the Lender has a legal obligation to deliver, and Fannie Mae has a legal obligation to purchase (for funds or securities), a mortgage loan that complies with the requirements of the Lender Contract and the Guide.

Loan Options 50 Yes Cooperative % The percentage of property residential units that are shareholder owned within the building. For mixed property type deals please indicate the percentage of this type of housing units. Deal Overview 61 Conditional County The county in which the property or properties which serve as mortgage collateral are located. Selecting from the list of counties will auto-populate the associated MSA code. If you do not know the county the MSA Code will be required to be entered manually. Deal Overview 33 No Credit Underwriting Region The Fannie Mae region within which the property is located.

Fannie Mae assigned Credit Underwriting review team based upon national regions. For Fannie Mae purposes only.

Deal Overview 67 No Date Submitted Date on which Lender submits the Quote Sheet request to Fannie Mae. Fannie Mae Use Only. Deal Overview 0 No Deal Management Registration ID A unique identifier assigned by Fannie Mae to identify a transaction between Fannie Mae and another party. Typically formatted as YYYY . The deal for which you are requesting a pricing quote should be registered in the Fannie Mae Deal Management system prior submission of the Quote Sheet. Deal Overview 6 No Deal Name A name assigned by the lender to identify a Fannie Mae transaction. Deal Overview 1 Yes Debt Yield The ratio of the Property Net Operating Income to Loan Amount.

(Calculation) Property Underwritten NOI / Loan Amount Loan Options 115 No Development/Constru ction Cost The total dollar amount spent to construct the property inclusive of actual land cost and building improvements. It excludes the costs of acquiring existing multifamily developments and rehabilitating them.

Loan Options 147 No Echelon Pricing Level The pricing level authority allowed per the Pricing Grid when Fannie Mae is considering Lender pricing waivers for the deal and setting the allowable Guaranty Fee and Servicing Fee for the loan option. Fannie Mae Use Only. Deal Sizing 7 No 29

Label Description Usage Tab Tab Field Order Required Effective Gross Income The sum of all income produced by the property or properties securing a loan, based on the final prospectus or as provided by depositor at closing of transaction. It is often derived by calculating the maximum rental income achievable at market rates, net of adjustments that reflect vacancies, credit loss and other such deductions.

It also includes other income, such as parking and laundry fees, typically calculated based on historical collection and adjusted to reflect actual occupancy or use.

Deal Overview 44 Yes Estimated/Appraised Cap Rate The ratio between the net operating income and the estimated/appraised property value. Deal Overview 58 Yes Estimated Origination Fee (%) The total origination fee to be paid by the borrower, expressed as a percent of the original loan amount. Loan Options 53 No Excess Origination/Premium ($) The amount representing the portion of the excess origination fee that will be paid to Fannie Mae. Loan Options 54 No Execution Type A code indicating the means used to purchase, securitize, or credit enhance a mortgage loan or invest in a transaction.

Loan Options 17 Yes Existing Fannie Mae Loan Number A unique number assigned to each mortgage loan by Fannie Mae.

This field is required for any Supplemental (Guide, Chapter 2, Section 202) loan purpose and any Choice Refinance (Guide, Chapter 3, Section 302.01) loan refinance type. Required if Borrower Loan Purpose is Supplemental or Refinance Type is Choice Refinance. Deal Overview 25 Conditional Expense Per Unit The dollar amount of total expenses associated with operating the property, per unit. (Calculation) Total Expenses / Number of Units Deal Overview 50 No Expense Ratio The ratio of the total operating expense to the effective gross income of the property. (Calculation) Total Expenses / Effective Gross Income Deal Overview 49 No Fixed Rate Test Actual Cooperative DSCR A test on a variable rate loan whereby the Actual Debt Service Coverage Ratio is calculated for a fixed rate loan, in an amount equal to the subject variable rate loan, in accordance with the Fannie Mae Multifamily Underwriting Standards (Form 4660) based on the specified tier level for the subject loan.

For Cooperative Properties. Loan Options 84 Conditional Fixed Rate Test LTV A test on a variable rate loan whereby the Loan to Value Ratio is calculated for a fixed rate loan, in an amount equal to the subject variable rate loan, in accordance with the Fannie Mae Multifamily Underwriting Standards (Form 4660) based on the specified tier level for the subject loan. Required for Variable Rate loan options. Loan Options 86 Conditional Fixed Rate Test Requested Actual Cooperative DSCR A test on a variable rate loan whereby the Actual Debt Service Coverage Ratio is calculated for a fixed rate loan, in an amount equal to the subject variable rate loan as desired by the lender.

For Cooperative Properties. Loan Options 102 Conditional Fixed Rate Test Requested LTV A test on a variable rate loan whereby the Loan to Value Ratio is calculated for a fixed rate loan, in an amount equal to the subject variable rate loan as desired by the lender. Required for Variable Rate loan options. Loan Options 104 Conditional Fixed Rate Test Requested Underwritten DSCR A test on a variable rate loan whereby the Underwritten Debt Service Coverage Ratio is calculated for a fixed rate loan, in an amount equal to the subject variable rate loan as desired by the lender.

Required for Variable Rate loan options. Loan Options 103 Conditional 30

Label Description Usage Tab Tab Field Order Required Fixed Rate Test Underwritten DSCR A test on a variable rate loan whereby the Underwritten Debt Service Coverage Ratio is calculated for a fixed rate loan, in an amount equal to the subject variable rate loan, in accordance with the Fannie Mae Multifamily Underwriting Standards (Form 4660) based on the specified tier level for the subject loan. Required for Variable Rate loan options. Loan Options 85 Conditional Fixed Rate Maximum LTV Amount The highest loan amount calculated based on the Fixed Rate Test Maximum Loan to Value allowed for the specified Tier Level for a fixed rate Loan.

(Calculation) Fixed Rate Test LTV * Underwritten Property Value Loan Options 89 No Fixed Rate Minimum Actual Cooperative DSC Amount The highest loan amount calculated based on the Fixed Rate Test Minimum Actual Debt Service Coverage Ratio (using the greater of the Underwritten Interest Rate Floor Constant or the Actual Fixed Rate Loan Constant) allowed for the specified Tier Level for a fixed rate loan. For Cooperative Properties. Loan Options 87 No Fixed Rate Minimum Underwritten DSC Amount The highest loan amount calculated based on the Fixed Rate Test Minimum Underwritten Debt Service Coverage Ratio (using the greater of the Underwritten Interest Rate Floor Constant or the Actual Fixed Rate Loan Constant) allowed for the specified Tier Level for a fixed rate Loan.

(Calculation) Property Underwritten NOI / Fixed Rate Test Underwritten DSCR / The Maximum of Underwritten Interest Rate Floor Constant, Actual Fixed Rate Loan Constant Loan Options 88 No Fixed Rate Requested Actual Cooperative DSC Amount The loan amount calculated based on the Fixed Rate Actual Debt Service Coverage Ratio (using the greater of the Underwritten Interest Rate Floor Constant or the Actual Fixed Rate Loan Constant) as desired by the lender.

For Cooperative Properties. Loan Options 105 No Fixed Rate Requested LTV Amount The loan amount calculated based on the Fixed Rate Test Loan to Value, as desired by the lender (Calculation) Fixed Rate Test Requested LTV / Underwritten Property Value Loan Options 107 No Fixed Rate Requested Underwritten DSC Amount The loan amount calculated based on the Fixed Rate Underwritten Debt Service Coverage Ratio (using the greater of the Underwritten Interest Rate Floor Constant or the Actual Fixed Rate Loan Constant) as desired by the lender.

(Calculation) Property Underwritten NOI / Fixed Rate Test Requested Underwritten DSCR / The Maximum of Underwritten Interest Rate Floor Constant, Actual Fixed Rate Loan Constant Loan Options 106 No Form 4660 UW Standards Date The date of the Fannie Mae Multifamily Underwriting Standards (Form 4660) in use for the deal.

Deal Overview 10 Yes Funded Capital Improvements The dollar amount representing any major capital improvements/expenditures completed and fully paid for prior to closing of the loan. Loan Options 150 No Funded Completion/Repairs The dollar amount representing any required repairs to be completed and fully escrowed at loan closing.

Loan Options 152 No Funded Initial Replacement Reserves The amount deposited into the replacement reserve account at closing. Loan Options 151 No Funded Other Escrows The dollar amount deposited into the escrow account for real estate taxes and insurance premiums , excluding Capital Improvements, Initial Replacement Reserves, and Completion/Repairs. Loan Options 153 No Gross Potential Rent The annual rental income, including subsidies, that should be received if all occupied units were rented at their current actual rents in place and all vacant, employee, and other nonrevenue units were rented at current market rents for the period.

Deal Overview 43 Yes Imputed Cap Rate The ratio of the Net Operating Income to the estimated Underwritten Property Value (Calculation) Property Underwritten NOI/ Underwritten Property Value Deal Overview 57 No 31

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