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
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




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


© 2014 Fannie Mae. Trademarks of Fannie Mae.                                                         9.9.2014   3
Multifamily Quote Sheet (Form 4661 v4.2) User's Manual
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   4
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     5
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”.

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



    Note: if you don’t name and save your
    data map, you will lose all your
    mapping.




© 2014 Fannie Mae. Trademarks of Fannie Mae.                                                        9.9.2014   6
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     Setting Default Values
           to quote sheet submission.                                 If for example, a firm only does deals with
                                                                      Conventional multifamily property types and
           To default a source value, set the "Source Tab Name"
                                                                      never does any specialized underwriting, a
           cell to the text "Default To" and specify the actual
                                                                      person preparing the data map may want to
           value to be defaulted in the “Source Cell Address” cell.
                                                                      default the Primary Property Type to
           Where applicable, to use the Quote Sheet Smart Form
                                                                      Conventional.
           default field value set the "Source Tab Name" cell to
           the text "Default" and leave the "Source Cell Address”
                                                                      To do that you would:
           cell blank. Some values are currently preset to a
                                                                      1. Default Primary Property Type to
           default value and should not be changed.
                                                                      Conventional:
           For example: If the Quote Sheet Smart Form has a
                                                                           1.1 Navigate to the row where Primary
           default value for Specialized Underwriting and it’s
                                                                                Property Type is mapped (Row 28).
           always “Not Applicable”, then enter “Default” then it will
                                                                           1.2 Enter “Default to” in cell G28
           default to the default value set by the Quote Sheet
                                                                                (Source Tab Name) of the data
           Smart Form.
                                                                                map.
         Important notes regarding Narratives                              1.3  Enter the value “Conventional” in
           If the text in the source file is in a text box, reference           cell H28 (Source Cell Address) of
           the shape name using the following convention                        the data map.
            "Shape: textbox shape name".
                                                                         2. Allow the default value for Specialized
            For text box sources, only basic formatting (underline,      Underwriting (Not Applicable) to be auto-
            bold, italic) will be retained during the data transfer.     populated:
            Text imported directly from an Excel cell will be text          2.1 Navigate to the row where
            only without any set formatting.                                      Specialized Underwriting is mapped
                                                                                  (Row 11).
                                                                            2.2 Enter “Default” in Cell G11 (Source
Using Quote Sheet Smart Form                                                      Tab Name) of the data map and
Tools & Tips                                                                      leave the Source Cell Address
                                                                                  blank.
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   7
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   8
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   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.


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     10
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   11
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   12
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   13
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     14
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   15
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   16
Appendix

Sample Quote Sheet Smart Form
A sample of the printed version of the Quote Sheet Smart Form is on the following pages.




© 2014 Fannie Mae. Trademarks of Fannie Mae.                                               9.9.2014   17
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
 There is no narrative for this topic.   Fannie Mae Multifamily Quote Sheet Smart Form (4661) (09/14)



 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
Data Definitions
The Data Definitions are displayed on the following pages.




© 2014 Fannie Mae. Trademarks of Fannie Mae.                 9.9.2014   24
Label                    Description                                                                                      Usage                                                 Tab             Tab Field     Required
                                                                                                                                                                                                 Order
1st Lien Actual          The original term annual rate of interest assessed on the unpaid loan balance of the first lien Only required for Supplemental Borrower Loan Purposes. Loan Options       30       Conditional
Interest Rate            mortgage, expressed as a percentage.
1st Lien Amortization    The original term number of months used to calculate the scheduled loan payments of principal Only required for Supplemental Borrower Loan Purposes. Loan Options         33       Conditional
Term (months)            and interest for retiring the obligation, for the first lien mortgage.

1st Lien Current UPB     The original term underwritten unpaid principal balance of the first lien mortgage.              Only required for Supplemental Borrower Loan Purposes. Loan Options      35       Conditional
Amount
1st Lien Debt Service  The payments on an amortizing basis on the first lien mortgage calculated by applying the 1st      Only required for Supplemental Borrower Loan Purposes. Loan Options      37       Conditional
Amount                 Lien Loan Constant to the 1st Lien Original Loan Amount.
1st Lien Interest Only The original term number of months during which interest-only payments are required to be          Only required for Supplemental Borrower Loan Purposes. Loan Options      32       Conditional
Period (months)        made on the first lien mortgage loan pursuant to the loan documents, for interest-only mortgage
                       loans or partial interest-only mortgage loans.
1st Lien Loan          A ratio of the annual debt service amount (assuming amortization) to the total loan amount         Only required for Supplemental Borrower Loan Purposes. Loan Options      36       Conditional
Constant               based on the Actual Interest rate of the first lien mortgage.
1st Lien Loan Maturity The original term date the scheduled final payment is due per the loan documents/note, for the     Only required for Supplemental Borrower Loan Purposes. Loan Options      34       Conditional
Date                   first lien mortgage.
1st Lien Loan Term     The original term number of months between the Note date and the Maturity Date of the loan         Only required for Supplemental Borrower Loan Purposes. Loan Options      31       Conditional
(months)               for the first lien mortgage.
1st Lien Original Loan The original term loan amount at closing of the first lien mortgage, before any scheduled          Only required for Supplemental Borrower Loan Purposes. Loan Options      29       Conditional
Amount                 payments have been applied.
2nd Lien Actual        The original term annual rate of interest assessed on the unpaid loan balance of the second lien   Only required for Supplemental Borrower Loan Purposes, Loan Options      39       Conditional
Interest Rate          mortgage, expressed as a percentage.                                                               if a 2nd Lien exists.
2nd Lien Amortization The original term number of months used to calculate the scheduled loan payments of principal       Only required for Supplemental Borrower Loan Purposes, Loan Options      42       Conditional
Term (months)          and interest for retiring the obligation, for the second lien mortgage.                            if a 2nd Lien exists.

2nd Lien Current UPB     The original term underwritten unpaid principal balance of the second lien mortgage.         Only required for Supplemental Borrower Loan Purposes, Loan Options          44       Conditional
Amount                                                                                                                if a 2nd Lien exists.
2nd Lien Debt Service  The payments on an amortizing basis on the second lien mortgage calculated by applying the 2nd Only required for Supplemental Borrower Loan Purposes, Loan Options          46       Conditional
Amount                 Lien Loan Constant to the 2nd Lien Original Loan Amount.                                       if a 2nd Lien exists.
2nd Lien Interest Only The original term number of months during which interest-only payments are required to be      Only required for Supplemental Borrower Loan Purposes, Loan Options          41       Conditional
Period (months)        made on the second lien mortgage loan pursuant to the loan documents, for interest-only        if a 2nd Lien exists.
                       mortgage loans or partial interest-only mortgage loans.
2nd Lien Loan          A ratio of the annual debt service amount (assuming amortization) to the total loan amount     Only required for Supplemental Borrower Loan Purposes, Loan Options          45       Conditional
Constant               based on the Actual Interest rate of the second lien mortgage.                                 if a 2nd Lien exists.
2nd Lien Loan          The original term date the scheduled final payment is due per the loan documents/note, for the Only required for Supplemental Borrower Loan Purposes, Loan Options          43       Conditional
Maturity Date          second lien mortgage.                                                                          if a 2nd Lien exists.
2nd Lien Loan Term The original term number of months between the Note date and the Maturity Date of the loan Only required for Supplemental Borrower Loan Purposes, Loan Options                  40       Conditional
(months)               for the second lien mortgage.                                                                  if a 2nd Lien exists.
2nd Lien Original Loan The original term loan amount at closing of the second lien mortgage, before any scheduled     Only required for Supplemental Borrower Loan Purposes, Loan Options          38       Conditional
Amount                 payments have been applied.                                                                    if a 2nd Lien exists.
Actual Fixed Interest The annual fixed rate of interest assessed on the unpaid principal balance, expressed as a      (Calculation) Treasury Rate + Investor Spread + Requested Loan Options       62       No
Rate                   percentage.                                                                                    Guaranty Fee (Fixed) + Requested Servicing Fee (Fixed) +
                                                                                                                      Other Fixed Rate, Fee or Spread



                                                                                                                                                                                                                          25
Label                    Description                                                                                         Usage                                                         Tab            Tab Field    Required
                                                                                                                                                                                                           Order
Actual Fixed Rate        A ratio of the annual debt service amount (assuming amortization) to the total loan amount          (Calculation) Amortized Scheduled Payment Amount              Loan Options      73       No
Loan Constant            based on the Actual Fixed Interest rate.                                                            (Actual Fixed Interest Rate/12, Amortization Term in
                                                                                                                             Months, -1 (no Present Value used)) * 12

Actual Interest Rate     The current annual rate of interest assessed on the unpaid principal balance, expressed as a        (Calculation) If Fixed Rate, Actual Fixed Interest Rate. If   Loan Options     109       No
                         percentage.                                                                                         Variable Rate, Actual Variable Interest Rate.

Actual LTC               A ratio of loan amount to the property all-in cost (soft costs {e.g. legal fees, financing fees, taxes} (Calculation) Loan Amount / Property Cost                 Loan Options     118       No
                         and hard costs {e.g. Labor and material capital improvements} paid by the borrower), expressed
                         as percentage.
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 (Calculation) Loan Amount / Underwritten Property Value Loan Options                117       No
                         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.
Actual Variable          The annual variable rate of interest assessed on the unpaid loan balance, expressed as          (Calculation) Index Rate + Requested Guaranty Fee          Loan Options             67       No
Interest Rate            percentage.                                                                                     (Variable) + Requested Servicing Fee (Variable) + Cap Cost

Actual Variable Rate     A ratio of the annual debt service amount (assuming amortization) to the total loan amount          (Calculation) Amortized Scheduled Payment Amount              Loan Options      74       No
Loan Constant            based of the Actual Variable Interest Rate.                                                         (Actual Variable Interest Rate/12, Amortization Term in
                                                                                                                             Months, -1 (no present value used)) * 12

Adjusted Guaranty        The annual indicative rate corresponding to the Delegated Underwriting and Servicing Pricing      Fannie Mae Use Only.                                            Deal Sizing       21       No
Fee                      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.
Adjusted Guaranty        The absolute difference between the Pricing Memo Guaranty Fee and the Fannie Mae Adjusted Fannie Mae Use Only.                                                    Deal Sizing       30       No
Fee Variance from        Guaranty Fee (Variable/Fixed).
Memo
Adjusted Guaranty        The absolute difference between the Fannie Mae Adjusted Guaranty Fee and the Lender                 Fannie Mae Use Only.                                          Deal Sizing       31       No
Fee Variance from        Requested Guaranty Fee (Variable/Fixed).
Requested
Adjusted Loss Sharing  A percentage indicating the allocation of losses on the loan, between Fannie Mae and the              Fannie Mae Use Only.                                          Deal Sizing       4        No
Percent                Lender, as specified by Fannie Mae.
Adjusted Servicing Fee The amount of servicing fee retained by the servicer as compensation for servicing the loan,          Fannie Mae Use Only.                                          Deal Sizing       22       No
                       expressed as a percentage of the commitment amount, as adjusted by the Fannie Mae Pricing
                       Desk.
Adjusted Servicing Fee The absolute difference between the Pricing Memo Servicing Fee and the Fannie Mae Adjusted            Fannie Mae Use Only.                                          Deal Sizing       32       No
Variance from Memo Servicing Fee (Variable/Fixed).

Adjusted Servicing Fee   The absolute difference between the Fannie Mae Adjusted Servicing Fee and the Lender                Fannie Mae Use Only.                                          Deal Sizing       33       No
Variance from            requested Servicing Fee (Variable/Fixed).
Requested
Allowable Property       The total contract price of the property plus soft costs (up to 3% of the loan amount as a                                                                        Loan Options     146       No
Cost                     maximum) plus any immediate repairs for which funds are escrowed.


                                                                                                                                                                                                                                  26
Label                 Description                                                                                          Usage                                                       Tab            Tab Field     Required
                                                                                                                                                                                                       Order
Alternate Exit        The rate used to estimate the resale value of a property at the end of the holding period.                                                                       Loan Options     122       No
Maximum Terminal
Cap Rate
Alternate Exit        An estimate of the interest rate that would be applied during a refinance of the property. This is                                                               Loan Options     121       No
Refinance Interest    used to evaluate the Debt Service Coverage of the Loan Unpaid Principal Balance if the Loan was
Rate                  refinanced at that particular interest rate.
Amortization Term     The number of months used to calculate the scheduled loan payments of principal and interest                                                                     Loan Options      20       Yes
(months)              for retiring the obligation.
Asset Type            A code indicating whether the transaction is a conventional or an affordable housing deal.                                                                       Deal              5        Yes
                                                                                                                                                                                       Overview
Number of Units       The total number of residential rentable units in all phases of the Property securing the            Reference Only.                                             Loan Options      7        Yes
                      Mortgage Loan.
Property Actual       (For Cooperative Properties Only) The total projected baseline revenues less total operating         Reference Only. For Cooperative Properties.                 Loan Options      11       No
Cooperative NOI       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.

Property Cost         The acquisition price including the soft costs (e.g. legal fees, financing fees, taxes) and hard costs Reference Only.                                           Loan Options      9        Yes
                      (e.g. labor and material capital improvements) paid by the borrower.
Associated Property   The name of the property serving as collateral for the loan.                                           Reference Only.                                           Loan Options      6        Yes
Name
Property Purchase     The dollar amount of the contract price not including the soft cost (legal fees, financing fees,     Reference Only.                                             Loan Options      8        Yes
Price                 appraisal fees) paid by the borrower.
Property              The total revenues less total operating expenses but before capital items and debt service for       Reference Only.                                             Loan Options      12       Yes
Underwritten NOI      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.

Underwritten          An estimated value of the related mortgaged property as reported to Fannie Mae by the lender, Reference Only.                                                    Loan Options      10       Yes
Property Value        based on the lender's evaluation, which shall not exceed the appraised value.

At Requested Actual   The loan amount calculated based on the Fixed Rate Underwritten Debt Service Coverage Ratio          (Calculation) Property Underwritten NOI / Requested         Loan Options      98       No
DSC Amount            using the Actual Fixed Rate Loan Constant, as requested by the lender.                               Minimum Actual DSCR / Actual Fixed Rate Loan Constant
                                                                                                                           (if Fixed Rate) or Actual Variable Rate Loan Constant (if
                                                                                                                           Variable)
At Requested Actual   The loan amount calculated based on the Fixed Rate Actual Cooperative Debt Service Coverage          For Cooperative Properties. (Calculation) Property          Loan Options      96       No
Cooperative DSC       Ratio (using the greater of the Underwritten Interest Rate Floor Constant or the Actual Fixed        Baseline NOI / Requested Minimum Baseline DSCR /
Amount                Rate Loan Constant), as requested by the lender.                                                     Underwritten Interest Rate Floor
At Requested          The loan amount calculated based on the Fixed Rate Test Loan to Cost, as requested by the            (Calculation) Requested Maximum LTC (Loan to Cost) *        Loan Options     100       No
Maximum LTC           lender. Only relavant for Acquisitions.                                                              Property Cost
Amount
At Requested          The loan amount calculated based on the Fixed Rate Test Loan to Value, as requested by the           (Calculation) Requested Maximum LTV (Loan to Value) *       Loan Options      99       No
Maximum LTV           lender.                                                                                              Underwritten Property Value
Amount
                                                                                                                                                                                                                               27
Label                  Description                                                                                      Usage                                                      Tab             Tab Field     Required
                                                                                                                                                                                                    Order
At Requested           The loan amount calculated based on the Fixed Rate Underwritten Debt Service Coverage Ratio (Calculation) Property Underwritten NOI / Requested              Loan Options      97       No
Underwritten DSC       (using the greater of the Underwritten Interest Rate Floor Constant or the Actual Fixed Rate Loan Minimum Underwritten DSCR / The Maximum of
Amount                 Constant), as requested by the lender.                                                            Underwritten Interest Rate Floor Constant, Actual Fixed
                                                                                                                         Rate Loan Constant (If Fixed Rate) or Actual Variable Rate
                                                                                                                         Loan Constant (if Variable)

Actual Cooperative     The ratio of the Actual Net Operating Income to the anticipated annual debt service based on     For Cooperative Properties Only. (Calculation) Property    Loan Options      111       No
DSCR                   the actual interest rate.                                                                        Baseline NOI / (Loan Amount * Actual Interest Rate)

Actual Cooperative    The ratio of the Actual Net Operating Income to the Annual Debt Service Amount based upon         For Cooperative Properties Only. (Calculation) Property    Loan Options      110       No
Floor DSCR            the Interest Rate Floor Constant outlined within the Fannie Mae Multifamily Underwriting          Baseline NOI / (Loan Amount * Underwritten Interest
                      Standards.                                                                                        Rate Floor)
Actual Cooperative    The total projected revenues less total operating expenses and capital items but before debt      For Cooperative Properties Only                            Deal               52       Conditional
NOI                   service for all properties in the transaction.                                                                                                               Overview
Blended Interest Rate The weighted average interest rate on the entire debt ( weighted by the loan amount)                                                                         Loan Options      125       No

Borrower Loan          A code indicating the purpose of the loan financing.                                                                                                       Deal                23       Yes
Purpose                                                                                                                                                                           Overview
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    Required for Small Loans, per Guide, Part III, Chapter 9. Deal                21       Conditional
                       loan.                                                                                                                                                      Overview
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 Loan Options         68       Conditional
                                                                                                                        is required if this value of 0% is submitted.
Cash In                The amount of cash the borrower is contributing to the deal over and above the transaction                                                                 Loan Options       142       No
                       expenses.
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   Loan Options       5        No
                                                                                                                        Cash Out
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               31       Yes
                                                                                                                                                                                   Overview
Combined Actual LTV The combined amount (requested loan option amount and the existing lien(s) amount) divided                                                                     Loan Options      132       No
                    by underwritten property value.
Combined Actual     The ratio of Actual Net Operating Income to the total anticipated annual debt service. This debt For Cooperative Properties.                                   Loan Options      127       No
Cooperative DSCR    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.
Combined Actual     The Actual Cooperative NOI divided by the sum of the current and proposed debt multiplied by For Cooperative Properties.                                       Loan Options      126       No
Cooperative Floor   the greater of the underwritten floor constant or the actual interest rate.
DSCR
Combined Debt Yield The underwritten NOI divided by the sum of the requested loan option amount and the existing                                                                   Loan Options      131       No
                    lien(s) amount.
Combined Loan       The total loan amount of all outstanding debt secured by the property plus the proposed loan                                                                   Loan Options      123       No
Amount              amount for the option.                                                                                                                                                                                   28
Label                 Description                                                                                     Usage                                                       Tab            Tab Field     Required
                                                                                                                                                                                                  Order
Combined Loan         The total loan amount of all outstanding debt secured by the property plus the proposed loan                                                                Loan Options     124       No
Amount per Unit       amount for the option, per unit.
Combined              The underwritten NOI divided by the sum of the current and proposed debt multiplied by the                                                                  Loan Options     129       No
Underwritten Actual   actual interest rate constant on an amortizing basis.
Amortizing DSCR

Combined              The UW Underwritten NOI divided by the total debt service payments (actual and proposed)                                                                    Loan Options     130       No
Underwritten Actual   wherein the debt service payments include IO payments as applicable. Loans that are amortizing
DSCR with IO          are calculated using the loan constant times the amortizing balance , any loans that are IO are
                      calculated using the note rate.
Combined              The ratio of Underwritten Net Operating Income to the total anticipated annual debt service.                                                                Loan Options     128       No
Underwritten Floor    This debt service includes the annual debt service on the first lien (assuming amortization) and
DSCR                  the anticipated debt service on the proposed lien based on the underwritten interest rate loan
                      constant.
Commitment Period     The period of time in days (commencing on the Commitment Date) during which the Lender has                                                                  Loan Options      50       Yes
(days)                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.
Cooperative %         The percentage of property residential units that are shareholder owned within the building.     For mixed property type deals please indicate the          Deal              61       Conditional
                                                                                                                       percentage of this type of housing units.                  Overview
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   Deal              33       No
                                                                                                                       associated MSA code. If you do not know the county the     Overview
                                                                                                                       MSA Code will be required to be entered manually.

Credit Underwriting   The Fannie Mae region within which the property is located.                                     Fannie Mae assigned Credit Underwriting review team         Deal              67       No
Region                                                                                                                based upon national regions. For Fannie Mae purposes        Overview
                                                                                                                      only.
Date Submitted        Date on which Lender submits the Quote Sheet request to Fannie Mae.                             Fannie Mae Use Only.                                       Deal               0        No
                                                                                                                                                                                 Overview
Deal Management       A unique identifier assigned by Fannie Mae to identify a transaction between Fannie Mae and     Typically formatted as YYYY-#####. The deal for which      Deal               6        No
Registration ID       another party.                                                                                  you are requesting a pricing quote should be registered in Overview
                                                                                                                      the Fannie Mae Deal Management system prior
                                                                                                                      submission of the Quote Sheet.
Deal Name             A name assigned by the lender to identify a Fannie Mae transaction.                                                                                        Deal               1        Yes
                                                                                                                                                                                 Overview
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 The total dollar amount spent to construct the property inclusive of actual land cost and building                                                            Loan Options     147       No
ction Cost            improvements. It excludes the costs of acquiring existing multifamily developments and
                      rehabilitating them.
Echelon Pricing Level The pricing level authority allowed per the Pricing Grid when Fannie Mae is considering Lender Fannie Mae Use Only.                                         Deal Sizing       7        No
                      pricing waivers for the deal and setting the allowable Guaranty Fee and Servicing Fee for the loan
                      option.


                                                                                                                                                                                                                           29
Label                  Description                                                                                           Usage                                                   Tab            Tab Field     Required
                                                                                                                                                                                                     Order
Effective Gross       The sum of all income produced by the property or properties securing a loan, based on the final                                                               Deal              44       Yes
Income                prospectus or as provided by depositor at closing of transaction. It is often derived by calculating                                                           Overview
                      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.
Estimated/Appraised The ratio between the net operating income and the estimated/appraised property value.                                                                           Deal              58       Yes
Cap Rate                                                                                                                                                                             Overview
Estimated Origination The total origination fee to be paid by the borrower, expressed as a percent of the original loan                                                              Loan Options      53       No
Fee (%)               amount.
Excess                The amount representing the portion of the excess origination fee that will be paid to Fannie                                                                  Loan Options      54       No
Origination/Premium Mae.
($)
Execution Type        A code indicating the means used to purchase, securitize, or credit enhance a mortgage loan or                                                                 Loan Options      17       Yes
                      invest in a transaction.
Existing Fannie Mae A unique number assigned to each mortgage loan by Fannie Mae.                                          This field is required for any Supplemental (Guide,       Deal              25       Conditional
Loan Number                                                                                                                Chapter 2, Section 202) loan purpose and any Choice       Overview
                                                                                                                           Refinance (Guide, Chapter 3, Section 302.01) loan
                                                                                                                           refinance type.

                                                                                                                             Required if Borrower Loan Purpose is Supplemental or
                                                                                                                             Refinance Type is Choice Refinance.

Expense Per Unit       The dollar amount of total expenses associated with operating the property, per unit.                 (Calculation) Total Expenses / Number of Units          Deal              50       No
                                                                                                                                                                                     Overview
Expense Ratio          The ratio of the total operating expense to the effective gross income of the property.               (Calculation) Total Expenses / Effective Gross Income   Deal              49       No
                                                                                                                                                                                     Overview
Fixed Rate Test Actual A test on a variable rate loan whereby the Actual Debt Service Coverage Ratio is calculated for a     For Cooperative Properties.                             Loan Options      84       Conditional
Cooperative DSCR       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.
Fixed Rate Test LTV    A test on a variable rate loan whereby the Loan to Value Ratio is calculated for a fixed rate loan,   Required for Variable Rate loan options.                Loan Options      86       Conditional
                       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.
Fixed Rate Test        A test on a variable rate loan whereby the Actual Debt Service Coverage Ratio is calculated for a     For Cooperative Properties.                             Loan Options     102       Conditional
Requested Actual       fixed rate loan, in an amount equal to the subject variable rate loan as desired by the lender.
Cooperative DSCR
Fixed Rate Test        A test on a variable rate loan whereby the Loan to Value Ratio is calculated for a fixed rate loan,   Required for Variable Rate loan options.                Loan Options     104       Conditional
Requested LTV          in an amount equal to the subject variable rate loan as desired by the lender.

Fixed Rate Test        A test on a variable rate loan whereby the Underwritten Debt Service Coverage Ratio is               Required for Variable Rate loan options.                 Loan Options     103       Conditional
Requested              calculated for a fixed rate loan, in an amount equal to the subject variable rate loan as desired by
Underwritten DSCR      the lender.
                                                                                                                                                                                                                              30
Label                  Description                                                                                        Usage                                                    Tab             Tab Field     Required
                                                                                                                                                                                                    Order
Fixed Rate Test    A test on a variable rate loan whereby the Underwritten Debt Service Coverage Ratio is                 Required for Variable Rate loan options.                 Loan Options       85       Conditional
Underwritten DSCR  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.
Fixed Rate Maximum The highest loan amount calculated based on the Fixed Rate Test Maximum Loan to Value                  (Calculation) Fixed Rate Test LTV * Underwritten Property Loan Options      89       No
LTV Amount         allowed for the specified Tier Level for a fixed rate Loan.                                            Value

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

Fixed Rate Minimum     The highest loan amount calculated based on the Fixed Rate Test Minimum Underwritten Debt          (Calculation) Property Underwritten NOI / Fixed Rate Test Loan Options      88       No
Underwritten DSC       Service Coverage Ratio (using the greater of the Underwritten Interest Rate Floor Constant or      Underwritten DSCR / The Maximum of Underwritten
Amount                 the Actual Fixed Rate Loan Constant) allowed for the specified Tier Level for a fixed rate Loan.   Interest Rate Floor Constant, Actual Fixed Rate Loan
                                                                                                                          Constant
Fixed Rate Requested The loan amount calculated based on the Fixed Rate Actual Debt Service Coverage Ratio (using         For Cooperative Properties.                               Loan Options     105       No
Actual Cooperative   the greater of the Underwritten Interest Rate Floor Constant or the Actual Fixed Rate Loan
DSC Amount           Constant) as desired by the lender.

Fixed Rate Requested The loan amount calculated based on the Fixed Rate Test Loan to Value, as desired by the lender (Calculation) Fixed Rate Test Requested LTV /                 Loan Options      107       No
LTV Amount                                                                                                           Underwritten Property Value

Fixed Rate Requested The loan amount calculated based on the Fixed Rate Underwritten Debt Service Coverage Ratio (Calculation) Property Underwritten NOI / Fixed Rate Test         Loan Options      106       No
Underwritten DSC     (using the greater of the Underwritten Interest Rate Floor Constant or the Actual Fixed Rate Loan Requested Underwritten DSCR / The Maximum of
Amount               Constant) as desired by the lender.                                                               Underwritten Interest Rate Floor Constant, Actual Fixed
                                                                                                                       Rate Loan Constant
Form 4660 UW         The date of the Fannie Mae Multifamily Underwriting Standards (Form 4660) in use for the deal.                                                                Deal               10       Yes
Standards Date                                                                                                                                                                     Overview
Funded Capital       The dollar amount representing any major capital improvements/expenditures completed and                                                                      Loan Options      150       No
Improvements         fully paid for prior to closing of the loan.
Funded               The dollar amount representing any required repairs to be completed and fully escrowed at loan                                                                Loan Options      152       No
Completion/Repairs closing.

Funded Initial       The amount deposited into the replacement reserve account at closing.                                                                                         Loan Options      151       No
Replacement
Reserves
Funded Other Escrows The dollar amount deposited into the escrow account for real estate taxes and insurance                                                                       Loan Options      153       No
                     premiums , excluding Capital Improvements, Initial Replacement Reserves, and
                     Completion/Repairs.
Gross Potential Rent The annual rental income, including subsidies, that should be received if all occupied units were                                                             Deal               43       Yes
                     rented at their current actual rents in place and all vacant, employee, and other nonrevenue                                                                  Overview
                     units were rented at current market rents for the period.

Imputed Cap Rate       The ratio of the Net Operating Income to the estimated Underwritten Property Value                 (Calculation) Property Underwritten NOI/ Underwritten    Deal               57       No
                                                                                                                          Property Value                                           Overview                                  31
Label                  Description                                                                                          Usage                                                       Tab            Tab Field     Required
                                                                                                                                                                                                        Order
Index Rate             The benchmark interest rate to which a variable rate mortgage is tied, expressed as a                Required for Variable Rate loan options.                    Loan Options      63       Conditional
                       percentage. (e.g., one or three month LIBOR rate)
Inspection Results     A code indicating the overall rating based on a comprehensive property assessment.                                                                               Deal              38       Yes
                                                                                                                                                                                        Overview
Interest Basis         A code indicating the basis on which interest accrues on a loan during a monthly pay period. It                                                                  Loan Options      51       Yes
                       represents the method by which interest is accrued on the loan such as 30/360 or actual/360.

Interest Only Period   The number of months during which interest-only payments are required to be made on the                                                                          Loan Options      19       Yes
(months)               mortgage loan pursuant to the loan documents, for interest-only mortgage loans or partial
                       interest-only mortgage loans.
Interest Rate          The cost associated with the purchase of an interest rate cap used to insure against increases in                                                                Loan Options     154       No
Cap/Hedging Fees       a variable rate index.
Interest Type          A code indicating the type of interest payable by a borrower on the securitized portion of a loan.                                                               Loan Options      13       Yes

KP FICO Score          The representative Fair, Isaac and Company (FICO) credit score of the Deal Participant (middle of Required for Small Loans, per Guide, Part III, Chapter 9.      Deal              22       Conditional
                       three or lower of two FICO scores) based off the individual score provided by the three major                                                                    Overview
                       credit reporting agencies Equifax, Experian and TransUnion. If ownership is divided between a
                       married couple, then the lower value of the scores is to be used for underwriting.

KP Liquidity           The dollar amount representing the Key Principal's ability to meet immediate and short-term          When there are multiple KPs, combine their information      Deal              18       Conditional
                       obligations, which includes cash and marketable securities.                                          on the Deal Overview tab. In the Narratives describe        Overview
                                                                                                                            them individually and show the break out of each KP's
                                                                                                                            financial information.
KP Name                The legal full name of the participant or the nominee if the participant is an entity.               When there are multiple KPs, combine their information      Deal              16       Conditional
                                                                                                                            on the Deal Overview tab. In the Narratives describe        Overview
                                                                                                                            them individually and show the break out of each KP's
                                                                                                                            financial information.

                                                                                                                            By way of distinction, a Key Financial Principal would be
                                                                                                                            contacted in the event of a late payment while a Key
                                                                                                                            Managing Principal would be contacted to determine the
                                                                                                                            status of the property in the even of a natural disaster.

                                                                                                                            Required if Sponsor Name not provided.

KP Net Worth           The dollar amount of the Key Principal's assets minus liabilities.                                   When there are multiple KPs, combine their information      Deal              17       Conditional
                                                                                                                            on the Deal Overview tab. In the Narratives describe        Overview
                                                                                                                            them individually and show the break out of each KP's
                                                                                                                            financial information.
Same as Sponsor?       A flag indicating that the Key Principal is the same as the Sponsor.                                                                                             Deal              15       No
                                                                                                                                                                                        Overview
KP Years of            The number of years the Key Principal has managed properties of this type (including contracting                                                                 Deal              20       No
Management in          for and oversight of professional management services) located in the specific market.                                                                           Overview
Market
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