Registering a Deal and Requesting Waivers

Transcription

1 Registering a Deal and Requesting Waivers May Fannie Mae 1 Welcome to Registering a Deal and Requesting Waivers, part of a six-module course on the processes and applications you use in completing a multifamily transaction with Fannie Mae. 1

2 Sample Pre-Commitment Timeline May 6 Aug 5 Sep 9 Register deal in Deal Management System (DMS) Complete underwriting, loan application, and third party reports Submit loan package to Fannie Mae for pre-review, if required Request waivers through DMS, as applicable Waiver requests may be needed at different points in the process. 2 In the first module of this course, we gave you an overview of the transactions process and the applications you use from the time you register your deal through the time you submit your data and deliver your documents. In this module, we take a closer look at registering a deal and requesting waivers through the Deal Management System. The following interactions walk you through, at a high level, the types of data you enter and the documentation you attach. 2

3 A Closer Look at Registration Deal Waivers Attachments When you log on to the Deal Management System, you see three tabs, labeled Deal, Waivers, and Attachments. You will need to register your deal under the Deal tab even if it involves no waivers. Our first interaction highlights the key data elements you enter under the Deal tab. 3

4 Register a Deal Introduction When you log on, the Deal Management System opens to the Deals Home screen. Here you can choose to register a new deal or select a deal that you've already registered. Your view varies with your system role. For example, as a Producer, you would see any deals that you registered. Other roles include view-only, deal registration-only, manager, and submitter. The Options box at the upper right of the screen provides access to the waiver and search functions. Click on the screen below to enlarge it. Click through the numbered tabs to see the key steps in the registration process. 4

5 Identify the Deal When registering a new deal, you will first enter basic information to identify your deal, including deal name, status, product type, estimated execution type, and estimated delivery date. Select Registered - under application as Deal Status. Because you may be registering your deal well before delivery, you may enter estimated figures or "To Be Determined" in many fields, such as product, execution type, and delivery date. You can update this data later or provide the final information in the C&D application. 5

6 Identify Key Players Provide the name of at least one large borrower/participant, borrower, or principal. Before entering a borrower's name, check to see if it is listed in the drop-down box in the Large Borrower/Participant Name field. We also need the contact information for the lender originator and the name of the Fannie Mae representative handling your deal. 6

7 Provide Preliminary Loan Data In the next section of the registration screen, you provide basic information about the mortgage loan, such as estimated proceeds, LTV, debt-service coverage ratio, and any special characteristics. Again, you may enter estimated figures or "To Be Determined" in many fields. This information is useful to us in pricing your deal and in determining if any waivers may be required. The more precise you are able to be, the better able we are to process your transaction within the desired time frame. 7

8 Identify the Property Tell us the property type, number of units, and address. Click Submit to complete the registration process. Depending on your role, you can move to the Waiver tab to enter waiver requests or return later to continue working on your deal. 8

9 Check Status To check the status of your registration, go to the Deals Home screen. Click the deal name to access the Confirm Deal screen, a portion of which appears below. The screen displays the name of the person(s) who registered and last updated the deal and allows you to access a deal summary, which you can convert to PDF. Note the Deal ID number. You will need this when you enter a commitment in C&D. Change the status to Canceled if you decide not to proceed with us or if the deal is a duplicate. Fannie Mae also may change the status to Canceled under these circumstances. We change the status to Committed once your commitment is confirmed. Contact Fannie Mae if you need to cancel a deal after that point. 9

10 A Closer Look at Requesting Waivers Deal Waivers Attachments The next interaction highlights the major steps involved in requesting a waiver through the Deal Management System. You ll use both the Waivers and the Attachments tabs. 10

11 Request a Waiver Introduction You can request a waiver any time after you register a deal. You may have lenderdelegated authority to approve certain types of waivers, although you still need to enter them in the system. Non-delegated waivers require Fannie Mae approval. Deals you entered recently appear near the top of the Deals Home screen. You also can search for deals using the Search Deals/Waivers function from the Options drop-down box. Select the deal, move to the Waivers tab, and click Add New Waiver. Click the screenshot below to enlarge it. Click through the numbered tabs to view the key steps in the process. 11

12 Enter Waiver Notification Contact(s) When the Edit Waiver screen opens, you'll see that many of the fields are already populated with data you entered previously. It is especially important, though, that you provide the addresses for one or more staff members we can contact if we encounter any questions or issues as we process your waivers. As with the Deal screen, your view depends on your system role. For example, as a Producer, you would see waivers for deals that you registered. Other roles include view-only, manager, and submitter. 12

13 Create the Waiver Request Waiver types are listed under one of six categories: pricing, loan structure, borrower/ key principal, property/underwriting, asset management, and small loans. When you click Create, additional fields appear. Briefly describe the waiver, the reason for the waiver, and your justification for requesting it. Failure to provide adequate information will delay processing of your request. The status shows as "Draft." You can submit multiple waiver requests at one time. It is a good idea, though, to submit waivers as soon as you have assembled all the necessary information and documents so that we can begin processing your request. You can always submit another request at a later date. 13

14 Identify Loan Documents to Be Modified Next you identify the loan documents that would need to be modified if we approve your waiver request. At the bottom of the Edit Waiver screen, you'll find a list of the loan documents most frequently affected by waiver requests. Click on any that apply. If you need to select more than one, hold down the CTRL key while making your selections. You can write in the name of any loan documents that are not listed. Click on the screen below to see how. 14

15 Attach Documentation For each waiver request that involves a loan document, attach the proposed language changes for the affected documents. In most cases, you won't need to attach the entire document, just excerpts that include the proposed revisions. You can attach as many documents as necessary, however, none should exceed 10 MB. Attaching documents is as easy as browsing to the location of the document on your computer. It is similar to attaching a document to an . 15

16 Mark Waiver Request Ready to Submit When you have entered the data related to your waiver request and attached the appropriate documents, flag the waiver request as "Ready to Submit." Save your waiver request by clicking Save at the top or bottom of your screen. Fannie Mae cannot yet view your request because it has not been "Submitted." 16

17 Submit Waiver Request After reviewing the request, someone with the role of "submitter" changes the status to "Submitted," and clicks Save at the bottom or top of the screen. This moves the request to Fannie Mae, after which you cannot change it. You also may see the status of "Lender Approved," if your institution has delegated authority for the type of waiver you are requesting, or "Withdrawn." 17

18 Check Waiver Status After Fannie Mae reviews your waiver request, you may see a status of "Approved," "Approved with Conditions," "Declined," or "Returned." If your request is approved with conditions, you will see the conditions that must be met for a waiver to be valid. You also may see expiration conditions, generally that the mortgage loan must be delivered within 30, 60, or 90 days. If we need additional information or changes to documentation to support a decision, we may return a waiver request to you. You would need to provide the additional information or documentation through the Deal Management System using the attachment process described in earlier steps. If the required information is not provided, the waiver request may be denied. 18

19 What Would You Like to Do Now? View other modules on key acquisitions processes Access and print a list of helpful resources Finished for today? Click here to to launch the evaluation This Web seminar is offered for informational purposes only. Use of some of the products or services or implementation of procedures mentioned in this Web seminar are subject to, and governed by, the Fannie Mae Guide, certain license agreements and other contracts with Fannie Mae. In the event of a conflict between such agreements or sources and the content of this Web seminar, such agreements and sources shall govern. This concludes our module on Registering a Deal and Requesting Waivers. If you d like to print a copy of the interactions in this presentation, please click the attachments menu at the top of the screen. If you would like to view another module in this course or access and print a list of helpful resources, close this window to return to the course description. When you are finished for the day, we hope you will take a moment to complete a course evaluation. Click on the button at the bottom of the slide to begin. 19