Multifamily Lender Memo 08-12

							                                                        Affordable
                                                      Housing/Product
                                                       Development


Date:           June 16, 2008

To:             Fannie Mae DUS® Lenders

From:           Manny Menendez, Vice President, Multifamily Product Development
                Sarah Garland, Director, Multifamily Affordable Housing

Subject:        DUS Guide Update 08-12– Enhancements to the MAH Unfunded Forward
                Rate Lock commitment execution



                                HIGHLIGHTS
               The maximum term for an MAH Unfunded Forward Rate Lock
                commitment term has been extended to 30 months plus a 6
                month extension.

               The fee for an MAH Unfunded Forward Rate Lock commitment
                collapse due to a stabilization issue has been changed from a
                Yield Maintenance calculation to a Pair-Off calculation, and the
                minimum fee for such a collapse has been reduced to 2 percent
                of the committed amount.

               The Pair-Off and Yield Maintenance calculations for the MAH
                Funded and Unfunded Rate Lock executions have been
                aligned.


We are pleased to announce two changes to our MAH Unfunded Forward commitment
execution designed to make the product more attractive to your borrowers.

      1. The maximum term for an MAH Unfunded Forward commitment has been
         extended from 24 months to 30 months (in each case, plus one six-month
         extension whose approval is delegated to the Lender).

      2. The fee for an MAH Unfunded Forward Rate Lock commitment collapse
         due to a stabilization issue has been changed from a Yield Maintenance



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       calculation to a Pair-Off calculation, and the minimum fee for such a
       collapse has been reduced to 2 percent of the committed amount.

In addition, in an effort to standardize Fannie Mae’s product offerings, the Pair-Off
and Yield Maintenance calculations for the MAH Funded and Unfunded Forward
Rate Lock executions have been aligned.

Please note that the 3% Good Faith Deposit for the Unfunded Forward Rate Lock
execution has been retained, even though the Pair-Off and Yield Maintenance
minimum fees for a collapse have been reduced to 2%.

These changes are effective immediately.

Attached to this Guide Update are revised Chapters 2 and 6 to Part XV of the
Guide. In addition, revised Borrower’s Certificates for both the Unfunded and
Funded MAH Rate Lock Loans are attached.

Please contact the Affordable staff on your Deal Team to discuss any questions you
may have regarding this announcement.

Attachments:

   1. Part XV, Chapter 2
   2. Part XV, Chapter 6
   3. Form 4566.MAH.Unfunded.RLL: Borrower’s Certificate—Unfunded Rate Lock
      Loan
   4. Form 4566.MAH.Funded.RLL: Borrower’s Certificate – Cash and Rate Lock
      Loan




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