Underwriter’s Data Form 4662
Lender Guidance
December, 2012
The following clarifications are related to the Underwriter’s Data Form
(Form 4662, Version 4.0):

Modified Borrower Loan Purpose dropdowns

Added Cooperative Equivalent NOI

Modified field name DSCR IO/ARM to DSCR at Maximum Payment

Removed field name UW/DSCR

Added Line of Credit (Y or N) dropdown box

Added Line of Credit (LOC) Full Amount

Green Financing dropdown modified from MF Green Refinance Plus to Multifamily
Preservation Plus

Affordable Housing section has been significantly modified

Form must be uploaded to MultidocExpress as an excel spreadsheet
Specific Guidance
1.
Data element entries in C&D should match corresponding entries on Form 4662.

If there is a question regarding data element definitions, the C&D definition will
generally govern.
Underwriter’s Data Form – Lender Guidance
Fannie Mae
Form 4662.Guide
12/2012
Page 1
© 2007-2012 Fannie Mae
2.
Property Name and Multiple Properties.

Property Name should be consistently displayed in all documentation (for example:
Underwriters Narrative; Form 4662; Schedule 2 to Multifamily Loan and Security
Agreement - Summary of Loan Terms; etc.).

If the property street address is used as the Property Name the designation
“Apartments/ Townhomes/Cooperatives/Building”, as applicable, should follow the
address (for example: 101 Main Street Apartments).

Do not use any variation of the name of the borrowing entity as the Property Name (for
example, John Jones or Jones Trust). No names related to “natural persons” should be
delivered as the Property Name.

Refrain from using the Portfolio Name as the Property Name in cases where the
property is included in a portfolio of loans. Please use the mortgaged property’s
commonly known name.

If more than one property is included in a single Commitment/Loan and the properties:
o are aggregately appraised in one appraisal;
o are located in the same zip code, and
o are currently managed and will continue to be managed as a single property
with one operating statement on an ongoing basis throughout the term of the
loan;
then one aggregate Form 4662 and one aggregate collateral record in the Committing
and Delivery (C&D) application is appropriate. All property addresses must be
provided within the collateral record under “Primary Property Address” Line 1 and
Line 2 as needed.
For all other multiple property Commitments/Loans that do not comply with all of the
above, complete a Form 4662 for each property and enter each property in a separate
collateral record within C&D.
3.
Year Built/Phase Completion Dates.

If the local governing authority where the property is located does not issue a
Certificate of Occupancy (“COO”), enter the year of first known occupancy.

If the property was constructed before COOs were routinely issued by the local
governing authority, enter the year of first known occupancy.

If the project became a residential property due to substantial rehabilitation (e.g.,
converting a warehouse to residential units), enter the “Year Built” that corresponds to
the year of first occupancy as a residential property.
Underwriter’s Data Form – Lender Guidance
Fannie Mae
Form 4662.Guide
12/2012
Page 2
© 2007-2012 Fannie Mae
4.
5.
6.

If the property was constructed in phases with different years on COOs, then for each
phase enter the year of phase completion.

For each phase include the number of residential units constructed within the phase
(The number of units within each phase must add up to the Total Number of
Residential Units).
Property Type: Mobile Home Communities.

Mobile Home Communities are Property Type of “Manufactured Housing” and the
building type is “Other”.

Rentable Residential Area would typically be zero unless there are permanent
construction residential units on the site. The square footage of a community building
shall not be included in Rentable Residential Area.
Green Financing.

The type of loan that provides green financing for the property, if applicable.

The type of designation awarded by a third-party certifying that the property meets
defined criteria for energy and water efficiency, waste management, indoor air quality
and/or other environmental sustainability measures.
Debt Service Coverage Ratio (DSCR) and Loan-to-Value Ratio.

The final DSCR value is collected at the time of delivery. DSCR at Maximum Payment
is the ratio of Underwritten Net Operating Income (UW NOI) and the debt service
calculated as described in the C&D definition.

Guidance related to the various DSCR calculations is available in C&D.

7.
8.
The Lender underwritten Loan-to-Value ratio must be based on the Unpaid Principal
Balance at acquisition.
Lender Comments.

Use these lines to explain any unusual conditions or circumstances. If more space is
needed, use additional sheets.

For loans cross-collateralized or -defaulted with another property, enter the Fannie Mae
loan number and brief property description, including address, building type, number
of units, and Net Operating Income (NOI).
Signatures.

Form 4662 must be signed and dated. Signatures may be electronic or physical.
Underwriter’s Data Form – Lender Guidance
Fannie Mae
Form 4662.Guide
12/2012
Page 3
© 2007-2012 Fannie Mae

9.
If the Lender does not have both an Underwriter and a Chief Underwriter, “N/A”
should be entered on the Underwriter signature line and the Chief Underwriter should
sign where indicated.
Miscellaneous.

For the Loan Execution Type ensure Form 4662 indicates “MBS”.
Note that the Interest Type for the Fixed +1 product should be delivered as “Variable”.
If the interest rate varies at any time during the term of a Mortgage Loan, it is
considered a “Variable Rate Type” Mortgage Loan.

When converting commitments from Cash to Mortgage Backed Securities (MBS)
(Forward transactions):
o Update or create Form 4662 at the time of conversion.
o The permanent loan Form 4662 must reflect the Mortgage Loan terms at the
time of conversion. Underwritten Net Operating Income (NOI), DSCR and
Total Expenses are fields that often change at the time of conversion.
For questions, please contact:
Multifamily Acquisitions/C&D: mf_acquisitions@fanniemae.com
Multifamily Certification and Custody: MultifamCert_team@fanniemae.com
Multifamily Disclosure: MFMBS_DisclosureQA@fanniemae.com
Underwriter’s Data Form – Lender Guidance
Fannie Mae
Form 4662.Guide
12/2012
Page 4
© 2007-2012 Fannie Mae