source:
  type: guide
  id: fnma-svc-f-3-13
  authority: 'Fannie Mae Servicing Guide F-3-13 — Acronyms and Glossary of Defined
    Terms: M'
  description: 'Fannie Mae Servicing Guide F-3-13 — Acronyms and Glossary of Defined
    Terms: M.'
  coverage_tier: operative
obligations:
- id: fnma-svc-f-3-13-full
  canonical_id: fnma-svc-f-3-13-full
  section: 'Fannie Mae Servicing Guide F-3-13 — Acronyms and Glossary of Defined Terms:
    M'
  type: do
  tags:
  - regulator-direct
  - fnma
  - servicing-guide
  - corpus-expansion
  - tier-operative
  primary_source:
    tier: 1
    authority: 'Fannie Mae Servicing Guide F-3-13 — Acronyms and Glossary of Defined
      Terms: M'
    source_class: fnma-guide
    source_url: https://singlefamily.fanniemae.com/media/document/pdf/servicing-guide
    snapshot_id: cf63a82bbb4adfba
    fetched_at: '2026-05-22T23:53:19Z'
    content_hash: sha256:89df66c43baad07f8a8dd9d224492fff7d15e8839edba02ad0e74c7e50fe5da3
    paragraph_quote: 'F-3-13, Acronyms and Glossary of Deﬁned Terms: M (07/14/2021)
      make whole amount The amount that must be realized from a property disposition
      to avoid incurring a loss. For a foreclosure, it is the total mortgage indebtedness
      less the amount of any MI claim proceeds. For a short sale, it is the sum of
      the current UPB of the mortgage loan, interest (computed at the mortgage note
      rate) from the LPI date through the expected date of closing, and miscellaneous
      expenses, less any cash contributions from the borrower or property purchaser.
      make whole payment The amount that a party responsible for a breach of a selling
      representation or warranty or a servicing breach must pay Fannie Mae so that
      Fannie Mae does not incur a loss on the mortgage loan or the property. management
      escalation process An option available to a seller/servicer or other responsible
      party for challenging a demand for a servicing remedy after the conclusion of
      the impasse process. mandatory delivery commitment A portfolio mortgage loan
      commitment that generally requires the seller to deliver eligible mortgage loans
      equal to at least the minimum required delivery amount (which is an amount that
      will not be less than the original commitment amount by more than $10,000 or
      2.5% of the original amount) by the expiration date of the commitment. manufactured
      home Any dwelling unit built on a permanent chassis and attached to a permanent
      foundation system. Other factory- built housing (not built on a permanent chassis),
      such as modular, prefabricated, panelized, or sectional housing, is not considered
      manufactured housing. The manufactured home must be built in compliance with
      the Federal Manufactured Home Construction and Safety Standards that were established
      June 15, 1976 (as amended and in force at the time the home is manufactured)
      and that appear in HUD regulations at 24 C.F.R. Part 3280. Compliance with these
      standards will be evidenced by the presence of a HUD Data Plate that is aﬃxed
      in a permanent manner near the main electrical panel or in another readily accessible
      and visible location. The manufactured home must be a one-family dwelling that
      is legally classiﬁed as real property. The towing hitch, wheels, and axles must
      be removed and the dwelling must assume the characteristics of site-built housing.
      margin The amount that is added to an index value to create the mortgage interest
      rate for an ARM; an amount (expressed as a percentage) that is used in the calculation
      of the purchase price for an ASAP Plus transaction. margin diﬀerential Published
      May 13, 2026 735 The margin shortage that occurs when the net mortgage margin
      is less than Fannie Mae’s required margin. mark-to-market loan-to-value (MTMLTV)
      ratio The gross UPB of the mortgage loan, which must include any principal forbearance
      UPB from a prior mortgage loan modiﬁcation, divided by the current value of
      the property that secures the mortgage loan. market-rate option A post-conversion
      disposition option that allows the seller to determine whether it wants to redeliver
      a repurchased convertible ARM loan that was in an MBS pool to Fannie Mae following
      its conversion to a ﬁxed-rate mortgage loan or to retain the repurchased mortgage
      loan for its portfolio. master servicer A Fannie Mae approved servicer that
      is contractually obligated to service one or more mortgage loans for Fannie
      Mae and has contracted with a subservicer under a subservicing arrangement.
      MBS mortgage-backed security MBS commitment An MBS commitment evidences an agreement
      between Fannie Mae and a lender to buy and sell, respectively, mortgage loans
      for inclusion in an MBS pool. MBS Express pool An MBS pool for which the servicer
      remits unscheduled principal payments to Fannie Mae on the 4th business day
      of the month and scheduled P&I payments on the 18th calendar day (or the preceding
      business day if the 18th is not a business day). MBS Express remittance cycle
      A payment cycle used for scheduled/scheduled remittance types for MBS pools
      that has two diﬀerent remittance dates—one for unscheduled principal payments
      and one for scheduled P&I payments. MBS margin One of the factors used to establish
      the pool accrual rate for an ARM MBS pool on each interest rate change date.
      For stated-structure ARM MBS pools, it is the diﬀerence between the lowest mortgage
      margin in the pool and the sum of the guaranty fee and the minimum servicing
      fee. For weighted-average ARM MBS pools, the MBS margin may be a ﬁxed margin
      that the seller speciﬁes or a weighted-average margin. A ﬁxed MBS margin is
      attained by varying the servicing fee for individual mortgage loans to equalize
      the diﬀerences in their mortgage margins. A weighted-average MBS margin is attained
      by reducing the various mortgage margins by the applicable guaranty fee and
      a ﬁxed servicing fee that the seller speciﬁes, thus developing a diﬀerent MBS
      margin for each mortgage loan. MBS mortgage loans A mortgage loan (or participation
      interest in a mortgage loan) that is part of an MBS pool. Published May 13,
      2026 736 MBS pool All of the mortgage loans or participation interests in mortgage
      loans (delivered under one or more contracts) that will back an individual issuance
      of MBS. MBS pool delivery Group or groups of mortgage loans (or participation
      interests in mortgages) delivered by a seller for the purpose of creating a
      pool to back an MBS issuance. These deliveries are accepted in one or more pool
      transactions, rather than being accepted as individual mortgage loans (or participation
      interests) to be held in Fannie Mae’s portfolio. Deliveries under this program
      are, therefore, referred to as MBS pool deliveries. MERS Mortgage Electronic
      Registration Systems, Inc. MGIC Mortgage Guaranty Insurance Corporation MHA
      Making Home Aﬀordable MI mortgage insurance MI Direct process An MI claims process
      where Fannie Mae ﬁles the primary MI claims on all conventional ﬁrst lien mortgage
      loans on which Fannie Mae bears the risk of loss and are insured under a master
      primary policy issued by certain participating mortgage insurers. military indulgence
      A relief provision that is extended by law (such as by the SCRA to members of
      the U.S. military or by any similar state law) to a borrower by reason of military
      service. MIN MERS identiﬁcation number MIP mortgage insurance premium MLS Multiple
      Listing Service modiﬁcation and assumption agreement A written agreement to
      change the interest rate when the due-on-sale (or due-on-transfer) provision
      of the Published May 13, 2026 737 mortgage is enforced because of a change of
      ownership. It also releases the previous borrower from personal liability under
      the mortgage loan. modiﬁed special servicing option A servicing option that
      was previously available for RD mortgage loans under which the servicer had
      limited exposure to losses because Fannie Mae would reimburse it for the portion
      of an allowable loss that RD did not pay. monthly payment The monthly payment
      of P&I collected by servicers. This may also include escrow items for T&I and
      is therefore also called the full monthly contractual payment. monthly remittance
      The total of the interest and principal distribution amounts that a servicer
      is obligated to remit to Fannie Mae on each remittance date. For scheduled/scheduled
      remittance types, this represents scheduled principal reductions and scheduled
      interest accruals, whether or not payments were collected from the borrowers.
      For scheduled/actual remittance types, this represents scheduled interest accruals
      (whether or not payments were collected from the borrowers) and actual principal
      collections. mortgage insurance claims portal (MICP) An application that allows
      servicers, mortgage insurers, and Fannie Mae to share a singular view of each
      mortgage insurance claim from liquidation through settlement. mortgage loan
      An individual secured loan that is sold to Fannie Mae as a portfolio mortgage
      loan or in a pool of mortgage loans underlying Fannie Mae-guaranteed MBS. The
      term includes a participation interest in a mortgage loan where context requires.
      mortgage loan modiﬁcation The act of changing any of the terms of the mortgage
      by agreement between the borrower and the note holder. Mortgage Release (deed-in-lieu
      of foreclosure) A transfer of title from a delinquent borrower to the servicer
      in satisfaction of the mortgage debt to avoid foreclosure; also called a voluntary
      conveyance. Mortgage Selling and Servicing Contract (MSSC) The contract that
      establishes the basic legal relationship between a seller/servicer and Fannie
      Mae. MRS Mortgage Related Securities MSSC Mortgage Selling and Servicing Contract
      Published May 13, 2026 738 MTMLTV mark-to-market loan-to-value multiple pool
      An MBS pool that consists of pools of mortgage loans delivered by more than
      one seller; also called Fannie Majors.'
  judgment: false
