Fannie Mae Servicing Guide F-3-02 — Acronyms and Glossary of Defined Terms: B
Fannie Mae Servicing Guide F-3-02 — Acronyms and Glossary of Defined Terms: B.
Verbatim regulatory text
Verbatim provisions from Fannie Mae Servicing Guide F-3-02 — Acronyms and Glossary of Defined Terms: B — each quote is a verified substring of the regulator-published source snapshot, not retyped. Quoted for reference; this is not legal advice. The operational layer (P&P updates, prompts) lives in the regulation update kits.
Fannie Mae Servicing Guide F-3-02 — Acronyms and Glossary of Defined Terms: B
F-3-02, Acronyms and Glossary of Defined Terms: B (10/12/2022) bankruptcy cramdown A bankruptcy cramdown is the process by which a bankruptcy court modifies the terms of a loan over the creditor's objection. A cramdown can extend the terms of a loan, reduce the interest rate, and divide a borrower’s debts into secured and unsecured portions. If the debt is divided into secured and unsecure portions, the secured portion is equal to the value of the property as determined by the court and the unsecured portion is equal to the difference between the total debt and the value of the property as, determined by the court. The secured portion of the debt should be paid by the borrower in full under the plan, and the unsecured portion will be treated as set forth in the plan, which may result in less than payment in full of the unsecured portion. beneficial easement An easement is that generally enhances the use or value of a property by allowing the property owner a limited use of another property, usually a contiguous property. bifurcated mortgage loan A mortgage loan or property for which the current servicer is not the responsible party for the selling representations and warranties and/or for the prior servicing responsibilities or liabilities. Published May 13, 2026 722 Borrower Response Package (BRP) All of the required documentation that the borrower is required to provide in response to a foreclosure prevention solicitation. Borrower Solicitation Package A standardized foreclosure prevention solicitation package that provides the borrower with information on all workout options and the required documentation that must be submitted to be evaluated for a workout option. BPO broker price opinion bps basis points burdensome easement An easement that may be detrimental to the use or value of the security property. business day A day other than (1) a Saturday or Sunday, (2) a day on which the Federal Reserve Bank of New York (or other agent acting as Fannie Mae’s fiscal agent) is authorized or obligated by law or executive order to remain closed, or (3) a day on which the main offices of Fannie Mae in the District of Columbia are scheduled to be closed. In this Guide, the word “day” without the modifier “business” refers to a calendar day. buydown account An account in which funds are held so that they can be applied as part of the monthly payment as each payment comes due during the period that an interest rate buydown plan is in effect.