The information is provided by Fannie Mae in its capacity as issuer of referenced REMIC and SMBS securities. By viewing or using the information, the recipient accepts the limitations set forth below in this disclaimer and agrees to include this disclaimer in any dissemination of the information:

The information provided is qualified in its entirety by the following:

1. Fannie Mae has made the information available as a courtesy to interested parties. The provision of the information does not constitute an offer, sale, offer to purchase, or distribution of any securities or financial products or instruments whatsoever.
2. The information should be reviewed or considered only by sophisticated persons with substantial experience in evaluating such information. Fannie Mae makes no representations or warranties as to the sufficiency of the information for any particular purpose.
3. The information is offered only as of the time at which it is entered. Intervening events or conditions may render some or all of the information materially inaccurate. Fannie Mae has no obligation to update any of the information.
4. The information was provided (or prepared based upon information provided) by the servicers of the related mortgage loans. Fannie Mae has not determined the accuracy of the information, nor has the information been audited or otherwise reviewed by independent professional auditors. Fannie Mae makes no representations or warranties as to the accuracy or completeness of information provided by the servicers or the experience or qualifications of the servicers.
5. The information reflects only certain aspects of the underlying mortgage loans. Certain information necessary for a materially complete understanding or evaluation of any loan is not available on this system. Certain information available here may be materially misleading in the absence of the other categories of unavailable information.
6. The information is prepared for inclusion herein or otherwise entered into this system by clerical and other employees of Fannie Mae and third parties. Management of Fannie Mae has not reviewed the information for transcriptions, typing, data entry or similar errors, and Fannie Mae makes no representations or warranties as to the absence of such errors.

Any party reviewing the information should review the Prospectus and Prospectus Supplement for more complete information concerning these mortgage-backed securities.

Loan Level Access Restricted to Authorized Users. Access to passwords and whole loan reports is restricted to persons who certify that they will restrict their uses of the information provided or that they are an appropriate user. By accepting and using the password, you are certifying that you agree to accept and abide by the terms and conditions below.

User will only use the password and the information (1) in connection with a proposed or actual securitization, secondary market sale or similar transaction; or (2) if the user (a) is an insurance rate advisory organization, guaranty fund or agency, applicable rating agency using the information for the purpose of rating Fannie Mae securities, (b) requires Fannie Mae to provide access to the information in order for Fannie Mae to comply with Federal, State or local laws, rules, regulations, orders or other applicable legal requirements; to comply with a properly authorized civil, criminal or regulatory investigation or subpoena or summons by Federal, State, or local authorities, or to respond to judicial process, or (c) is a government regulatory authority having jurisdiction over Fannie Mae using the information for examination, compliance or other purposes as authorized by law. User will not use the information for any purpose other than those described above.

User shall take all necessary action to strictly preserve the confidentiality of the reports delivered.

User will comply with all applicable privacy laws including the laws that govern the use and redisclosure of this information.