Fannie Mae recently announced updates to its Multifamily Loan Documents with Lender Letter (25-04). Since that time, Fannie Mae released a revised Lender Letter (25-04R) that changed the mandatory date for use of the loan documents from July 28, 2025 to August 4, 2025. The updates may be used immediately and must be used for: (i) all Mortgage Loans (other than forward conversions), with a confirmed Commitment Date on or after August 4, 2025, and (ii) forward conversions occurring on or after August 4, 2025, provided that such use is consistent with the Forward Commitment Letter. The Krooth & Altman Team at Miles & Stockbridge has highlighted key points from the letter to help you get up to speed on the changes. We begin with the items most likely to be friction points for borrowers—a topic of particular interest to our lender clients—followed by a summary of other changes that warrant special attention. Areas of Potential Borrower Friction Other Notable Changes [ View source .]