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Streamlined Refinance Product Document Checklist

Full Underwriting Package
Early Rate-Lock Delivery Option

(Revised 10/2007)
(Please see referenced Multifamily Seller/Servicer Guide sections for a full description of each item listed)

Guide Section
Description
18.10 Any item included in the preliminary underwriting package for which there is a material change
18.10   Historical property financial statements for the preceding three completed fiscal years, as required in Section 18.9(f), updated
18.10   Evidence of insurance, as required in Section 17.14(b), updated
17.18(a) Seller's certification regarding representations and warranties
17.18(b) Mortgage transaction narrative analysis (updated from preliminary, as necessary) [Must include characteristics of the proposed Mortgage (including risk factors and Seller’s recommendation); descriptions of the Property, the Borrower and the property manager; Property’s financial analysis; evaluation of balloon risk; surrounding property uses and condition with neighboring facilities; market analysis; history of the Borrower’s equity; review of third-party reports; loan history; sources and uses of funds; tenancy characteristics; and cash equity at risk] [See Section 17.2(h)]
18.10(a) Certified financial statements of Borrower and Borrower Principals [See Section 17.2(f)] if there has been a material adverse change and if the new Mortgage is equal to or greater than $5 million; or, if no material adverse change, Borrower Certification of No Change (Form 1147)
17.18(d) Credit reports [See Section 17.2(j)]
18.10(b) Real Estate Schedule (Form 1116) [See Section 17.2(k)] or, if no material adverse change, Borrower Certification of No Change (Form 1147)
17.18(f) Wood-boring insect inspection report, if applicable
18.10(c) Inspection and rent verification schedule, if required
17.18(h) Flood zone determination (FZD) meeting the requirements of Section 31.9
18.10(d) Appraisal (See Chapter 12), if required
18.10(e)

An environmental report meeting the requirements of Chapter 13 is required under this product when

  • An acceptable environmental report was not completed upon origination of the first Mortgage, or
  • An environmental issue was identified subsequent to the origination of the first Mortgage, or
  • Freddie Mac, in its sole discretion, determines that an environmental assessment is needed after reviewing the Borrower Certification of Property Physical and Environmental Condition (Form 1117), submitted in connection with this chapter.

For each Mortgage for which Freddie Mac does not require an environmental assessment, the Seller must

  • Retain a qualified environmental consultant in accordance with Section 13.16 to perform a neighborhood hazardous waste activity review in compliance with Section 13.12 and submit the environmental consultant's analysis and conclusions, and
  • Confirm that the Borrower has complied with any conditions or requirements in the first Mortgage regarding an identified environmental hazard or Mold and has completed any required work
18.10(f) Engineering report or engineering survey (See Chapter 14), if required
18.10(g) Proof of zoning; damage restoration statement (See Section 8.5)
17.18(m) Building code documentation
17.18(n) Access easement and amenity and/or recreational facility easements, both with analysis and recommendations, if applicable (See Sections 8.8 and 8.9)
18.10(h) Laundry lease, if applicable [See Section 8.11(b)] or, if no change, Borrower Certification of No Change (Form 1147)
17.18(p) Commercial leases, if applicable [See Sections 8.2(b) and 8.11(a)]
18.10(i) Management plan or management agreement, or, if no change, Borrower Certification of No Change (Form 1147)
17.18(r) Registration of rental units, if applicable
18.10(j) Personal property exclusion list, if applicable, or, if no change, Borrower Certification of No Change (Form 1147)
18.10(k) Borrower's and/or guarantor's organizational documents as reviewed by Seller (See Section 9.7) or, if no change, Borrower Certification of No Change (Form 1147)
17.18(u) Verification of Collections (Form 1144), if required, with the “last full month” dated within 30 days of package submission
18.10(l)   Moisture Management Plan [See Section 8.3(a)], if available (if the Moisture Management Plan is not yet available, it must be submitted with the final delivery package) or, if no change, Borrower Certification of No Change (Form 1147)
17.18(w)   Real estate tax bill (most recent from Property’s local governing body)
17.18(y)   Calculation of prepayment premium (updated), if applicable for a refinance
17.18(aa) Preliminary legal issues memorandum, if applicable
18.10(o) Aerial photographs, if not waived
18.10(p) Certified rent schedule, dated within 30 days of package submission
[See Section 17.2(i)]
18.10(q) Certified current fiscal year-to-date property financial statements
18.10(e) Seller's pro forma property financial statements for the next 12 months [See Section 17.2(f)]
18.10(s)

Seller's mortgage loan application with Borrower, including

  • Authorization to use property and transaction information
  • Loss of bargain" damages provision
18.10(t) Executed demand promissory note for good faith deposit, if applicable
17.18(ab) Additional documentation:
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