Supplemental Mortgage Product
Document Checklist
for a Supplemental Mortgage Subsequent to an Existing Freddie Mac First
Mortgage
Full Underwriting Package
Standard Delivery
(Revised 10/2007)
(Please see referenced Multifamily Seller/Servicer
Guide sections for a full description of each item listed)
NOTE:
The checklist below is for a supplemental Mortgage subsequent to an existing
Freddie Mac first Mortgage.
Guide
Section
Description
20.6(a)
Application
fee
17.10(b)
Copy of
written Quote, if applicable, or date and terms of the verbal Quote
the Borrower has selected
17.10(c)
Seller's
certification
Seller's compliance
with representations and warranties
Seller's determination
that neither the Borrower nor any Borrower Principal is named a "specially
designated national and blocked person" (SDN) on the current U.S.
Treasury Department Office of Foreign Assets Control (OFAC) list
17.10(d)
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; proposed sources
and uses of funds; tenancy characteristics; and cash equity at risk]
[See Section 17.2(h)]
20.6(b)
Borrower
Certificate (Form 1115) for each Borrower and Borrower Principal or,
if no material adverse change, Borrower Certification of No Change (Form 1147)
20.6(c)
Certified
financial statements of Borrower and Borrower Principals [See Section 17.2(f)] or, if no material
adverse change, Borrower Certification of No Change (Form 1147)
17.10(g)
Credit
reports [See Section 17.2(j)]
20.6(d)
Real Estate
Schedule (Form 1116) [See Section 17.2(k)] or, if no material adverse change, Borrower Certification
of No Change (Form 1147)
17.10(i)
Wood-boring insect inspection report, if applicable
17.10(j)
Certified
rent schedule dated within 30 days of package
submission [See Section 17.2(i)]
20.6(e)
Certified historical
property financial statements, for the three preceding
completed fiscal years [See Section 17.2(f)]
20.6(f)
Certified current property financial statements for the current year-to-date fiscal year (dated within 30 days of package submission) [See Section 17.2(f)]
17.10(m)
Updated
Seller's pro forma property financial statements [See Section 17.2(f)]
20.6(g)
Inspection
and rent verification schedule, if required
17.10(o)
Flood zone determination (FZD) meeting the requirements of Section 31.9
20.6(h)
Appraisal,
if required (See Chapter 12)
20.6(i)
Environmental report (see Chapter 13) is required under this product when
An acceptable environmental report was not completed upon
origination of the Mortgage being refinanced, or
An environmental issue was identified subsequent to the origination
of the Mortgage being refinanced, 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 Mortgage being refinanced regarding an
identified environmental hazard or Mold and any has completed
required work
20.6(j)
Engineering
report or engineering survey, if required (See Chapter 14)
20.6(l)
Proof of
zoning; damage restoration statement (See Section 8.5)
17.10(u)
Building
code documentation
17.10(v)
Access
easement and amenity and/or recreational facility easements, both with analysis and recommendations, if applicable
(See Sections 8.8 and 8.9)
20.6(m)
Laundry
lease, if applicable [See Section 8.11(b)] or, if no change, Borrower Certification
of No Change (Form 1147)
17.10(x)
Commercial
leases, if applicable [See Sections 8.2(b) and 8.11(a)]
20.6(n)
Management
plan or management agreement or, if no change,
Borrower Certification of No Change (Form 1147)
17.10(z)
Ground
lease information, if applicable (See Chapter 30)
17.10(aa)
Registration
of rental units, if applicable
20.6(o)
Personal
property exclusion list, if applicable, or, if no change, Borrower Certification of No Change
(Form 1147)
20.6(p)
Seller's
mortgage loan application with Borrower, including authorization to
use property and transaction information
20.6(q)
Borrower's
and/or guarantor's organizational documents (See Section 9.7) or, if no
change, Borrower Certification of No Change (Form 1147)
17.10(ae)
Verification
of Collections (Form 1144)), with the “last full month” dated
within 30 days of package submission
17.10(af)
Evidence
of insurance, Seller/Servicer Certification of
Insurance Coverage (Form 1133) and amount of required
insurance premium
20.6(r)
Moisture Management Plan [See Section 8.3(a)], if available, (or 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)
17.10(ah)
Real estate tax bill (most recent from Property’s local governing body)
17.10(al)
Preliminary
legal issues memorandum
20.6(v)
Borrower Certification
of Property Physical and Environmental Condition (Form 1117)
20.6(w)
Annual Loan Management and Physical Inspection Assessment (ALI)
