Preliminary 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
17.14(a)
Mortgage transaction narrative analysis [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; loan history if there is an existing mortgage on the Property; proposed sources and uses of funds; tenancy characteristics; and cash equity at risk) [See Section 17.2(h)]
17.14(b)
Evidence of insurance, Seller/Servicer Certification of Insurance Coverage (Form 1133) and amount of required insurance premium
17.14(c)
Calculation of prepayment premium, if applicable for a refinance
17.14(d)
Certified rent schedule, dated within 30 days of the package submission [See Section 17.2(i)]
17.14(e)
Certified historical property financial statements for the preceding three completed fiscal years [See Section 17.2(f)]
17.14(f)
Certified current fiscal year-to-date property financial statements, dated within 30 days of package submission [See Section 17.2(f)]
17.14(g)
Seller’s pro forma property financial statements [See Section 17.2(f)]
17.14(h)
Photographs, including an aerial photograph, labeled with an arrow indicating North, labeled to indicate points of interest
17.14(i)
Maps
17.14(j)
Borrower Certificate (Form 1115) for each Borrower and Borrower Principal
17.14(k)
Borrower
Certification of Property Physical and Environmental Condition (Form 1117)
17.14(l)
Seller's mortgage loan application with Borrower, including
Borrower's authorization for Freddie Mac to use certain information regarding the Property and basic transaction information regarding the Mortgage (see Section 27.1)
Borrower's obligation to pay the "Borrower breakage fee" (see Section 27.2)
The material terms of the proposed mortgage financing
17.14(m)
Cooperative analysis, if applicable [See Section 17.2(g)]
17.14(n)
Seller's
certification regarding "specially designated nationals and blocked
persons"
17.14(o)
Verification of Collections (Form 1144) (The “last full month” must be dated within 30 days of the package submission.)
17.14(p)
Ground lease information, if applicable (See Chapter 30)
17.14(q)
Request for approval of shared facilities, if applicable, with analysis and recommendation (See Section 8.9)
