Freddie Mac Multifamily Guide Bulletins Released
October 7, 2011
Today, Freddie Mac is posting Guide Bulletins for both the Freddie Mac Multifamily Seller/Servicer Guide and the Freddie Mac Delegated Underwriting for Targeted Affordable Housing Guide on AllRegs.
Some of the most notable changes in the latest Guide Bulletins include:
- Revised requirements regarding the Seller/Servicer obligation to use the Exclusionary List, and new fraud prevention, detection and reporting requirements. See our News Center article entitled: Ensuring Effective Fraud Prevention and Detection within Multifamily Loans.
- The addition of the requirement for a Seller's Disclosure Summary and Certificate of Representation and Warranties -CME for all CME loans.
- New Form 1120, Student Housing Questionnaire that must be executed and submitted in your full underwriting packages for Student Housing Mortgages.
- The incorporation of the requirement for the Senior Housing Seller/Servicer designation that we announced in our May 2011 issue of Developments.
- Clarification of our language with respect to revocable and irrevocable living trusts.
- An update to Freddie Mac Form 1115, Borrower Certificate, by renaming the first section of the form.
The new fraud requirements go into effect January 1, 2012; the remaining changes are effective immediately.
The Guide Bulletin Cover Letters will provide you with an overview of all the changes, which are effective immediately. Please contact your Freddie Mac regional representative or relationship manager if you have any questions.