May 31 Guide Bulletin
May 31, 2012
Today, we released a Bulletin for the Multifamily Seller/Servicer Guide that includes the following key topics in the Bulletin Letter, now available on our Guide Bulletins page and posted on AllRegs.com.
Updated Asset Management Chapters for Servicers
In follow-up to the interim Guide chapters we provided April 20, we have now incorporated those chapters, the Glossary and the Directory into the Guide, which address:
- Our new assessment forms and the Property Reporting System (PRS)
- The replacement of the Watchlist with Risk Ratings
- Updates to asset management contact information
- The Quarterly Income and Expense assessment (QIE), when it is required, and a description of the Abbreviated and Detailed versions of the QIE
We'll provide Servicers with additional information resources and a training session focused on the QIE assessment in the near future.
Revisions to Servicer Requirements for Full Payoff of a Mortgage
We are revising the Guide to include the Servicer's responsibilities when Freddie Mac has delegated to the Servicer the calculation of the prepayment premiums.
Notification to Sellers Regarding Mortgages with Private Transfer Fee Covenant
As of July 16, 2012, Freddie Mac will no longer purchase a Mortgage encumbered with certain Private Transfer Fee Covenants prohibited by 12 C.F.R. Part 1228 and dated on or after February 8, 2011.
Radon Concentration Provision Changes
We're changing our provisions for radon concentration levels to align with the standard of the United States Environmental Protection Agency (EPA)
Revision to the Description of the Type of Multifamily Mortgage Freddie Mac will Purchase
We have revised Section 1.2 to state that a multifamily Mortgage is a Mortgage on real estate on which there are one or more structures containing, in total five or more units designed for residential use.