Service for the Life of Your Loan
August 29, 2012
Prior to joining Freddie Mac Multifamily, John Cannon, Senior Vice President of Production, Sales and Marketing, and Michael Lipson, Senior Vice President of Asset Management & Operations, were colleagues in the commercial real estate business for over 14 years. Now they are working together again, ensuring that our Seller/Servicers and borrowers receive quality customer service for the life of their loans.
Mike and John’s partnership, along with the collaboration among our Multifamily management team members, translates to an across the board focus on making business with Freddie Mac as seamless as possible. During origination and after the sale of a loan, whether it is a traditional portfolio or new securitized (K-deal) loan, we want to make sure we are providing excellent customer service for you.
Easy to Do Business With
What does excellent customer service mean? It means we:
- Make sure our people, processes and relationships exceed expectations.
- Provide specialized knowledge of your pre-and post securitization needs.
- Stay continually engaged and attentive to your financing needs.
- Support you with unique regional market experience and community knowledge.
- Ensure that Freddie Mac continues to be your borrowers’ investor of choice.
- Provide responsive service and keep you informed of our decision making process.
- Monitor the performance of the Master and Special Servicers to ensure that your borrowers receive the same superior level of service after securitization.
- Continue building on our securitization experience through recent examples of assumptions, supplemental mortgages, preapproved transfers and repair escrows.
- Offer you feedback opportunities through our relationship managers and advisory council meetings.
- Share key information through our package training sessions and customer conferences.
So how are John and Mike’s teams making it easier for you to do business with Freddie Mac? Some examples of process and technology improvements they’ve helped spearhead this year include:
- Made changes to the early rate-lock process, providing borrowers with the flexibility to increase or decrease the loan amount after rate lock.
- Consolidated over 20 existing checklists into one universal Conventional Underwriting Checklist defining what information is required based on the specific characteristics of a deal
- Supported the creation of new Loan Agreement documents to reduce borrower-related information in public documents
- Clarified the definition of a controlling interest/entity for transfers by establishing the concept of Designated Entities for Transfer (DETs) for use in the Loan Agreement transfer provisions, and required that DETs be identified in the ERL application and commitment. This change helps expedite Asset Management review of proposed transfers.
- Ensured that expected, non-assumption transfers are preapproved prior to closing, which makes those transfers faster to execute than assumptions
- In response to the increase in the number of loans with preferred equity, developed underwriting guidance and standard commitment and loan document provisions
- Just finished a second round of customer package training sessions in each region, with over 400 Seller participants. We plan on building on that training with information sessions at the October Customer Conference.
Asset Management Improvements:
- Introduced the Insurance Compliance Tool (ICT) which has automated the process for requesting waivers and providing annual insurance coverage certifications
- Launched the Property Reporting System (PRS) in April, eliminating the need to submit templates in DMS, providing completion feedback on template submissions, and pipeline and status reports that were not available in MultiSuite for Assessments
- Ensured that our non-assumption transfers are designed upfront, prior to closing and are faster to execute than an assumption
- Developed riders for many common borrower situations related to transfers of ownership and assumptions that have no impact to pricing
- Ensured that our document requirements for assumptions are the same for loans to be securitized and for our loans in our portfolio
Working together, John and Mike and their teams are focused on a holistic customer service experience that allows you to do business with us easily and efficiently.
To see John and Mike talk about our focus on customer service, watch our video entitled:
“Our Partnership with You: Service after the Sale”