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Recapping Customer Package Training 2.0: How to Speed and Improve Execution

September 20, 2012

2012 has been an exceptionally busy year so far with the continued strong market and high demand for business. Freddie Mac Multifamily overall volume has increased in two years from $9.1 billion in the first half of 2010 to $19.3 billion through July 2012.

All of our regions have added staff to handle increased submissions per week (see our Regional Production Highlights chart). We are also seeing an increase in the number of acquisitions over last year. Our overall volume underscores the need for you to submit complete packages up-front, include a thorough narrative and provide analysis of any mitigating factors that may slow down the deal.

We designed this year’s Customer Package Training to help all of us be more successful in today’s high-volume multifamily market. Over 400 hundred of your colleagues took part in one of the live Customer Package Training sessions we held throughout August in all four Regions, which included:

  • 129 in the Southeastern region held at Freddie Mac headquarters in McLean, VA
  • 96 in the Central region held in Chicago, IL
  • 100 in the Western region held in Los Angeles, CA and,
  • 97 in the Northeastern region held in New York City

The training provided a forum for sharing our thoughts on issues affecting our mutual business, and for hearing your concerns, so that we can address them together. As we emphasized in the training, packages done right will fund faster!

Underwriting Process Key to Speed and our Mutual Success

The underwriting process is a key part of our partnership with you. We know, based on your direct feedback and through our recent customer satisfaction survey that there is room for improvement in our speed, capacity and certainty of execution.

We continually look at how we can improve in the areas of people, processes, and technology to become faster and more efficient. And, our Production, Underwriting, and Asset Management teams are collaborating to take an end-to-end view of the production and securitization of your loan process. Read our Service for the Life of Your Loan article to learn about several steps we’ve taken this year to make business with Freddie Mac easier.

The quality and completeness of the information provided in the underwriting package directly impacts the speed of the underwriting decision. We want to be able to quote, rate-lock and close your loan as efficiently as possible, but without sacrificing quality. Quality is a priority whether we hold a loan on our books or securitize it.

Missed our On-Site Training or Need a Refresher? Access it Now Online

Whether you are an underwriter, analyst, or even a vice president, if you missed our regional training or are looking for a refresher, you can access any part of it now online. Customer Package Training 2.0 – How to Speed and Improve Execution explains the deal process from an Underwriting and Production perspective and focuses on the importance of providing full documentation, which can result in faster quote times, rate locks, and commitments. You will be instructed on how to identify risks, how to make recommendations to mitigate deal issues, and how to avoid typical errors and delays when submitting your loan packages.

Just click on any one the sessions below to begin:

Section 1 of 3: Borrower, Property and Market
Identifies individuals or entities that are ultimately in control (sponsor), provides a framework for evaluating transfer provisions or other document modifications, and determines eligibility of non-standard structures. Physical attributes of the property may dictate the structure and parameters of the loan. Market dynamics affect sizing parameters.

Section 2 of 3: Pro Forma, Valuation and Parameters
The Pro Forma is the foundation for the calculation of the DCR and a key component in assessing refinance risk. Valuation is the foundation for calculating the LTV and another key component in assessing refinance risk. Loan Parameters determine the baseline credit box and what is deliverable.

Section 3 of 3: Challenges to Efficiency
Nine specific items that can slow a deal – and how to avoid them

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