Freddie Mac Multifamily Guide Bulletins Released
October 31, 2012
Today, Freddie Mac is publishing Guide Bulletins for both the Freddie Mac Multifamily Seller/Servicer Guide and the Freddie Mac Delegated Underwriting for Targeted Affordable Housing Guide on AllRegs. The latest Guide Bulletins include the following:
- Revisions to our requirements for repairs, including changes to the property condition report, Form 1105. We’ve now defined four different categories of repairs that the property condition consultant will be responsible for identifying and categorizing.
- A revision to our Custodial Account requirements which streamlines the number of Reserve Custodial Accounts that Servicers are required to establish and maintain. In support of this revision, we have updated Guide Form 1056, Form 1058, and Form 1060.
- The addition of a new Letter Agreement, Form 1057A, Letter Agreement for Securities Custodial Account for Tax-exempt Bond Transactions, to be used by Servicers when establishing a Custodial Account for Bond Credit Enhancement Mortgages that require funds to be invested in tax-exempt obligations. We have also provided Form 1061A, Certificate of Incumbency and Authority To Draft Against Securities Custodial Accounts for use when drafting against a securities-based Custodial Account.
- The reorganization and revision of Chapter 39, to clarify and update our requirements for the administration of Reserves and the monitoring of repairs. Some of the major changes within Chapter 39 include:
- A new option for the verification of payment of water and sewer charges, for Mortgages with a Risk Rating greater than six
- Revisions to the requirements for the disbursements for capital replacements not listed in the Replacement Reserve Agreement, for both CME and non-CME Mortgages. See updates to our Final Delivery Package TOC for CME Loans, Final Delivery Package for Portfolio Loans and DMS Master Document Listing Mapping
- Removal of the prepayment provisions to a new Chapter 51
We’re providing upcoming training sessions in support of the Property Repair changes in today’s Seller/Servicer Guide Bulletin that are currently scheduled for December 7 and December 11. You can register for these webinar training sessions today on our Events page.
For a full overview of all the changes, you can review the Guide Bulletin Cover Letters. Please contact your Freddie Mac regional representative or relationship manager if you have any questions.