Freddie Mac Multifamily Guide Bulletins Released
November 30, 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:
Updates to Underwriting Checklists
With this Guide Bulletin, we now require Seller/Servicers to maintain evidence in the Mortgage File that the Seller/Servicer has used the Freddie Mac Exclusionary List to screen the applicable individuals. We’ve also updated our underwriting checklists to add new Exclusionary List screening requirements for Mortgages using the early rate-lock delivery option and TAH Mortgages originated under a Forward Commitment. The updates can be found in the Resources page in the Originate & Underwrite section of FreddieMac.com for the:
Updates to Guide Forms
We’ve updated two existing Guide Forms and have added a new Guide Form. These can be found on our Guide Forms and Documents page on FreddieMac.com.
Form 1115 – Borrower Certificate is being updated to clarify the instructions regarding Borrowers and Borrower Principals for non-CME Mortgages, and to require that the Borrower/Borrower Principal attach an explanation for all contingent liabilities not included in the estimate of the Borrower/Borrower Principal’s net worth.
We have also revised Form 1141 – Annual Multifamily Production Summary to streamline the information that Seller/Servicers must report and to update the submission instructions. Seller/Servicers must ensure that they use the updated form when they submit it to Freddie Mac via email by January 31, 2013.
In addition, we have added a new Form 990M – Certificate of Limited Liability Company Secretary/Authorized Representative to be used by Seller/Servicers organized as limited liability companies to provide Freddie Mac with wire transfer authorization documentation. The requirements for Form 990M can be found in Seller/Servicer Guide Section 32.12.
Contact for Questions
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.