Freddie Mac Multifamily Guide Bulletins Released
February 28, 2013
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 Bulletins are available on the Freddie Mac Multifamily Guide Bulletins Page.
Highlights of some of the key changes that we are making with these Guide Bulletins include:
- Eliminating the Branch Expansion Request application fee and clarifying our requirements for requesting a branch expansion.
- Revising key provisions related to our requirements for Borrowers, Borrower Principals and guarantors, including:
- The Borrower must be an entity formed in the United States
- Each Borrower Principal with direct ownership in the Borrower must be a United States citizen or entity
- Foreign guarantors or United States citizen guarantors who reside abroad may be required to meet certain requirements in order to be acceptable to Freddie Mac
- Seller’s counsel will need to provide Freddie Mac with the new Investment Fund Analysis form as part of the preliminary legal issues memorandum (PLIM) for a Borrower Principal or guarantor that is an investment fund
- Clarifying Seller/Servicer responsibilities with respect to the retention and management of the environmental consultant and the property condition consultant.
- Adding a section to the Form 1110M – Multifamily Annual Certification Report – Servicer Only to collect custodial account information.
We’re making a number of additional changes with this Bulletin and encourage you to read the complete Bulletin letters for the detailed information on what requirements have changed.
Please contact your Multifamily Regional Representative if you have any questions related to these Guide Bulletins.