Correction to Targeted Affordable Housing Seller/Servicers Regarding the One Form
April 10, 2013
We’re following up to correct and resolve any issues raised by our communication last week regarding the use of the One Form by our Targeted Affordable Housing (TAH) Sellers. We apologize for any confusion or frustration that our initial announcement may have caused.
Last Week’s Announcement:
- We announced that TAH Sellers were no longer required to complete and submit the One Form.
- We removed the One Form from our website.
- We incorrectly announced that Sellers would no longer have the option to use and complete the One Form.
- We've made the One Form available again on our website for all TAH Sellers who would like to generate and review the One Form after completing the LST.
- TAH Sellers now have the option to generate the One Form following the completion of the Loan Submission Template. If you do not generate the One Form, your TAH representative will upload the LST to create the One Form during our underwriting process.
We think that the One Form remains a valuable tool, and we recognize that a number of TAH Sellers were integral to the design and development of the One Form. We appreciate the continued partnership with you in the development of tools that help to make it easier to do business together.
We initially made the decision to remove the One Form and communicate this process change when we determined that financial ratios within the One Form are determined from Freddie Mac inputs rather than the values you provide in the LST. We heard from some Sellers that this mismatch caused confusion after uploading the data from the LST into the One Form. Our approach to addressing the issue was to shift the process to having our staff upload your LST into the One Form Utility. However, we have rethought that approach.
The One Form is now available again on the Selecting the Correct Loan Submission Template page, also available from a Quick Link at the top of the Originate & Underwrite page. TAH Sellers have the option to upload the LST 1.5 into the One Form. As we noted, if you choose to upload the LST, you will see financial ratios reflect Freddie Mac numbers instead of your own. Alternatively, Sellers can send the LST 1.5 directly to Freddie Mac and we will upload the template into the One Form Utility.
If you have questions or issues with the One Form or LST, please call 1-866-MultiFM (1-866-685-8436) from 8:00 am and 8:00 pm E.T Monday through Friday. For other non-critical or administrative questions, please send an email to: firstname.lastname@example.org.