Freddie Mac Multifamily Guide Bulletins Released
April 30, 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:
- Adding a new chapter to the Guide to contain Freddie Mac’s requirements for the Seismic Risk Assessment (SRA) that now replaces the Site Specific Seismic Report (SSSR).
- Excepting Mortgages secured by a property owned by a Cooperative from the requirement to submit quarterly financial reports.
- Changing our requirements for post purchase assessments to align them with the provisions of the Pooling and Servicing Agreements (PSA).
Guide Forms and Other Resources Updated With These Bulletins
- Form 16M Multifamily Annual Certification Report and Form 1107M – Multifamily Seller/Servicer Change Notification were revised to add categories for minority-owned businesses.
- Form 1105 – Multifamily Property Condition Form has been revised to require the property condition consultant to include in the property condition report an evaluation of any high risk seismic factors.
- The Conventional underwriting checklist in Exhibit 1.1 and all of the Targeted Affordable Housing underwriting checklists been revised to list the SRA as a required document instead of the SSSR.
- Form 1117 Borrower Certification of Property Physical and Environmental Condition has been revised to add the Borrower certification of seismic risk.
We’re making a number of additional changes with this Bulletin and encourage you to read the complete Bulletin for detailed information on what requirements have changed.
Please contact your Multifamily Regional Representative if you have any questions related to these Guide Bulletins.