Freddie Mac Multifamily Guide Bulletins Released
June 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:
- Adding a Servicing Standard reference for the servicing of securitized Mortgages
- Modifying circumstances under which Freddie Mac may take disciplinary action against a Seller/Servicer for a failure of a Seller/Servicer to meet annual production goals assigned by Freddie Mac
- Updating our requirements with respect to the Freddie Mac Exclusionary List
- Revising our requirements with respect to appraiser certifications
- Standardizing the reliance language for the Appraisal, the environmental report, the property condition report, the Level 1 Seismic Risk Assessment (SRA), and certain construction reports for Forward Commitments
- Requiring additional documentation as part of the underwriting package for properties where problematic materials, equipment or systems have been detected
- Making miscellaneous revisions clarifying our requirements regarding aluminum wiring, itemized survey and/or plat exceptions, and compliance with our deadlines regarding the Seller/Servicer’s cooperation to prevent and investigate fraud.
The change to our requirements for Properties with problematic materials, equipment or systems goes into effect for all applicable underwriting packages submitted on or after July 15, 2013.
All of the other changes announced by this Bulletin are effective immediately.
Guide Forms and Other Resources Updated With These Bulletins
- The Conventional underwriting checklist in Exhibit 1.1 and certain Targeted Affordable Housing underwriting checklists been revised to reflect new requirements for properties where problematic materials, equipment or systems have been detected.
- Form 1140 Multifamily Hazard Loss Summary and Form 1140DR – Multifamily Hazard Insurance Disbursement Request Form were revised to reflect the new aluminum wiring requirements, survey and/or plat exceptions and compliance with our preventing and investigating fraud deadlines.
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.