Freddie Mac Multifamily Guide Bulletin Released
July 31, 2013
Highlights of the key changes that we are making with this Guide Bulletin include:
- Borrower Principal Requirements – We're clarifying that a foreign citizen may hold a direct or indirect interest in a United States-chartered borrower principal.
- Survey Documentation Required for the Final Delivery Package - The original and three additional copies of the existing or prior survey must be included with the Final Delivery Package for any Capital Markets ExecutionSM (CME) Mortgage, even if Freddie Mac is not requiring an updated survey.
- Documentation for Problematic Materials in the Underwriting Package - New underwriting checklist requirements for properties with problematic materials can be documented on the appraisal and the ACORD.
Checklists Updated with the Bulletin
We have revised the following underwriting checklists for the changes related to documenting problematic materials. The updated checklists can be found in AllRegs or on the Multifamily website in the Originate & Underwrite Resources Center.
- Section 1.1: Conventional Checklists
- Section 1.26: Targeted Affordable Housing Cash Mortgage Standard Delivery Full Underwriting & Early Rate-Lock Checklist
- Section 1.29: Targeted Affordable Housing Bond Credit Enhancement Mortgage Full Underwriting
- Checklist Section 1.31: Targeted Affordable Housing Cash Mortgage Conversion Underwriting
- Checklist Section 1.33: Targeted Affordable Housing Bond Credit Enhancement Mortgage Conversion Underwriting Checklist
All changes are effective immediately. We encourage you to read the complete Bulletin for detailed information on what requirements have changed.
Please contact your Multifamily Regional Representative with any Guide Bulletin questions.