Freddie Mac Multifamily Guide Bulletins Released
September 30, 2013
Today, Freddie Mac is publishing Guide Bulletins for 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 webpage.
Highlights of the key changes that we are making with the Guide Bulletins include:
- Completion of Repairs – Revising requirements for Servicer notification of completed and partially completed repairs.
- Level 1 Seismic Risk Assessment (SRA) Reports and Onsite Inspections – Expanding qualifications to permit licensed architects to complete and review these reports.
- Compliance with Building Codes – Expanding the Seller/Servicer’s representations, warranties, confirmations and diligence for compliance with all federal, state and local codes.
- Custodial Accounts – Clarifying the type of reserves required to be held in either a single or multiple custodial accounts.
Forms Updated with the Bulletins
We have revised the following Guide Forms to reflect the updates made to custodial accounts. These updated forms can be found on the Guide Forms and Documents website page.
- Form 1058 Letter Agreement for Servicer's Reserve Custodial Account
- Form 1060 Letter Agreement for Reserve Custodial Account
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.