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Updated Servicing Forms Now Available

November 20, 2013

We continue to develop and support consistent standards for the submission, evaluation and processing timelines for all servicing requests. Our goal is to ensure a consistent approach across Servicers and borrowers that supports our Freddie Mac Servicing Standard and ensures the quality of the borrower’s experience throughout the life of a loan. As part of our approach, today we’re announcing several changes in relation to two key Asset Management forms which are used in conjunction with a range of borrower requests.

We’ve redesigned the Property Management Change Form and the Transfer of Ownership/Assumption Form to: 

  • Strengthen their design and organization
  • Clarify the information needed, and
  • Improve their ease of use

The new forms are the result of collaboration with our Master Servicers to ensure the capture of industry best practices and adoption of the forms for all Freddie Mac Multifamily loans, regardless of their execution path.

Key Improvements to the Property Management Change Form:

  • Loan Data section expanded to accommodate multiple loans and Primary and Master Servicer loan numbers
  • Property Data section redesigned to make data entry easier, and relocated from page three to page one to provide an immediate, upfront snapshot of the property
  • Removal of instructions previously embedded in the form — instructions are already provided in the Multifamily Seller/Servicer Guide
  • Current and Proposed PMC sections revamped to make information entry easier and location of key items more obvious
  • Evaluation and Recommendation sections re-designed to:  provide space for a statement of Document Provisions needed to support our Capital Markets ExecutionSM (CME);expand signature blocks & improve readability; and remove the Internal Use Only section to further streamline the form

Property Management Change Form

Key Improvements to the Transfer of Ownership/Assumption Form:

  • Entire form re-designed to make information entry easier and provide a logical flow
  • Loan Data section  expanded to accommodate multiple loans and Primary and Master Servicer loan numbers
  • Pooling and Servicing Agreement section added to accommodate the CME execution
  • Instructions moved to the end of the form and  toggle capability added to switch from Form to Instructions
  • Request Summary section added to provide a snapshot of the request on one page
  • Property Report section expands and contracts based on Servicer input
  • Servicer’s Proforma and Valuation required only if current UPB to Sale Price is greater than or equal to 80%; Servicer’s Proforma now available on the Special Servicing Request Forms section of the Assset Management Resource page on FreddieMac.com in Excel format for ease of input
  • Number of Sponsor, Principal, Guarantor Analysis forms expands and contracts based on Servicer input
  • Number of Signature Blocks expands and contracts based on Servicer input
  • Table of Contents removed to streamline the form - requirements are provided in the Guide

Transfer of Ownership/Assumption Request Form

Elimination of the Related Party Transfer Form

We’ve eliminated the requirement for a Servicer brief in connection with preauthorized Transfers of Ownership and therefore the Related Party Transfer form has been eliminated.  See the upcoming December Guide Bulletin for additional information.

Contact for Questions

We hope that you find the new forms easier to use in processing servicing requests. If you have any questions or feedback, please contact your Multifamily Asset Management representative.

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