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Freddie Mac Multifamily Guide Bulletins Released

December 10, 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:

  • New option for Servicers to have Freddie Mac consider the results of the Reg AB audit when Freddie Mac conducts its annual audit
  • New Business Continuity Plan requirements
  • Revised wood-damaging insect documentation requirements in the full underwriting package
  • Revised testing requirements for PCBs and radon
  • New requirement for Seller’s counsel to complete the Regulatory Agreement Analysis
  • Revised zoning report requirement regarding Certificates of Occupancy
  • Maximum easement review fee increased from $2,000 to $3,000
  • New requirement for adjustment of Replacement Reserves for a Mortgage with a term greater than 10 years
  • Post-purchase reporting clarification concerning rent rolls
  • Elimination of the requirement for a Servicer brief in connection with transfers of ownership; additional documents to be submitted to Freddie Mac after a request for a transfer of ownership
  • Revised definition of “Down Units” in connection with property inspections
  • Minor changes and clarifications for Replacement Reserve servicing
  • Removal of unused forms, and updating of other forms

Forms Updated with the Bulletins

We have revised the following Guide Forms listed below. These updated forms can be found on the Guide Forms and Documents website page.

  • Sight Draft, Form 1062
  • Report of IRS Form 1099-A Filing, Form 1065M
  • Multifamily Environmental Assessment Form, Form 1103  (now posted as an Excel spreadsheet)
  • Multifamily Property Condition Form, Form 1105
  • Annual Multifamily Production Summary, Form 1141

We’ve deleted the following forms from the Guide Forms and Documents page:

  • Seniors Housing Supplement to Assessment (Form 1142)
  • Authorization for Automatic Transfer of Funds Through the Automated Clearing House (ACH), Form 1132

Checklist Requirement Update to Wood-Damaging Insect Inspections and Zoning

We’ve also updated all underwriting checklists to reflect changes in documentation requirements for wood-damaging insect inspections and zoning. See the Bulletin Letter and the updated checklists below for details.

Updated Checklists

We’ve also updated all underwriting checklists:

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.

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