Freddie Mac Publishes Multifamily Guide Bulletin
September 18, 2014
Today we published a Guide Bulletin for the Freddie Mac Multifamily Seller/Servicer Guide on
AllRegs®. You can also find the Bulletin on the Freddie Mac Multifamily Guide Bulletins Web page.
Highlights of changes in this Guide Bulletin include:
- Revising our lender review, processing, and consent fee requirements to conform to the evolution of the Freddie Mac Multifamily Servicing Standard
- Providing requirements for the timely submission of loan servicing reports
- Revising our requirements for assessments and post purchase reporting
- Requiring Seller/Servicers to submit to Freddie Mac a completed current IRS Form W-8 or W-9
- Adding requirements for the application of principal and interest payments and reserve funds
- Revising our provisions for Freddie Mac audits
- Adding language regarding adherence to federal Anti-Money Laundering (AML) requirements
- Requiring Seller/Servicers to report suspicious activity (now defined in the glossary)
- Requiring additional information to document evidence of fidelity and E&O insurance
- Revising our requirements regarding conflicts of interest
- Adding instructions for the use of the Geographical Waiver Request
- Updating the language regarding reliance on third-party reports
Forms Added or Changed with this Bulletin
We have changed the Guide Form listed below. This updated form can be found on the Guide Forms and Documents Web page.
Changes announced by this Bulletin are effective immediately, except for the following:
- The changes to lender review, processing, and consent fees apply to all mortgages originated on loan agreements with revision dates on and after July 1, 2014.
- The provisions requiring Seller/Servicers subject to the AML provisions of the Bank Secrecy Act to notify Freddie Mac, as permitted by law, of instances of their noncompliance with AML requirements, and provisions requiring all Seller/Servicers to report suspicious activity to Freddie Mac, are effective October 1, 2014.
- The changes to our audit process involving Mortgages included in a securitization go into effect January 1, 2015.
We encourage you to read the complete Guide Bulletin for detailed information on what requirements have changed. Please contact your Multifamily Regional Representative with any Guide Bulletin questions.