New Seniors Housing Loan Submission Template Available
January 30, 2015
Updated: February 11, 2015
We have posted a revised Seniors Housing Loan Submission Template on the “Selecting the Correct Loan Submission Template” page. The revised template corrects formula errors in the I&E and Rent Roll Tabs.
We have released a new Seniors Housing Loan Submission Template (LST) version 1.5 which replaces version 1.23, effective immediately. We recommend that you download and begin using the Seniors Housing LST version 1.5 today to avoid delays in processing your deals.
To help you transition to the new template, we will continue to accept the previous version through March 4, 2015. Deals quoted using the previous version during this time will still be accepted and processed accordingly for full underwriting.
Enhancements to Seniors Housing LST version 1.5 include:
- Automatic population of the Unit Summary on the Input Tab from the Detailed Rent Roll Tab, which must be completed for quoting.
- New instructions for completing the Rent Roll Tab that reflect changes to fields and drop down menus.
- New fields and drop down menus on the Input Tab – Sections A and B – and modified instructions for supplemental loans.
- Removal of the Commercial Rent Roll Tab.
- New columns on the Collection Tab.
We have posted the Seniors Housing LST version 1.5 and a job aid detailing the enhancements on our Selecting the Correct LST web page. The Seniors Housing LST is a secured resource. For assistance accessing secure resources, please contact your System Administrator.
Narratives Required for Quotes and Underwriting
As a reminder, you must include a narrative with your seniors housing quote requests and underwriting package submissions. Doing so helps prevent delays, enables us to quote you the best possible spread and expedites the underwriting approval process. To assist you with this, we’ve posted two downloadable resources on our Originate and Underwrite web page:
- For Quote Requests: Freddie Mac Seniors Housing Narrative for Quote – Includes suggested content items to help you best describe the transaction.
- For Underwriting Packages: Mortgage Transaction Narrative Analysis – Best Practices – Provides sample language, examples and guidance to help you with summarizing pertinent facts related to a transaction as part of the full underwriting package.
For more information or to get your questions answered about the new Seniors Housing LST, version 1.5, we encourage you to register now for training on February 11 at 2 p.m. ET.
If you have questions about accessing any of these templates, please call 1-866-MultiFM (1-866-685-8436) from 8:00 a.m. and 8:00 p.m. ET, Monday through Friday. For other non-critical or administrative questions, please email Multifamily Service Desk.