New Guide Bulletin Published
February 27, 2015
Today we published a Guide Bulletin for the Freddie Mac Multifamily Seller/Servicer Guide on AllRegs®. We encourage you to read the complete Bulletin, found on our Guide Bulletins page, for full details.
Guide Bulletin Highlights
Highlights of changes featured in this Bulletin include:
- Expanding the list of default analysis items that Servicers must provide to Freddie Mac upon the occurrence of a Delinquency or upon our request; Form 1101, Legal Referral Form, has been revised to reflect this requirement.
- Adding servicing requirements for Property Improvement Alterations, including the use of new Form 1126, Acknowledgement of Property Improvement Alterations, to notify Freddie Mac of any Property Improvement Alterations that the Borrower is undertaking.
- Clarifying requirements for the delivery of a letter of credit.
- Adding the Seniors Housing Liability Assessment Checklist to the Guide as Exhibit 15; it is also available on the Originate and Underwrite page on FreddieMac.com.
- Making various administrative changes, as follows:
- Changing the location of certain requirements for the review of General Loan Information
- Updating the list of Multifamily Software Applications
- Updating Form 1148, System User Verification and Certification, Form 1149, System Administrator Verification and Certification and revising the delivery instructions for these forms
- Reformatting Form 987M, Wire Transfer Authorization – Cash Warehouse Delivery, Form 996M, Warehouse Lender Release of Security Interest, and Form 1150, Wire Transfer Authorization – Non-Warehoused Mortgage
- Updating the instructions for the Mortgage Narrative Transaction Analysis in Section 55.2
We are also making changes to the corresponding chapters of the SBL Addendum, with the exception of the Property Improvement Alterations requirements, which do not apply to SBL Mortgages.
The revisions announced by this Bulletin are effective immediately.
Please contact your Multifamily regional representative with any Guide Bulletin questions.