New Guide Bulletin Published
June 30, 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:
- Adding a number of requirements (which previously appeared in the Commitment or early rate-lock application) to our chapters for Property and Borrower Fundamentals, to streamline the process for the review and approval of Condominiums, Tenancies-in-common (TICS), and Trusts
- Making minor revisions to our requirements for the review of Borrower, SPE Equity Owner and guarantor organizational documents
- Clarifying and reorganizing certain requirements for Independent Properties and Properties subject to Shared Access Agreements and/or Shared Use Agreements
- Making a minor clarification to our requirements for zoning and building code conformity
- Modifying some of our appraisal requirements for Properties with fewer than 50 units, and making additional minor revisions to our appraisal requirements for all Properties
- Updating our requirements for the Multifamily Manufactured Housing Community (MHC) product
- Clarifying the manner in which Freddie Mac expects Reserves to be administered upon the origination of a Supplemental Mortgage
- Extending the due date for the receipt of the Sales Data Update Template
- Updating requirements for the Servicer's responsibility following a natural disaster loss
- Making changes to the following forms:
- Revising and renaming Form 104, Loan and Real Estate Owned (REO) Expenses and Income, which must be delivered to Freddie Mac via the Document Management System (DMS)
- Updating Form 1143, Multifamily Principal and Interest Custodial Account Reconciliation Worksheet, to include additional instructions
The revisions announced by this Bulletin are effective immediately and apply to all mortgages, including Small Balance Loans.
Please contact your Multifamily regional representative with any Guide Bulletin questions.