New Guide Bulletin Published
September 25, 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 provisions for compliance with the regulations of the Federal Housing Finance Agency (FHFA) Suspended Counterparty Program and making changes to our provisions for compliance with the Office of Foreign Assets Control (OFAC)
- Updating our requirements for Seismic Risk Assessments to announce the use of Elevated Seismic Hazard Regions and to add ASTM Standard E2557-07
- Revising our requirements regarding commercial leases, estoppel certificates and SNDAs
- Adding requirements applicable to non-profit Borrowers and Borrower Principals
- Adding our requirements for Properties benefiting from tax abatements
- Revising our eligibility requirements for property management companies
- Modifying the process for changing a property management company
- Revising our requirements for cap deposits and Reserve Custodial Accounts
- Revising our requirements for the timing of the first monthly accounting report following the month of the Freddie Mac Funding Date
- Modifying our requirements for the management of a Borrower that consists of tenants in common
- For non-Small Balance Loans, increasing the amount of the Borrower’s permitted financial obligations under the telecommunications and cable company agreement safe harbor category
- Updating Form 1120, Student Housing Questionnaire
- Clarifying Appraisal requirements for Lease-Up Loans
- Updating the underwriting checklist descriptions in Chapter 55 for Low-Income Housing Tax Credit (LIHTC) allocation and certification documentation and Form 1116, Real Estate Schedule
- Relocating the requirements for reviewing a telecommunications lease to Chapter 43
We are also revising Chapters 8, 9, 14, 16, 31, 41, 43 and 55 of the Small Balance Loan (SBL) Addendum to reflect these changes.
The changes regarding OFAC compliance and compliance with the provisions of the FHFA’s Suspended Counterparty Program are effective October 25, 2015. The changes to our requirements for seismic risk are effective for all Seller Applications dated on or after October 1, 2015. All other revisions announced by this Bulletin are effective immediately.
Please contact your Multifamily representative with any Guide Bulletin questions.