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New Guide Bulletin Published

December 16, 2015

With this Bulletin for the Multifamily Seller/Servicer Guide (Guide), we are:

  • Adding Targeted Affordable Housing (TAH) requirements to the Guide, enabling the removal of the TAH Guide from AllRegs in late January 2016
  • Updating the Guide to address Seller/Servicer concerns about screening provisions added to the Guide in the September 25 Guide Bulletin, as follows:
    • Revising our provisions for screening property management companies against the Freddie Mac Exclusionary List, the Office of Foreign Assets Control (OFAC) Specially Designated Nationals and Blocked Persons (SDN) List, the OFAC Consolidated Sanctions List, and the Federal Housing Finance Agency (FHFA) Suspended Counterparty Program (SCP) List
    • Updating Form 1115, Borrower and Borrower Principal Certificate by revising the definition of a Borrower Principal and adding a definition for Non-U.S. Equity Holders to clarify that Non-U.S. Equity Holders are subject only to the OFAC screening requirements of the Form
  • Updating our requirements for determining whether a Property is located in an Elevated Seismic Hazard Region and requiring Seller/Servicers to order Level 0 Seismic Risk Assessments (SRAs)
  • Revising the forms used for annual certification
  • Updating our requirements for loan accounting to include instructions for Freddie Mac’s automated cash remittance system, which includes a web-based remittance option
  • Updating the minimum rating requirements for eligible depository institutions, and requiring banks providing lockbox services to be eligible depositories
  • Noting that Freddie Mac will purchase Moderate Rehabilitation Mortgages
  • Making other administrative updates, including:
    • An update to our requirements for the assessment of polychlorinated biphenyls (PCBs) to include a definition for PCB contamination
    • The introduction of a new form for adding or changing system administrators
    • An update to our language regarding Freddie Mac audits to remove references to Regulation AB audits
    • An update to the requirements for UCC searches for Seniors Housing Mortgages to refer to the Final Delivery Instructions on FreddieMac.com
    • An update to the Directory for Customer Compliance Management
    • Updating the following additional Guide forms:
      • Form 1103, Environmental Site Assessment
      • Form 1105, Property Condition Assessment
      • Form 1116, Real Estate Schedule
      • Form 1117, Borrower Certification of Physical and Environmental Condition

We are also revising Chapters 3, 8, 9, 13, 16, 41, 43, 50, 53 and 55 of the Small Balance Loan (SBL) Addendum to reflect these changes.   We are updating Form 1117-SBL, Borrower Certification of Physical and Environmental Condition – SBL, and introducing Form 1115-SBL, Borrower and Borrower Principal Certificate– SBL.

All revisions announced by this Bulletin are effective immediately.


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