New Guide Bulletin Published
April 29, 2016
- Introducing an option for an expedited review by Freddie Mac of construction documentation for a TAH Forward Commitment if the construction lender meets certain requirements
- Referring to the TAH Seller/Servicer’s technical lead for Forward Commitments as the Chief Architect/Engineer, and specifying responsibilities for the Chief Architect/Engineer
- For all Mortgages, adding “affiliate” to the requirements previously applicable if the Seller/Servicer or any employee, director or officer of the Seller/Servicer owns or intends to become the owner of a direct or indirect interest in the Property or the Borrower, or owns or expects to own a direct or indirect interest in the proposed transferee with respect to a Transfer of Ownership
- For non-SBL Mortgages, requiring the Servicer to provide an Early Indication Letter to each of the existing Borrower and the proposed new Borrower sponsor concerning a requested Transfer of Ownership
- For all Mortgages, updating the process for submitting related documents and notices to Freddie Mac, and streamlining the documentation required to be submitted in connection with a requested Transfer of Ownership
- Revising our requirements for the types of easements a Servicer is permitted to approve for all Mortgages
- Revising the timing for submission of documentation for extension requests and incomplete and partially completed repairs for all Mortgages
- Clarifying quarterly reporting requirements for Value-Add Mortgages
- Adding the EPA Energy Star Score to the underwriting checklists for non-SBL Mortgages, in support of the Green Rebate Offering
- Revising the underwriting requirements for Section 8 income and expense for TAH Mortgages
- Updating our survey requirements to reflect the fact that we are only requiring the delivery of surveys in electronic format
- Updating our requirements for UCC searches
- Making minor editorial changes to our Glossary definitions and Forms 1115 and 1116.
All revisions announced by this Bulletin are effective immediately.