New Guide Bulletin Published
June 30, 2016
With this Bulletin for the Multifamily Seller/Servicer Guide (Guide), Freddie Mac is integrating the content of the SBL Guide Addendum and its exhibits published on FreddieMac.com into the base Guide published on AllRegs. In conjunction with this change, we are adding 10 new SBL Guide Chapters to the Guide and are modifying a number of existing Guide chapters, the Directory and the Glossary to incorporate SBL-specific requirements. Accordingly, we are announcing that the SBL Guide Addendum is no longer in effect and will be removed from FreddieMac.com on August 1, 2016. These changes were described in detail in our announcement on June 20.
Also in this Guide Bulletin, we are making the following changes unrelated to the SBL Addendum:
- Adding underwriting requirements for a TAH Mortgage with subordinate debt
- Revising the requirements for assessments and post-purchase reporting concerning the notifications and follow-up actions required when a property inspection identifies issues, requests for changing the due date for a property inspection, and instructions for Value-Add Mortgage reporting
- Adding new Reserve requirements for a Mortgage secured by a Student Housing Property
- Updating our requirements regarding electronic signatures, electronic records and data security
- Clarifying the construction documentation required for a Forward Commitment
- Updating the requirements for electrical capacity, overload protection and aluminum wiring
- Revising our requirements for the delivery of items required for a Transfer of Ownership
- Adding a Green Certificate to the underwriting checklist
- Making minor housekeeping changes
If you have any questions about this Bulletin, please call your Freddie Mac representative.