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New Guide Bulletin Published

October 14, 2016

With this Bulletin for the Multifamily Seller/Servicer Guide (Guide), we are changing the timing of when application fees are due. Instead of submitting application fees when full underwriting packages are delivered, the fees are now due two business days after your borrower locks in the rate. (This change does not affect Bond Credit Enhancement Mortgages.)

This isn’t the only change where we’re making it easier for you to do business with us. Other process improvements, reflected in this Guide update, include a more tailored and interactive underwriting checklist, simpler requirements for appraisals and revised requirements for submitting a hazard loss notification.

Here’s a list of all of the changes we’re making in this Guide Bulletin: 

  • Making a number of changes to our requirements for underwriting packages, including the introduction of a new interactive underwriting checklist tool
  • Changing the timing of the collection of the application fee for non-Small Balance Loan (SBL) Cash Mortgages
  • Adding a definition of Conflicts of Interest to the Guide Glossary, and referring to this term in our requirements for borrowers in connection with mortgage originations and transfers of ownership, and in our underwriting checklists
  • Requiring the Seller/Servicer, rather than the borrower, to evaluate the property for seismic risk factors
  • Adding a timing requirement for site inspections in support of third party reports
  • Converting provisions of the Condominium/Cooperative Conversion Restriction Analysis into Guide requirements, so the Seller/Servicer now only has to identify non-compliant requirements in the PLIM
  • Clarifying our requirements for subordinate debt for TAH Mortgages
  • Simplifying our requirements for appraisals
  • With respect to SBL mortgages, updating the Guide to include a comprehensive chart clarifying our public record search requirements for borrowers, borrower principals, property sellers, guarantors and non-U.S. equity holders
  • For SBL mortgages, eliminating state level UCC searches
  • For non-SBL mortgages, revising and streamlining the Title Exception and Survey Analysis form
  • Making additional revisions to our requirements for a transfer of ownership
  • Revising our requirements for submitting a notification of a hazard loss and revising Form 1140, Hazard Loss Notification
  • For SBL mortgages, revising the requirements for priority repairs, PR-90 repairs and replacement reserve servicing
  • Adding to the Guide our requirements for servicing mortgages needing special purpose reserves
  • Revising our certification requirements for the rent roll submitted with the Annual Inspection form (AIF)
  • Revising our requirements for credit reports submitted for Freddie Mac approval of subordinate financing
  • Removing the requirement for borrowers to have an independent director/manager

If you have any questions about this Bulletin, please call your Freddie Mac representative.

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