Learn how to work with us with our Guide Bulletins and Industry Letters. We have a roster full of talented and diverse Multifamily All Stars competing for your business and battling housing affordability. In determining an applicants acceptable net worth, Freddie Mac may consider, among other things, the applicants proposed duties and obligations to Freddie Mac. A "Print" dialog box will appear where you can set print options, if necessary. hbbd```b``@$=d H`#`vX9X,&Ex@s x DJ6H7a`bd`7J$30\ 0 o Use to add/delete user access for the ICT. Meet the experts. Specifies the documentation requirements for borrowers, including helpful . Freddie Mac Multifamily Seller/Servicer Guide (Guide) forms, commonly used underwriting forms, and other forms and documents are listed below. 9 with new effective date UPDATED Aug. 27 to extend the effective date until further notice 0 Non-occupying borrowers are permitted on one-unit properties that meet the LTV ratio requirements in the Guide. The Federal Housing Finance Agency regulates Fannie Mae, Freddie Mac and the 12 Federal Home Loan Banks. <> Freddie Mac's selling and servicing requirements. stream Financial and homeownership education resources all about you. Updated 4/13/23. Enter a street address in the tool and a pop-up window will appear with the most accurate results available. x=[oFQZ4g8KO` YIv>-kD`.C$|B(]6_-_||qx)OY:VGGD|}|/J"(Qb}o$o!/EPKW*5|N,g?}e$>o^g'(v$d Total annual qualifying income limit is 80% of area median income (AMI). Operate the business in a safe and sound manner. We value diversity and are working to bring equitable opportunities to everyone both inside and out of the Multifamily industry. The electronic versions of our Guide forms are available here in Adobe Acrobat Reader format and cannot be altered. Specifies the documentation requirements for borrowers, including helpful underwriting reminders. Borrowers may also choose to take our free homeownership education course CreditSmart Homebuyer U. A Seller can deliver a Seller-owned modified mortgage that is a Home Possible mortgage modified for the purpose of a reduction in the interest rate. Freddie Mac Selling Guide Section 5306.1 Rental Income Freddie Mac Rental Income Matrix Supplemental Matrix A: Additional matrix to help determine the maximum amount of rental income that a borrower can use to qualify Maxium Rental Income Borrower owns their primary residence Borrower has 1 year history of investment property management The Enterprises will communicate updated requirements to Seller/Servicers in their respective guides, bulletins and announcements and through best practices documents that provide servicers clarity about Enterprise expectations. Our initiative benefits renters, property owners and the industry, using on-time rent payments to build renters' individual credit scores. <>/ExtGState<>/XObject<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/Annots[ 18 0 R 19 0 R 23 0 R 29 0 R 30 0 R] /MediaBox[ 0 0 612 792] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>> If more than 30% of the borrower's income is rental income from their 1-unit primary residence, how much of that rental income can be used to qualify the borrower for a Home Possible Mortgage? It looks like your browser does not have JavaScript enabled. Financial and homeownership education resources all about you. Find out if Freddie Mac owns your loan using our secure lookup tool. Note: Non US Citizen documentation that is set to expire within 30 days of closing must have proof of renewal or proof of filing for renewal. Describes who Freddie Mac considers to be self-employed, the different business entities, tax return documentation requirements (with scenarios) and how to use Form W-2 income with self-employed borrowers. Quality Control 2 0 obj % An applicant that intends to sell loans to Freddie Mac that will be originated by a third party must maintain a written wholesale home mortgage program that contains steps to evaluate and approve correspondents/brokers and monitor the quality of the correspondent/broker-originated mortgage and performance of the correspondents/brokers. H330` ug`2c20 && Chapter 3 - Seller/Servicer Eligibility Requirements, Chapter 4 - Suspension or Termination of a Seller/Servicer, Chapter 5 - Seller/Servicer Representations and Warranties, Chapter 6 - Legal Services for Mortgage Origination and Servicing, Chapter 6SBL - SBL Legal Services for Mortgage Origination and Servicing, Chapter 7 - Fraud Prevention, Detection and Reporting; Reporting Fraud and Suspicious Activity, Chapter 9 - Borrower/Borrower Principal Fundamentals, Chapter 9SBL - SBL Borrower/Borrower Principal Fundamentals, Chapter 10 - Fundamentals of Mortgages, Mortgage Origination and Credit Underwriting, Chapter 17 - Originating a Mortgage under the MF Conventional Cash Mortgage Purchase Program, Chapter 18SBL - Originating an SBL Mortgage, Chapter 19 - Originating a Targeted Affordable Housing Cash Mortgage, Chapter 19A - Originating a TAH Cash Mortgage under a Forward Commitment, Chapter 20 - Originating a Mortgage under the Multifamily Supplemental Mortgage Product, Chapter 21 - Originating a Mortgage under the Multifamily Seniors Housing Project, Chapter 22 - Originating a Mortgage under the MF Manufactured Housing Community Project, Chapter 23 - TAH Underwriting Analysis for Affordability Components, Chapter 24 - Freddie Mac Multifamily Green Advantage, Chapter 25 - Originating a TAH Tax-Exempt Loan, Chapter 25A - Originating a TAH Tax-Exempt Loan under a Forward Commitment, Chapter 27 - Commitment or Early-Rate Lock Application, Chapter 28 - Originating a TAH Bond Credit Enhancement Mortgage, Chapter 28A - Originating a TAH BCE Mortgage under a Forward Contract, Chapter 29 - Title, Description, Survey and UCC Search, Chapter 29SBL - SBL Title, Description, Survey and UCC Search, Chapter 33 - Warehousing, Secured Advances and Other Secured Lending Arrangements, Chapter 39 - Administration of Reserves; Monitoring Repairs, Chapter 40 - Assessments and Other Post-purchase Reporting, Chapter 41SBL - SBL Transfers of Ownership, Chapter 43 - Specific Servicing Responsibilities, Chapter 44 - Delinquency, Default and Loss Mitigation Strategies, Chapter 46SBL - SBL Collateral, Repurchase, Loss and Securitization, Chapter 47 - Repurchases; Indemnification, Chapter 50 - General Accounting and Reporting Requirements, Chapter 53 - Determining and Remitting Payments, Chapter 55 - Documentation and Deliveries, Chapter 55SBL - SBL Documentation and Deliveries, Chapter 60 - Appraiser and Appraisal Requirements, Chapter 62 - Property Condition Report Requirements, Chapter 62SBL - SBL Physical Risk Report Requirements, Chapter 64 - Seismic Risk Assessment Requirements, Chapter 64SBL - SBL Seismic Risk Assessment Requirements, Chapter 66 - Conventional/TAH Physical Risk Report Requirements, Form 16M: Multifamily Annual Certification Report, Form 17M: Multifamily Annual Certification Report - Structured Transaction & Tax-Exempt Bond Seller/Servicers, Form 104: Loan and Real Estate Owned (REO) Expenses and Income, Form 921: Letter of Credit - SBL Certification, Form 981M: Transfer of Servicing Agreement, Form 987M: Wire Transfer Authorization - Cash Warehouse Delivery, Form 988M: Multifamily Certificate of Authorized Representative, Form 989M: Multifamily Certificate of Corporate Secretary, Form 990M: Certificate of Limited Liability Company Secretary/Authorized Representative, Form 996M: Warehouse Lender Release of Security Interest, Form 1056: Reserves Held in Custodial Accounts, Form 1057A: Letter Agreement for Securities Custodial Account for Tax-exempt Bond Transactions, Form 1057: Letter of Agreement for Servicer's Principal and Interest of P&I Disbursement Clearing Custodial Account, Form 1058: Letter Agreement for Servicer's Reserve Custodial Account, Form 1059: Letter of Agreement for Principal and Interest, or P&I Disbursement Clearing Custodial Account, Form 1060: Letter Agreement for Reserve Custodial Account, Form 1061: Certificate of Incumbency and Authority To Draft Against Custodial Accounts, Form 1061A: Certificate of Incumbency and Authority To Draft Against Securities Custodial Accounts, Form 1063: Notice Letter - Alternative CE Bond Billing Procedure, Form 1064: Authorization for Automatic Transfer of Funds from a Principal and Interest Custodial Account Through the ACH, Form 1065M: Report of IRS Form 1099-A and 1099-C Filings, Form 1102: Seismic Risk Assessment Summary, Form 1107M: Multifamily Seller/Servicer Change Notification, Form 1110M: Multifamily Annual Certification Report - Servicer Only, Form 1114: Certification - Organizational Chart, Form 1115: Borrower Principal Certificate, Form 1115: Key Borrower Principal Certificate, Form 1115SBL: Borrower Principal Certificate SBL, Form 1115SBL: Key Borrower Principal Certificate SBL, Form 1125: Borrower Application for Partial Release or Easement, Form 1126: Acknowledgement of Property Improvement Alterations, Form 1133: Seller/Servicer Certification of Insurance Coverage, Form 1140: Hazard Loss Notification and Plan, Form 1140-DR: Hazard Loss Disbursement Request, Form 1143: Multifamily Principal & Interest Custodial Account Reconciliation Worksheet, Form 1146: System Administrator Add/Update/Remove Request, Form 1148: System User Verification and Certification, Form 1149: System Administrator Verification and Certification, Form 1150: Wire Transfer Authorization - Non-Warehoused Mortgage, Form 5150 - Forward Commitment Monitoring Report, Form 6011: Waiver of 50-page Limit for SBL Appraisal, Interactive Conventional and TAH Cash UW Checklist, Exhibit 1.25 TAH - Prescreen Package Checklist, Exhibit 1.26 TAH - Cash Mortgage Full UW & Early Rate-Lock Checklist, Exhibit 1.29 TAH - Bond CE Mortgage - Full UW Checklist, Exhibit 1.30 TAH - Cash Forward Commitment - Full UW Checklist, Exhibit 1.31 TAH - Cash Conversion UW Checklist, Exhibit 1.32 TAH - Bond CE Forward Commitment - UW Checklist, Exhibit 1.33 TAH - Bond CE Conversion UW Checklist, Exhibit 2 Origination Guidelines for TAH Mortgages, Exhibit 5 - Draft Letter of Authorization, Exhibit 6 - Interest Calculation Amortization Method - Single Payments, Exhibit 7 - Interest Calculation Amortization Method - Multiple Payments, Exhibit 10 - Lender Review, Processing and Consent Fee Schedule, Exhibit 11 - Radon Testing and Mitigation Standards, SBL - Prescreen and Exception Request Form, Certification Regarding Payment of Fees and Expenses of Freddie Mac's Outside Legal Counsel - TAH, Property Inspection and Lease Audit - SBL, 501(c)(3) Compliance Checklist Mortgage Purchase Eligibility - TAH, CSO Certification (MHC Tenant Protections), Borrower Certification - Completion of Restoration, Business Guidance Request - Securitized Loan, CSO Certification (Freddie Mac-Owned Loan), Release/Extension of Monetary Collateral Request, Repair/Rehab Agreement Extension/Modification Request, Borrower Certification - Partial Completion, DMS New User Setup, Reactivation, Modification and Deactivation Form. How can the homeownership education requirement for first-time homebuyers be fulfilled? <>/Metadata 423 0 R/ViewerPreferences 424 0 R>> Applicant must be organized under federal law, or organized under the laws of one of the 50 states, the District of Columbia, Puerto Rico, Guam, the U.S. Virgin Islands, or a U.S. domiciled branch or subsidiary of a foreign entity. Use the following resources as a reference for documenting your Loan Product Advisor loans. Can I use premium financing to fund closing costs and prepaids? GO5p\E]ilFXQp p$8?v]%u4!|qA k:_Ot3irtW C D~ : Use the following information as a reference for documenting your Loan Product Advisor loans. Applicant must be a viable organization able to originate and/or service investment quality loans. Homeownership education is required only for a purchase mortgage when all borrowers are first-time homebuyers or if the credit reputation for all borrowers is established using only Noncredit Payment References. An applicant that wishes to be approved as a "Seller and Servicer" or "Servicer Only" must demonstrate during the approval review process the ability to effectively service mortgage loans by maintaining adequate staff and procedures or by contracting with a Freddie Mac approved Servicing Agent. 320 0 obj <> endobj The Guide on AllRegs is the official electronic version of the Single-Family Seller/Servicer Guide. )+LAq&9!2},O>^A$>#w'H>8$U'n#\{ A|N lL~'f#w? endobj In addition, an institution is not to make any assumptions or rely upon any representation regarding approval until official, written notification from Freddie Mac of eligibility approval has been received by that institution. Be seasoned at least 12 months (from the original note date to new loan note date). To be Pre-qualified for approval as a Freddie Mac Seller/Servicer, your organization must meet the following eligibility and net worth requirements. When the form is required Origination Fannie Mae does not require the lender to submit the Form 4506-C to the IRS to obtain a borrower's income tax information during the loan origination process, although many lenders choose to do so, which Fannie Mae views as a best practice. This annual report describes FHFA's accomplishments, as well as challenges, the agency faced in meeting the strategic goals and objectives during the past fiscal year. Read about the agencys 2022examinations of Fannie Mac, Freddie Mac and the Home Loan Bank System. The operational requirements become effective no later than September 1, 2015 and the financial requirements become effective December 31, 2015. The provider is not affiliated directly or indirectly with an interested party to the transaction. 7000 Retain all credit reports in the file. Learn how to work with us with our Guide Bulletins and Industry Letters. Examples of income of this type include income from hourly workers with fluctuating hours, or income that includes commissions, bonuses, or overtime. }{n? %$Ia{vc0ef^*_5cu'M~@mo4$n $H?:lG4]*_?R+*)|3KWeh|3\Z"PGiK -w!! If you need to reset it, contact Counterparty Credit Risk Management at (571) 382-3434, option 1.