Supplemental Mortgage Product Document Checklist
for a Supplemental Mortgage Subsequent to an Existing Freddie Mac First
Mortgage
Full Underwriting Package
Early Rate-Lock Delivery Option
(Revised 10/2008)
(Please see referenced Multifamily Seller/Servicer
Guide sections for a full description of each item listed)
NOTE:
The checklist below is for a supplemental Mortgage subsequent to an existing
Freddie Mac first Mortgage.
Guide
Section
Description
17.18
Evidence of insurance, as required in Section 17.14(b), updated
17.18
Certified rent schedule, as required in Section 17.14(d),
updated (dated within 30 days of package submission) [See Section 17.2(f)]
17.18
Certified historical property financial statements, as required in
Section 17.14(e), updated (dated with 30 days of package submission)
[See Section 17.2(f)]
17.18
Seller’s pro forma property financial statements, as required in
Section 17.14(g), updated [See Section 17.2(f)]
20.12
Any required documentation in the preliminary underwriting package (See Section 20.9) for which there is a material change.
17.18(a)
Copy
of early rate-lock application executed by the Seller (including an
executed Exhibit A), if required
17.18(b)
Seller's
certification regarding representations and warranties
17.18(c)
Mortgage
transaction narrative analysis, updated from preliminary, as necessary [Must include characteristics of the proposed
Mortgage (including risk factors and Seller’s recommendation); descriptions
of the Property, the Borrower and the property manager; Property’s financial
analysis; evaluation of balloon risk; surrounding property uses and condition
with neighboring facilities; market analysis; history of the Borrower’s equity;
review of third-party reports; loan history; sources and uses of funds; tenancy
characteristics; and cash equity at risk] [See Section 17.2(h)]
20.12(a)
Certified financial statements of Borrower and Borrower Principals
[See Section 17.2(f)] or, if no material adverse change, Borrower Certification
of No Change (Form 1147)
17.18(e)
Credit
reports [See Section 17.2(j)]
20.12(b)
Real Estate Schedule (Form 1116) [See Section 17.2(k)] or, if no material
adverse change, Borrower Certification of No Change (Form 1147)
17.18(g)
Wood-boring insect inspection report, if applicable
20.12(c)
Inspection
and rent verification schedule, if required
17.18(i)
Flood zone determination (FZD) meeting the
requirements of Section 31.9
20.12(d)
Appraisal (See Chapter 12),
if required
20.12(e)
An environmental report meeting the requirements of Chapter 13 is required under this product when
An acceptable environmental report was not completed upon
origination of the Mortgage being refinanced, or
An environmental issue was identified subsequent to the origination
of the Mortgage being refinanced, or
Freddie Mac, in its sole discretion, determines that an environmental
assessment is needed after reviewing the Borrower Certification of
Property Physical and Environmental Condition (Form 1117),
submitted in connection with this chapter.
For each Mortgage for which Freddie Mac does not require an environmental
assessment, the Seller must
Retain a qualified environmental consultant in accordance with
Section 13.16 to perform a neighborhood hazardous waste activity
review in compliance with Section 13.12, and submit the
environmental consultant's analysis and conclusions, and
Confirm that the Borrower has complied with any conditions or
requirements in the Mortgage being refinanced regarding an
identified environmental hazard or Mold and any has completed
required work
20.12(f)
Engineering
report or engineering survey (See Chapter 14), if required
20.12(g)
Proof of
zoning; damage restoration statement (See Section 8.5)
17.18(n)
Building
code documentation
17.18(o)
Access
easement and amenity and/or recreational facility easements,
both with analysis and recommendations, if applicable
(See Sections 8.8 and 8.9)
20.12(h)
Laundry
lease, if applicable, [See Section 8.11(b)] or, if no change, Borrower Certification of
No Change (Form 1147)
17.18(q)
Commercial
leases, if applicable [See Sections 8.2(b) and 8.11(a)]
17.18(s)
Registration
of rental units, if applicable
20.12(j)
Personal
property exclusion list, if applicable, or, if no change, Borrower Certification of No Change
(Form 1147)
17.18(u)
Verification of Collections
(Form 1144), with the “last full month” dated within 30 days of package submission
17.18(x)
Real estate tax bill (most recent from Property’s local governing body)
17.18(ab)
Preliminary legal issues
memorandum
20.12(p)
Annual Loan Management and Physical Inspection Assessment (ALI)
20.12(q)
Seller's
mortgage loan application with Borrower, including authorization to
use property and transaction information
