Preliminary 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)
Guide
Section
Description
17.14(a)
Mortgage
transaction narrative analysis [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; loan history; sources and uses of funds; tenancy characteristics; and cash equity at risk] [See Section 17.2(h)]
17.14(b)
Evidence of insurance, Seller/Servicer Certification of Insurance Coverage (Form 1133) and amount of required insurance premium
17.14(c)
Calculation of prepayment premium, if applicable
17.14(d)
Certified
rent schedule, dated within 30 days of the package submission
[See Section 17.2(i)]
17.14(f)
Certified current property financial statements for the current year-to-date fiscal year (dated within 30 days of package submission) [See Section 17.2(f)]
17.14(g)
Seller's pro forma
property financial statements [See Section 17.2(f)]
18.9(d)
Borrower Certificate
(Form 1115) or, if no material adverse change, Borrower Certification of
No Change (Form 1147)
17.14(k)
Borrower Certification
of Property Physical and Environmental Condition (Form 1117)
17.14(m)
Cooperative analysis,
if applicable [See Section 17.2(g)]
17.14(n)
Seller's certification
regarding "specially designated nationals and blocked persons"
17.14(o)
Verification
of Collections (Form 1144) (The “last full month” must be dated within
30 days of the package submission.)
17.14(p)
Ground
lease information, if applicable (See Chapter 30)
17.14(q)
Request for approval
of shared facilities, if applicable, with analysis and
recommendation (See Section 8.9)
18.9(f)
Historical property
financial statements (financial statements for the preceding three fiscal
years)
18.9(g)
Annual Loan Management and Physical Inspection Assessment (ALI)
