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[]
["This checklist indicates documents to be submitted to Freddie Mac in the underwriting package for the TAH Express Loan Delivery path.  See Chapter 55 TAHX for a description of and detailed requirements for the delivery of each document.  All documents must be uploaded to Freddie Mac Document Management System (DMS). "]
[null,null,null,null,null,null,"Revision Date: 03/29/2019"]
["Property & Transaction Details"]
[]
[null,null,null,null,null,null,"Score","Critical"]
["Standard",null,null,"Delivery",null,null,"(Max. 100%)","Docs",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Score","ERLA"]
[null,null,null,"Loans <= $10 MM",null,null,{"$f":"IF(AND(rng_Critical=\"PASS\",AD8>1),1,IF(rng_Critical=\"FAIL\",\"N/A\",AD8))","v":"N/A"},{"$f":"IF(SUM(G15:G59)<(80-(10*COUNTIF(G15:G83,\"N/A\"))),\"FAIL\",\"PASS\")","v":"FAIL"},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"IFERROR(IF(rng_TransType=\"Acquisition\",SUM(G15:G76)/(210-(10*COUNTIF(H15:H76,\"N/A\"))),SUM(G15:G76)/(200-(10*COUNTIF(H15:H76,\"N/A\")))),0)","v":0},"STD"]
[null,null,null,"Loans > $10 MM"]
["Acquisition",null,null,"Transaction Type ",null,null,"IF =>70% Rating & PASS; proceed"]
["Yes",null,null,"Regulatory Agreement Questionnaire",null,null,"IF FAIL, communicate w/Producer"]
[]
["Underwriting\n(Submit at Full Underwriting for Standard Delivery)",null,null,null,null,null,null,null,null,"   Hover to learn more"]
[null,null,null,null,null,null,"Points","Submitted",null,"↙",null,null,null,null,null,null,null,null,null,null,"Critical Documents: (#1-8) are required for pricing confirmation for Full Underwriting",null,null,null,null,null,null,"Points","Submitted"]
[1,"Loan Submission Template",null,null,null,null,{"$f":"IF(H15=\"Yes\", 10,IF(H15=\"N/A\",\"N/A\", 0))","v":0},null,null,null,null,null,"•","Purchase Sale Agreement",null,null,null,null,null,null,1,"Loan Submission Template",null,null,null,null,null,0,"No",null,"Loan Submission Template"]
[null,"• ","Property and loan data on Input tab, Seller's pro forma, rent and sales comparables, property's ",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"• ","Property and loan data on Input tab, Seller's pro forma, rent and sales comparables, property's "]
[null,null,"spread historical financial statements including collections, cash flow analysis and spread rent roll.",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"spread historical financial statements including collections, cash flow analysis and spread rent roll."]
[null,"• ","Upload to Origination and Underwriting System (OUS) when complete",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"• Upload to Origination and Underwriting System (OUS) when complete"]
[2,"Underwriting Narrative",null,null,null,null,{"$f":"IF(H19=\"Yes\", 10,IF(H19=\"N/A\",\"N/A\", 0))","v":0},null,null,null,null,null,null,null,null,null,null,null,null,null,2,"Underwriting Narrative",null,null,null,null,null,0,"No",null,"Underwriting Narrative"]
[null,"• ","Including but not limited to borrower and property management information, organizational chart, ",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"• ","Including but not limited to borrower and property management information, organizational chart, "]
[null,null,"identification of Guarantors and Borrower Principals, FICO score, and financial information, ",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"identification of Guarantors and Borrower Principals, FICO score, and financial information, "]
[null,null,"strengths & weaknesses, market, property and improvements description, etc., ",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"strengths & weaknesses, market, property and improvements description, etc., "]
[null,null,"accompanied by a document analysis performed by Single Counsel and Cash Execution Identifier",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"accompanied by a document analysis performed by Single Counsel"]
[3,"Additional Requirements",null,null,null,null,{"$f":"IF(H24=\"Yes\", 10,IF(H24=\"N/A\",\"N/A\", 0))","v":0}]
[null,"• ","Seller's mortgage loan application with Borrower"]
[null,"• ","A Conflict of Interest statement if a Conflict of Interest, as defined in the Glossary, exists"]
[4,"Property Inspection Form including:",null,null,null,null,{"$f":"IF(H27=\"Yes\", 10,IF(H27=\"N/A\",\"N/A\", 0))","v":0},null,null,null,null,null,null,null,null,null,null,null,null,null,3,"Property Inspection Form including:",null,null,null,null,null,0,"No",null,"Property Inspection Form including:"]
[null,"• ","Lease audit, photos and description of units inspected",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"• ","Lease audit, photos and description of units inspected"]
[5,"Property financial statements, including certified copies of the following:",null,null,null,null,{"$f":"IF(H29=\"Yes\", 10,IF(H29=\"N/A\",\"N/A\", 0))","v":0},null,null,null,null,null,null,null,null,null,null,null,null,null,4,"Property financial statements, including certified copies of the following:",null,null,null,null,null,0,"No",null,"Property financial statements, including certified copies of the following:"]
[null,"• ","Historical financial statements ",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"• ","Historical financial statements operating statements that include the prior 3 full years,"]
[null,null,"The Seller/Servicer must submit a certified operating statement that includes the prior three  "]
[null,null,"full years. However, if a Year 3 statement is not available, the Seller/Servicer must submit",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"if available"]
[null,null,"• Year 1 back statement, and"]
[null,null,"• Year 2 back statement if available"]
[null,null,"• Although not required, helpful if requesting to UW to 3% vacancy for comparable properties with long-term HAP.  This will need to be reflected in LST."]
[null,"• ","Current property financial statements (T-12 format or YTD)",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"• ","Current property financial statements (T-12 strongly preferred; if not available, YTD preferred)."]
[null,null,"Freddie Mac strongly prefers the Seller/Servicer to submit a T-12 operating statement.  However,"]
[null,null,"if a T-12 operating statement is not available, the Seller/Servicer must submit a YTD statement"]
[null,"• ","Monthly collections",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"• ","Monthly collections (T-12 strongly preferred, T-3 required). If a certified financial statement"]
[null,null,"T-12 strongly preferred, T-3 certified financial statement including collected monthly net ",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"including collected monthly net residential income (NRI) for at least the prior"]
[null,null,"residential income (NRI) for at least the prior three months provided."]
[null,"• ","Borrower's budgeted property financial statements",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"• ","Borrower's budgeted property financial statements, if available"]
[null,null,"• The Borrower's budget for the following 12-month period, certified by the Borrower as complete"]
[null,null,"and accurate via the Blanket Certification, if available.  "]
[null,null,"• The seller must review the property financial statements, which must include income and expenses."]
[null,null,"• See the Blanket Certification for instructions on preparing the certification of the property financial "]
[null,null,"statements."]
[null,null,"• If the financial statements are audited, they must include a statement of changes in financial "]
[null,null,"position and all notes.  "]
[null,"• ","Rent roll dated 30 days from package submission",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"• ","Rent roll dated 45 days from upload date to DMS"]
[null,"• ","Additional Documents:  (in Very Small Markets) Property bank statements (T-3 required)",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Additional Documents:  in Very Small Markets"]
[6,"Borrower Certificate of Financial Condition (Form 1115-TAHX) for Borrower and Borrower Principals",null,null,null,null,{"$f":"IF(H52=\"Yes\", 10,IF(H52=\"N/A\",\"N/A\", 0))","v":0},null,null,null,null,null,null,null,null,null,null,null,null,null,5,"Borrower Certificate of Financial Condition (Form 1115-SBL) for Borrower and Borrower Principals",null,null,null,null,null,0,"No",null,"Borrower Certificate of Financial Condition (Form 1115-SBL) for Borrower and Borrower Principals"]
[7,"Appraisal Report - Freddie Mac compliant narrative form or short form (Form 71A) ",null,null,null,null,{"$f":"IF(H53=\"Yes\", 10,IF(H53=\"N/A\",\"N/A\", 0))","v":0},null,null,null,null,null,null,null,null,null,null,null,null,null,6,"Appraisal Report - Freddie Mac compliant narrative form or short form (Form 71A) ",null,null,null,null,null,0,"No",null,"Appraisal Report - Freddie Mac compliant narrative form or short form (Form 71A) "]
[null,"in compliance with TAHX Addendum/Seller/Servicer Guide requirements",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"in compliance with SBL Addendum/Seller/Servicer Guide requirements"]
[8,"TAHX Physical Risk Report - (Form 1104) an abbreviated Physical and Environmental Report to be completed by a qualified consultant with testing limited to radon and PCBs, unless there is a known contamination that requires additional testing , or if required, a full environmental report and property condition report",null,null,null,null,{"$f":"IF(H55=\"Yes\", 10,IF(H55=\"N/A\",\"N/A\", 0))","v":0},null,null,null,null,null,null,null,null,null,null,null,null,null,7,"SBL Physical Risk Report - (Form 1104) an abbreviated Physical and Environmental Report",null,null,null,null,null,0,"No",null,"SBL Physical Risk Report - (Form 1104) an abbreviated Physical and Environmental Report"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"to be completed by a qualified consultant with testing limited to radon and PCBs, "]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"unless there is a known contamination that requires additional testing ,"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"or if required, a full environmental report and property condition report"]
[9,"Seismic Risk Assessment and other documentation F1102, if required by Chapter 64",null,null,null,null,{"$f":"IF(H59=\"Yes\", 10,IF(H59=\"N/A\",\"N/A\", 0))","v":0},null,null,null,null,null,null,null,null,null,null,null,null,null,8,"Seismic Risk Assessment and other documentation F1102, if required by Chapter 16",null,null,null,null,null,0,"No",null,"Seismic Risk Assessment and other documentation F1102, if required by Chapter 16"]
["Non-Critical Documents:",null,null,null,null,null,"Points","Submitted",null,null,null,null,null,null,null,null,null,null,null,null,"Non-Critical Documents:",null,null,null,null,null,null,"Points","Submitted"]
[10,"Flood Zone determination (FZD)",null,null,null,null,{"$f":"IF(H61=\"Yes\", 10,IF(H61=\"N/A\",\"N/A\", 0))","v":0},null,null,null,null,null,null,null,null,null,null,null,null,null,9,"Flood Zone determination (FZD)",null,null,null,null,null,0,"No",null,"Flood Zone determination (FZD)"]
[11,"Blanket Certification for property financial statements and rent rolls",null,null,null,null,{"$f":"IF(H62=\"Yes\", 10,IF(H62=\"N/A\",\"N/A\", 0))","v":0},null,null,null,null,null,null,null,null,null,null,null,null,null,10,"Blanket Certification for property financial statements and rent rolls",null,null,null,null,null,0,"No",null,"Blanket Certification for property financial statements and rent rolls"]
[12,"Seller/Servicer Certification of Insurance Coverage (Form 1133) via Insurance Compliance Tool",null,null,null,null,{"$f":"IF(H63=\"Yes\", 10,IF(H63=\"N/A\",\"N/A\", 0))","v":0},null,null,null,null,null,null,null,null,null,null,null,null,null,11,"Seller/Servicer Certification of Insurance Coverage (Form 1133) via Insurance Compliance Tool",null,null,null,null,null,0,"No",null,"Seller/Servicer Certification of Insurance Coverage (Form 1133) via Insurance Compliance Tool"]
[null,"(ICT) submission",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"(ICT) submission"]
[13,"Real Estate Schedule (Form 1116) for Borrower and Borrower Principals",null,null,null,null,{"$f":"IF(H65=\"Yes\", 10,IF(H65=\"N/A\",\"N/A\", 0))","v":0},null,null,null,null,null,null,null,null,null,null,null,null,null,12,"Real Estate Schedule (Form 1116) for Borrower and Borrower Principals",null,null,null,null,null,0,"No",null,"Real Estate Schedule (Form 1116) for Borrower and Borrower Principals"]
[14,"Credit Reports",null,null,null,null,{"$f":"IF(H66=\"Yes\", 10,IF(H66=\"N/A\",\"N/A\", 0))","v":0},null,null,null,null,null,null,null,null,null,null,null,null,null,13,"Credit Reports",null,null,null,null,null,0,"No",null,"Credit Reports"]
[15,"Financial Statements of Borrower and Borrower Principals - certified and audited",null,null,null,null,{"$f":"IF(H67=\"Yes\", 10,IF(H67=\"N/A\",\"N/A\", 0))","v":0},null,null,null,null,null,null,null,null,null,null,null,null,null,14,"Financial Statements of Borrower and Borrower Principals - certified or audited",null,null,null,null,null,0,"No",null,"Financial Statements of Borrower and Borrower Principals - certified or audited"]
[16,"Org Chart and Certification (Form 1114)",null,null,null,null,{"$f":"IF(H68=\"Yes\", 10,IF(H68=\"N/A\",\"N/A\", 0))","v":0}]
["Property Specific Documentation:",null,null,null,null,null,"Points","Submitted",null,null,null,null,null,null,null,null,null,null,null,null,"Property Specific Documentation:",null,null,null,null,null,null,"Points","Submitted"]
[17,"Zoning documentation, including certification of occupancy if required ",null,null,null,null,{"$f":"IF(H70=\"Yes\", 10,IF(H70=\"N/A\",\"N/A\", 0))","v":0},null,null,null,null,null,null,null,null,null,null,null,null,null,15,"Zoning documentation, including certification of occupancy if required ",null,null,null,null,null,0,"No",null,"Zoning documentation, including certification of occupancy if required"]
[18,"Survey, if required",null,null,null,null,0,null,null,null,null,null,null,null,null,null,null,null,null,null,16,"Survey, if required",null,null,null,null,null,0,"No",null,"Survey, if required"]
[19,"Real Estate Tax Bill",null,null,null,null,0,null,null,null,null,null,null,null,null,null,null,null,null,null,17,"Real Estate Tax Bill",null,null,null,null,null,0,"No",null,"Real Estate Tax Bill"]
[20,"Commercial lease documentation, including leases and the Commercial Lease Analysis and Estoppel",null,null,null,null,0,null,null,null,null,null,null,null,null,null,null,null,null,null,18,"Commercial lease documentation, including leases and the Commercial Lease Analysis and Estoppel",null,null,null,null,null,0,"No",null,"Commercial lease documentation, including leases and the Commercial Lease Analysis and Estoppel"]
[21,"Purchase Sale Agreement",null,null,null,null,0,null,null,null,null,null,null,null,null,null,null,null,null,null,20,"Purchase Sale Agreement",null,null,null,null,null,0,"No",null,"Purchase Sale Agreement"]
[22,"Additional Documents, if applicable: ",null,null,null,null,0,null,null,null,null,null,null,null,null,null,null,null,null,null,21,"Additional Documents, if applicable: ",null,null,null,null,null,0,"No",null,"Tax Abatements, including payments in lieu of taxes"]
[null,"• ","Tax Abatements, including payments in lieu of taxes and legal analysis",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"• ","Tax Abatements, including payments in lieu of taxes"]
[null,"• ","Management Agreement executed"]
[null,"• ","Building code violation documentation, if not in the zoning documentation or in  Physical Risk Report"]
[null,"• ","Documentation for Green Execution, if applicable"]
[null,"• ","Wood-damaging insect inspection documentation, or evidence of termite contract in place"]
[23,"Affordable Housing Documentation",null,null,null,null,{"$f":"IF(H81=\"Yes\", 10,IF(H81=\"N/A\",\"N/A\", 0))","v":0},null,null,null,null,null,null,null,null,null,null,null,null,null,21,"Additional Documents, if applicable: ",null,null,null,null,null,0,"No",null,"Tax Abatements, including payments in lieu of taxes"]
[null,"• Regulatory Agreement(s) and legal analysis\n• Subordinate Loan Documentation and legal analysis\n• Short or Long Term HAP contract and legal analysis\n• Subordinated Ground lease and legal analysis\n• Assignment of the HAP Contract (and REAC Score)",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"• ","Tax Abatements, including payments in lieu of taxes"]
[24,"Other Documentation",null,null,null,null,{"$f":"IF(H83=\"Yes\", 10,IF(H83=\"N/A\",\"N/A\", 0))","v":0}]
[null,"• Seller's certification regarding compliance with representations and warranties\n• Additional Documentation as Required by Freddie Mac, if applicable"]

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[]
[null,"TAH Underwriting Checklist (Tool) - This Underwriting Checklist is a tool for both the Seller and Freddie Mac not an extra deliverable in DMS."]
[]
[null,"High-level Benefits:"]
[null,"·        Provides transparency between Freddie Mac and the Seller by filtering complete versus incomplete packages;"]
[null,"·        Helps Seller(s) identify, measure, and track the Qualitative and in Quantitative submissions by their underwriting and processing personnel;"]
[null,"·        Ensures the proper Freddie Mac underwriting resources are utilized (complete packages)."]
[null,"·        Future Enhancements:  award Sellers for consistent high marks or penalize repeat offenders "]
[null,"_____________________________________________________________________________________"]
[]
[null,"Directions:  All fields filled in blue are dynamic, others are static."]
[null,"Step 1: ","Check Loan Amount applicability (loan < $10MM or > $10MM and ≤ $10MM)"]
[null,"Step 2: ","Select from drop-down the Transaction Type (Refinance or Acquisition)"]
[null,"Step 3: ","Select from drop-down whether a Regulatory Questionnaire was completed (Yes/No)"]
[null,"Step 4: ","Select from drop-down menu from Submitted column (Yes/No/NA) for each document, a Score will be generated automatically."]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[null,"Additional Notes:"]
[null,"Each document is worth 10 points, there is no subjectivity per document.  Either it is complete/received/10 points or not complete/not submitted/zero points."]
[null,"If Borrower f/s and rent rolls are certified individually, then a Blanket Certification is not necessary (optionality, either or)."]
[null,"Additional description and detailed requirements for the delivery of a document can be seen by hovering over the red marks."]

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["SBL UW CHECKLIST"]
["Doc  #","Document Title ","ERLA Required? (Populate as Prelim) ","Max Score"]
["1.","Loan Submission Template","Y",10]
["2.","Underwriting Narrative","Y",10]
["3.","Property Inspection Form","Y",5,null,"Total score",{"$f":"SUM(D3:D21)","v":100}]
["1.","Borrower Certificate of Financial Condition (Form 1115-SBL) for Borrower and Borrower Principals","N",5]
["2.","Real Estate Schedule (Form 1116) for Borrower and Borrower Principals","N",5]
["3.","Credit Reports","N",2]
["4.","Financial Statements of Borrower and Borrower Principals – certified or audited","N",4]
["5.","Property financial statements, including certified copies of the following:","N",5]
["6.","Blanket Certification for property financial statements and rent rolls","N",10]
["7.","Appraisal Report- Freddie Mac compliant narrative form* or short form (Form 71A) in compliance with SBL Addendum/Seller/Servicer Guide requirements","N",10]
["8.","SBL Physical Risk Report - (Form 1104)","N",10]
["9.","Seismic Risk Assessment","N",2]
["10.","Flood zone determination (FZD)","N",3]
["11.","Zoning documentation","N",3]
["12.","Real estate tax bill","N",5]
["13.","Seller/Servicer Certification of Insurance Coverage (Form 1133)","N",5]
["14.","Purchase and Sale Agreement, if acquisition","N",2]
["15.","If applicable, commercial lease documentation","N",2]
["16.","Updated Underwriting Narrative","N",2]

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[null,null,null,null,null,"Appraisal Report - Freddie Mac compliant narrative form or short form (Form 71A) ","Blanket Certification for property financial statements and rent rolls",null,null,"Borrower Certificate of Financial Condition (Form 1115-SBL) for Borrower and Borrower Principals",null,null,null,null,null,null,null,"Commercial lease documentation, including leases and the Commercial Lease Analysis and Estoppel",null,null,null,null,null,null,"Credit Reports",null,null,null,null,null,null,"Seller/Servicer Certification of Insurance Coverage (Form 1133) via Insurance Compliance Tool","Tax Abatements, including payments in lieu of taxes",null,"Financial Statements of Borrower and Borrower Principals - certified or audited",null,"Flood Zone determination (FZD)",null,null,null,null,null,null,null,null,null,null,null,null,"Underwriting Narrative",null,null,null,null,null,null,null,null,null,null,"Property financial statements, including certified copies of the following:","Property Inspection Form including:",null,"Purchase Sale Agreement",null,"Real Estate Schedule (Form 1116) for Borrower and Borrower Principals",null,"Real Estate Tax Bill",null,null,null,"SBL Physcial Risk Report - (Form 1104) an abbreviated Physical and Environmental Report",null,null,null,null,"Seismic Risk Assessment and other documentation F1102, if required by Chapter 16",null,null,null,null,null,null,null,null,null,null,"Survey, if required",null,null,null,"Zoning documentation, including certification of occupancy if required",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Property bank statements (T-3 required)"]
["Document","501(c)(3) Due Diligence Checklist","Access easement and Essential Facilities and/or Recreational Facilities easement documentation for non-SBL Mortgages","Access easement and Essential Facilities and/or Recreational Facilities easement documentation for SBL Mortgages","Application fee\n(for Bond Credit Enhancement Mortgages)\n","Appraisal","Blanket Certification for property financial statements and rent rolls","Bond distribution list","Borrower and Borrower Principal Certificate, Form 1115 for non-SBL Mortgages","Borrower and Borrower Principal Certificate – SBL, Form 1115 – SBL for SBL Mortgages","Borrower’s budgeted property financial statements","Breakdown of construction costs","Building code violation documentation","Calculation of prepayment premium","Capital improvement documentation","Certificate of Good Standing from the Construction Lender","Certification Regarding Payment of Fees and Expenses of Freddie Mac’s Outside Counsel","Commercial lease documentation","Condominium Analysis","Confirmation of compliance or a request for approval of shared facilities or access","Construction completion documents","Construction documentation for Forward Commitments with expedited review","Construction documentation for Forward Commitments with standard review","Cooperative analysis","Credit reports","Current property financial statements","Delegated property inspection letter","Document analysis by Seller’s counsel","Effective annual rental rate","Environmental report and alternatives","EPA Energy Star Score","Evidence of Insurance","Evidence of Tax Abatement","Exclusionary List","Financial statements of Borrower and Borrower Principals – certified","Financial statements – property","Flood zone determination (FZD)","Green Building Certificate","Ground lease documentation","Historical property financial statements","Housing Assistance Payments (HAP) contract","Land Use Restriction Agreement (LURA)/ regulatory agreement","Low-Income Housing Tax Credit (LIHTC) allocation and certification documentation","Management plan or management agreement for non-SBL Mortgages","Management plan or management agreement for SBL Mortgages","Manufactured Housing Community Questionnaire","Market study","Master lease documentation","Moisture Management Plan","Mortgage transaction narrative analysis","Occupancy history","Operation & Management (O&M) Program","Organizational charts – Borrower, guarantor SPE Equity Owner and any other Borrower Principals","Payroll schedule","Photographs","Physical Risk Report","Post-construction analysis report","Pre-construction analysis report","Preliminary legal issues memorandum (PLIM)","Property condition report","Property financial statements","Property inspection and Lease Audit documentation","Proposed transaction schedule","Purchase agreement and analysis","Quote","Real Estate Schedule, Form 1116","Real Estate Schedule Addendum – Seniors Housing","Real estate tax bill","Registration of rental units (rent control/ stabilization)","Rent, income and use restriction documentation","Rent roll","SBL Physical Risk Report – Form 1104","Seller’s certification and disclosure of any HUD-2530 issues relating to the Borrower Principal and Property Manager","Seller’s certification regarding compliance with representations and warranties","Seller's mortgage loan application with Borrower","Seller's pro forma property financial statements","Seismic risk documentation","Seniors Housing agreements and contracts","Seniors Housing Liability Assessment","Seniors Housing licenses and certificates","Seniors Housing list of furniture, fixtures, equipment and motor vehicles","Seniors Housing management assessment","Seniors Housing Real Estate Schedule Addendum","Sources and Uses","Student Housing Questionnaire, Form 1120","Subordinate debt documentation","Summary of interest rate hedge terms","Survey","Verification of Collections, Form 1144","Wood-damaging insect inspection documentation","Zoning documentation for non-SBL Mortgages","Zoning documentation for SBL Mortgages","Requirements for documents contained in the prescreen package (04/04/16)","Cell phone tower lease","TAH Bond Credit Enhancement Mortgage Transaction Parties and Details","Draft Appraisal","Environmental report and alternatives","Financial statements of Borrower and Borrower Principals","Information on similar projects completed","TAH Request for Initial Cash Quote or Initial Bond Quote","Loan Submission Template for Targeted Affordable Housing","Market study","Prescreening Executive Summary","Property condition report","Real Estate Schedule, Form 1116","Rent comparables summary","Resumes of Borrower and Borrower Principals","Very Small Markets - Borrower/Borrower Principals due diligence and geographic proximity"]
["Requirements","For a Mortgage originated under the Multifamily Housing Bond Credit Enhancement Program, the Seller must provide Freddie Mac with a 501(c)(3) Due Diligence Checklist if the bonds for which Freddie Mac is providing the bond credit enhancement are 501(c)(3) bonds.","The Seller must provide Freddie Mac with the following documentation:\n• If the Property shares primary ingress and/or egress with adjacent or neighboring properties (including another phase of a phased development) via an easement or private road, documentation in accordance with Sections 8.6 and 8.8, as well as a (i) preliminary legal issues memorandum (PLIM) that either (x) confirms the access complies with the requirements set forth in Section 8.8, or (z) a legal analysis of what requirements are not satisfied and the Seller’s counsel’s recommendations for acceptability, (ii) a copy of the survey if required for the Mortgage and photographs showing the location of the access easement and signage, if applicable, and (iii) an opinion from a land use attorney if applicable, or\n• If the Essential Facilities and/or Recreational Facilities are located off-site (including another phase of a phased development) and are not under the exclusive control of the owner, documentation in accordance with Sections 8.6 and 8.9, a PLIM that either (i) confirms the Borrower’s access to and use of the Essential Facilities and/or Recreational Facilities and amenities comply with the requirements set forth in Section 8.9; or (ii) a legal analysis of what requirements are not satisfied and the Seller’s counsel’s recommendations for acceptability.  \n• See also “confirmation of or a request for approval of shared facilities or access”.\n","The Seller must provide Freddie Mac with the following documentation:                         \n• If the Property shares primary ingress and/or egress with adjacent or neighboring properties\n• Documentation in accordance with Section 8SBL.6 \n• A PLIM, if required by Freddie Mac\n• A copy of the survey if required for the Mortgage and photographs showing the location of the access easement and signage, if applicable\n• An opinion from a land use attorney acceptable to Freddie Mac, if requested by Freddie Mac\n• If the Essential Facilities and/or Recreational Facilities are located off-site (including another phase of a phased development) and are not under the exclusive control of the owner\n• Documentation in accordance with Section 8SBL.6 \n• A PLIM, if required by Freddie Mac\n• See also “confirmation of or a request for approval of shared facilities or access”.\n","For Bond Credit Enhancement Mortgages only, the Seller must remit the applicable application fee by wire transfer. The Seller must obtain wire transfer instructions from Multifamily TAH Production or the Multifamily TAH Underwriter, for Freddie Mac Multifamily Approved Targeted Affordable Housing Seller/Servicers.\n\nThe Seller must send the wire transfer to the attention of the Multifamily Cash Desk. The wire transfer must reference the Property name, the Freddie Mac contact person and the Freddie Mac loan number.  The application fee amount is found in the Commitment or the early rate-lock application for Bond Credit Enhancement Mortgages.\n","The Seller must provide Freddie Mac with a full Appraisal of the Property that meets the requirements of Chapter 60.  The Property value determined in the Appraisal must be no less than the Property value determined by Freddie Mac and the report must meet all Freddie Mac requirements and underwriting conditions.\n\nThe Seller must provide Freddie Mac with a Form 71A, Freddie Mac Appraisal Report – Residential Income Property, that meets the requirements of Chapter 60.\n","The property financial statements and the rent rolls must be certified through a Blanket Certification, which must bear the following statement, executed by an individual who is authorized to legally bind the Borrower:\n\nI hereby certify that the property financial statements and rent rolls are complete and accurate representations of the operating history of the [Property name] as of the date of the statements, and I am duly authorized to bind the Borrower to this certification.”\n\nHistorical financial statement due dates: ________________\n\nCurrent financial statement due dates:    _________________\n\nBorrower’s budget financial statement dates: _____________\n\nRent roll dates:                                       __________________\n\nBorrower: ________________________________________\n\n[Signature]________________________________________\n[Printed Name and Title of Signatory]\n\nThe Blanket Certification is not required until due diligence is complete but it must be submitted prior to rate-lock.\n","For a Mortgage originated under the Multifamily Housing Bond Credit Enhancement Program, the Seller must provide Freddie Mac Multifamily TAH Production and the Multifamily TAH Underwriter with a list of participants in the bond transaction, including their telephone numbers and e-mail addresses.","For an SBL Mortgage, see Form 1115-SBL, Borrower and Borrower Principal Certificate – SBL.\n\nIf any Borrower, Required Borrower Principal and any Non-U.S. Equity Holder entity is organized as of the date of submission of the applicable package, the Seller must provide Freddie Mac with the Form 1115, Borrower and Borrower Principal Certificate, executed by each Borrower, Required Borrower Principal and any Non-U.S. Equity Holder.\n\nThe Form 1115 requires certification from each party that it is not the target of any sanctions law administered or enforced by the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC), including a person or entity on the most current OFAC Specially Designated Nationals and Blocked Persons (SDN) List or OFAC Consolidated Sanctions List. \n\nForm 1115 requests certification of the following information from Borrowers and Required Borrower Principals:\n1. Current financial condition\n2. Past mortgage payment and default experience\n3. History of criminal and/or administrative proceedings\n4. List of all contingent liabilities, including a description and amount\n\nForm 1115 must not be dated more than 30 days prior to the date of submission of the applicable underwriting package.\n\nFor Borrowers, Required Borrower Principals and Non-U.S. Equity Holders organized after the date of submission of the underwriting package, the Certificate and Schedule A or Schedule B (as applicable) must be provided as soon as possible after such entity’s formation.\n","If any Borrower or Required Borrower Principal is organized as of the date of submission of the applicable package, the Seller must provide Freddie Mac with a Form 1115-SBL, Borrower and Borrower Principal Certificate, executed by each individual Borrower or Required Borrower Principal.\n\nForm 1115-SBL requests certification of the following information from Borrowers and Required Borrower Principals:\n1. Current financial condition\n2. Past mortgage payment and default experience\n3. History of criminal and/or administrative proceedings\n4. List of all contingent liabilities, including a description and amount\n\nEach Certificate must be dated not more than 60 days prior to the date the Seller submits the underwriting package to Freddie Mac (“Submission Date”).  \n\nFor Borrowers or Required Borrower Principals organized after the date of submission of the underwriting package, the Certificate and Schedule A or Schedule B (as applicable) must be provided as soon as possible after such entity’s formation.\n","See “property financial statements”.","For a Property that was built by the Borrower less than one year before the submission of the underwriting package, the Seller must submit to Freddie Mac a breakdown of construction costs, \n\nFor current or planned construction, see “capital improvement documentation”.\n","The Seller must provide building code violation documentation in one of two ways:\n• In the form of a letter or other documentation from the local building code enforcement office which must verify that:\n• Any prior building code violations have been corrected\n• The Property is currently in compliance with all applicable building codes\n• Verification of the above as part of the zoning report\n\nIf the local building code enforcement office will not provide such a letter, Freddie Mac will accept a certified verification from the Borrower.\n","For a Mortgage being used to refinance an existing Freddie Mac Mortgage, the Seller must provide to Freddie Mac a calculation of the prepayment premium payable with respect to the Mortgage being refinanced.","The Seller must submit:\n• For current or planned construction on the Property, a summary of all current or planned construction and the projected costs of the construction\n• For any major past renovations, a summary of these renovations and documentation concerning the costs\n\n","A letter or other documentation certifying that the Borrower is in good standing under the terms of the construction loan.","For a Mortgage originated under the Multifamily Housing Bond Credit Enhancement Program, the Seller must provide a copy of the Certification Regarding Payment of Fees and Expenses of Freddie Mac’s Outside Legal Counsel, available via FreddieMac.com, in accordance with Section 28.8(d).","The Seller must provide to Freddie Mac complete copies (with all amendments) of all commercial leases for the Property.\n\nTo the extent requested by Freddie Mac, the Seller must provide separate income and expense analyses for the residential and commercial lease portions of the Property’s income.\n\nIf income from a single commercial lease is five percent or more of the gross potential rent of the Property, or if otherwise requested by Freddie Mac in connection with a certain commercial lease, the Seller must provide a completed Commercial Lease Analysis (or Commercial Lease Analysis and Estoppel – SBL for an SBL Mortgage) for such lease. The Commercial Lease Analysis and Commercial Leases Analysis and Estoppel – SBL forms are available on FreddieMac.com.\n\n• See Section 8SBL.11 for commercial lease SNDAs and subordinations; see Section 8SBL.2(b) for commercial use requirements.","If the Property is subject to a condominium regime, the Seller must submit the following information to Freddie Mac:\n• The total number of units subject to the Condominium regime \n• The number of Condominium Units the Borrower owns\n• The percentage of Borrower’s undivided interest in the common elements of the Condominium\n• If the Borrower does not own 100 percent of the real property that is subject to the Condominium regime, whether the Property is \n• A “Partial Condo”, where the Property consists of all of the residential units in the Condominium but there are commercial, office, parking or other Condominium Units that will not be part of the collateral for the Mortgage\n• A “Fractured Condo”, where the Property does not consist of all of the residential units in the Condominium and some of the residential Condominium Units have been sold to third party purchasers\n• The number of members that comprise the board of directors of the Condominium association (“Condominium Association”) and the number of members of the board of directors of the Condominium Association that the Borrower controls\n\nThis information may be included in the Mortgage Transaction Narrative Analysis.","For an SBL Mortgage, if any on-site or off-site facilities or access are shared and if Freddie Mac requests a PLIM, the Seller must submit in a PLIM a confirmation that any such sharing arrangement meets the requirements of Section 8SBL.6.","The Seller must include the following documents in the Forward Commitment underwriting package for Conversion:\n• Post-construction analysis report\n• Environmental assessment report\n• Architect’s certificate of substantial completion\n• Final punch list from the architect of record\n• Final payment certification\n• Final lien waiver from the general contractor\n• Release of payment and performance bonds\n• Release of bonds required by any governmental authority\n• Final certificate(s) of occupancy\n• A summary analysis, prepared by the Seller/Servicer’s Chief Architect/Engineer, indicating that the finished project has been completed, lien-free and in accordance with all other applicable requirements, substantially in accordance with the plans and specifications reviewed at the issuance of the Forward Commitment\n\nSee Section 15.8 for additional information.\n","For an expedited review by Freddie Mac, the Seller must provide \n• The pre-construction analysis report described in Section 15.6(a) and (b)\n• A narrative summary, prepared by the Seller’s Chief Architect/Engineer, with the following content:\n• Property and site description, including\n• Adequacy of budget and schedule\n• Environmental issues/resolution\n• Seismic issues/resolution\n• Other outstanding issues/resolution\n• If a substantial rehabilitation of the Mortgaged Property, statements regarding the adequacy of the scope to address any deficiencies identified in the property condition report and Phase I Report\n• A summary analysis of the development team’s qualifications, including the capability of the architect, contractor and developer to execute the plan\n\nSee Section 19A.1(d) or Section 28A.1(e) for construction documentation that must be delivered via the Document Management System (DMS) after the date of the Forward Commitment for Forward Commitments where the Seller/Servicer is utilizing the expedited review option.\n","In addition to the construction documentation required for the expedited review, the Seller/Servicer must provide the following documents for a standard review:\n• Pre-construction analysis report described in Section 15.6(a) and (b)\n• Plans (hard copies in 11x17 inch format)\n• Specifications\n• Schedule of values\n• Construction contract(s)\n• Construction schedule\n• Building permits and other governmental approvals\n• A narrative summary, prepared by the Seller’s Chief Architect/Engineer, with the following content\n• Property and site description, including\n• Adequacy of budget and schedule\n• Environmental issues/resolution\n• Seismic issues/resolution\n• Other outstanding issues/resolution\n• If a substantial rehabilitation of the Mortgaged Property, statements regarding the adequacy of the scope to address any deficiencies identified in the property condition report and Phase I Report\n• A summary analysis of the development team’s qualifications, including the capability of the architect, contractor and developer to execute the plan\n\n","If the Property is owned by a cooperative housing corporation, the Seller must submit to Freddie Mac a cooperative analysis that includes\n1. The following information as it pertains to the sellout of the cooperative:\n• Date property converted to cooperative\n• Percentage of units sold to owner-occupants (including sublets)\n• Percentage of units sold to owner-occupants that are sublet\n• Percentage of units sold to non-sponsor owned investors\n• Percentage of units held by sponsor or sponsor-related entities \n2. Current financial statements for any one owner that holds 20 percent or more of the Cooperative's shares.  If an owner of 20 percent or more is a corporation, partnership or other legal entity, the Seller must deliver financial statements for each officer, general partner or trust beneficiary, including sponsors and beneficiaries that hold unsold shares\n3. Maintenance fee delinquency report for the previous 12 months showing the number of units delinquent for each month and the corresponding dollar value\n4. Analysis of the sponsor's current cash flow from unsold units (rent roll detailing rent, maintenance for each unit, and debt service, if applicable)\n5. Analysis of the sponsor's ability to support negative cash flow from unsold units, if applicable\n6. Analysis of pro forma Income and Expense Statements showing the economic results if the Property was operated as a rental and as a cooperative\n7. Analysis of the estimated value of the Property as a cooperative (co-op) and as a rental project\n8. Information on unit sales over the last 12 months including date of sale, unit number, unit type and sale price.  If sales over the last 12 months do not include all unit types, provide information on earlier sales so that all unit types are represented\n9. Analysis of maintenance costs compared to market rents for each unit type\n","The Seller must provide to Freddie Mac a current credit report on each Borrower and each Borrower Principal that is an individual.  A credit report is not required for entities or foreign sponsors with no Social Security number.  The subject of each report must have authorized the Seller to obtain the report and the report must\n1. Be reviewed by the Seller\n2. Be issued by an independent credit reporting agency acceptable to Freddie Mac\n3. Be dated within 60 days before delivery to Freddie Mac\n4. Verify debts listed on the financial statement submitted with the full underwriting package, including terms, balances and ratings\n5. List any other debts\n6. List all legal actions that involve the Borrower or Borrower Principal and are disclosed by a search of public records\n\nFor an SBL Mortgage, the credit report must include FICO scores for Borrowers and Borrower Principals.\n","See “property financial statements”.","See “property inspection documentation”.","The Seller must provide an analysis by Seller’s counsel of certain legal documents affecting the Property, as described in Section 6.7.\n\n","For a Mortgage whose original principal balance is greater than $100 million, the Seller must provide the effective annual rental rate per unit, as determined by gross potential rent less concessions, for each of the most recent three years, or for each year since the completion of construction, whichever is less.","The Seller must provide to Freddie Mac an environmental report meeting the requirements of Chapter 13.  \n\nSupplemental Mortgages \nAn environmental report is required under this product when\n• The proposed Mortgage is a split Mortgage, or\n• An acceptable environmental report was not completed upon origination of the first Mortgage, or\n• An environmental issue was identified subsequent to the origination of the first Mortgage, or\n• Freddie Mac, in its sole discretion, determines that an environmental report is needed after reviewing the Form 1117, Borrower Certification of Physical and Environmental Property Condition, submitted in connection with this chapter.\n\nFor each Supplemental Mortgage for which Freddie Mac does not require an environmental report, the Seller must\n• Retain a qualified environmental consultant in accordance with Section 13.18 to perform a neighborhood hazardous waste activity review in compliance with Section 13.13, and submit the environmental consultant's analysis and conclusions, and\n• Confirm that the Borrower has complied with any conditions or requirements in the first Mortgage regarding an identified environmental hazard or Mold and has completed any required work.\n\nFor TAH Mortgages under a Forward Commitment\nSee Section 13.1(b)(1) for the requirements applicable to an environmental report prepared by a consultant retained or directed by the Borrower.\n\n","A report obtained using the U.S. Environmental Protection Agency’s (EPA’s) Portfolio Management Tool, when required to obtain the Green Rebate.","The Seller must submit the following to Freddie Mac to verify that the Property has, or will have as of the Freddie Mac Funding Date, adequate property damage and liability insurance as required by the Purchase and Servicing Documents:\n• Fully completed Form 1133, Seller/Servicer Certification of Insurance Coverage via the Insurance Compliance Tool (ICT)\n• The documents listed in Sections 31.20(a) through 31.20(c), as applicable\n\nFor an underwriting package pertaining to the refinance of an existing mortgage not owned by Freddie Mac, prior to the Origination Date of the Mortgage, the mortgagee or mortgage holders clause and additional insured clause must be changed to reflect the requirements of the Guide.\n","For Properties benefiting from real estate tax abatements, including payment in lieu of taxes (PILOT), the Seller must provide documentation from the taxing authority or the governing body confirming:\n• That the Property or the Borrower, as applicable, has qualified for the Tax Abatement\n• The amount of annual tax to be paid, if any\n• The term of the Tax Abatement\n• Any other requirements of the Tax Abatement\n\nSee Section I of the Tax Abatement/Exemption/PILOT Questionnaire for additional details concerning the documentation to be provided in the underwriting package for all tax abatements.\n\nIf the tax abatement program has not previously been approved by Freddie Mac, or has materially changed since the tax abatement was approved by Freddie Mac, the Seller/Servicer must include the items specified in Section II of the Tax Abatement/Exemption/PILOT Questionnaire in the underwriting package.\n\nThe Tax Abatement/Exemption/PILOT Questionnaire is found on the legal document pages of FreddieMac.com.\n\n","See Section 2.18.","The Seller is required to submit to Freddie Mac financial statements from the Borrower and any Borrower Principal that is not a newly formed entity and that is a Required Borrower Principal.\n\nEach financial statement must include the following:\n• Current certified financial statements (dated within six months of delivery of the full underwriting package), including a balance sheet, for the Borrower and each Required Borrower Principal\n• Federal income tax returns for the Borrower for the most recent taxable year, if requested\n\nNOTE:  Freddie Mac may require additional financial statements or federal income tax returns for the three most recent taxable years from the Borrower and each Required Borrower Principal in Freddie Mac's sole discretion.\n\nIf the financial statements are audited, the financial statements must include a statement of changes in financial position and all notes.  If audited financial statements are not available, the party whose finances are summarized by the statement must certify that the statements are complete and accurate.\n\nIn addition, the Seller must provide a list of:\n• All other non-real estate assets, including the market value of each asset, the basis for calculating the value and any note receivables from related entities\n• All liabilities and contingent liabilities, including debts under lines or letters of credit, personal guaranties, obligations to limited partnerships and other obligations payable in the future, including the amount and duration of the obligation\n• Any factors that may materially affect the Borrower or Required Borrower Principal’s financial position immediately or during the term of the Mortgage\n\nThe Seller must review the Borrower financial statements.  Financial statements for which Freddie Mac requires certification must bear the following statement, executed by an individual who is authorized to legally bind the Borrower or Required Borrower Principal:\n\nI hereby certify that these financial statements are complete and accurate representations of the financial condition of\n[Name of Individual or Entity] as of the date of the statements [if financial statement is for an entity:  and I am duly authorized to bind that entity this certification].\n\nNon-profit Borrower or Required Borrower Principal\nIf the Borrower or Required Borrower Principal is a non-profit, the Seller must identify whether the non-profit Borrower’s or Required Borrower Principal’s primary funding sources are from fees on development projects or from competitive sources such as public funding, grants, gifts, or donations that may be subject to budget constraints.\n\n","See “property financial statements”. ","The Seller must provide to Freddie Mac a flood zone determination (FZD) meeting the requirements of Section 31.8(b)","Any industry-standard green rating or certification, when required for Green Certified buildings. Acceptable green ratings or certifications include \n1. EarthCraft Certification\n2. ENERGY STAR for Multifamily Certification\n3. ENERGY STAR Qualified MF High-Rise Certification\n4. Green Communities Certification\n5. Green Globes Certification\n6. GreenPoint Rated Certification\n7. LEED Certification,\n8. National Green Building Standard Certification and/or\n9. Any other approved certification provided by the applicable authority.\n","For a Property subject to a ground lease, the Seller must provide to Freddie Mac all of the following, with a copy of each to the applicable Multifamily Attorney.  See Chapter 30.\n• A copy of the ground lease and all existing amendments \n• An analysis of the ground lease by Seller's counsel using the Ground Lease Analysis form available on FreddieMac.com\n• Any other items required by Chapter 30\n","See “property financial statements”.","The Seller must provide, if applicable:\n• Copies of the original Section 8 HAP Contract along with all amendments and renewals, including evidence of the currently applicable unit rents approved by the US Department of Housing and Urban Development (HUD) or the HAP Contract administrator\n• Section 8 Housing Assistance Payments Contract Questionnaire (available on FreddieMac.com), completed by both Seller and Seller’s counsel\n• Evidence of 2530 clearance for Borrower, Borrower Principals and Management Agent, if applicable\n• Management and Occupancy Review MOR Form, if applicable\n• Current REAC Score, if applicable\n\nSee “rent, income and use restriction documentation”.\n","A copy of the applicable regulatory agreement imposing tenancy, occupancy and other operating and use restrictions on the Property (for tax-exempt bonds, if applicable, and LIHTC).\n\nSee also “rent, income and use restriction documentation”.\n","The Seller must provide a copy of:\n• The allocation letter\n• The Low-Income Housing Credit Allocation and Certification, IRS Form 8609, used to obtain a housing credit allocation from the housing credit agency when a Property is placed into service\n• The Low-Income Housing Credit Agencies Report of Noncompliance or Building Disposition, IRS Form 8823, if any, that was used to notify the Internal Revenue Service of noncompliance with the requirements of Internal Revenue Code (IRC) §42 from both the property manager and the Borrower Principal.\n\nIn addition, the Seller must obtain from the property manager and the Borrower a report of any unresolved issues with State allocating agencies on existing LIHTC properties.\n\nSee also “rent, income and use restriction documentation”.\n","• The Seller/Servicer must obtain the total amount of the management fee as a percentage of effective gross income (EGI), which Freddie Mac will evaluate during the underwriting of the Mortgage.\n• If the Property is managed by the Borrower or the Borrower Principal, the Seller must deliver the Borrower’s management plan.\n• If a management firm is managing the Property, the Seller must include a copy of the management agreement for the Property. \n• If the management agreement will not be assigned to the lender, then the agreement must be terminable by the property owner upon not more than 30 days’ notice to the manager without the necessity of establishing cause for termination and without payment of a penalty or fee.\n","• The Seller/Servicer must obtain the total amount of the management fee as a percentage of effective gross income (EGI), which Freddie Mac will evaluate during the underwriting of the Mortgage.\n• If the Property is managed by the Borrower or the Borrower Principal, the Seller must review the Borrower’s management plan. \n• If a management firm is managing the Property, the Seller must review a copy of the management agreement for the Property.\n• The management agreement must be terminable by the property owner upon not more than 30 days’ notice to the manager without the necessity of establishing cause for termination and without payment of a penalty or fee.\n","For a Manufactured Housing Community (MHC) Mortgage, a copy of the Manufactured Housing Community Questionnaire, available on FreddieMac.com, with a copy to the applicable Multifamily Attorney. ","The Seller must provide an independent, third-party market study including the following information:\n1. Market area definition\n2. Physical and location analysis\n3. Economic analysis\n4. Demographic analysis\n5. Supply analysis\n6. Demand analysis\n7. Capture rate analysis by unit type\n8. Recommendation\n\nFreddie Mac will also accept a market study incorporated into the Appraisal, per the requirements of Section 12.20.\n","For a Property subject to a master lease, the Seller must provide:\n• A copy of the master lease and all existing amendments\n• An analysis of the master lease by Seller’s counsel in accordance with Section 6.7\n","When required, the Seller must provide a copy of the Property’s Moisture Management Plan meeting the requirements of Section 8SBL.3(a), as applicable.\n\nIf a Moisture Management plan is required but not yet available, it must be submitted with the final delivery package.  \n","The Seller must provide to Freddie Mac a mortgage transaction narrative analysis, which (at the Seller's option) may be based on the Mortgage Transaction Narrative Analysis – Best Practices available on FreddieMac.com.\n\nThe mortgage transaction narrative analysis must contain the following:\n1. Characteristics of the proposed Mortgage that make it an investment quality Mortgage, risk factors and the reasons the Seller recommends the Mortgage\n2. Property's physical description, including full address with zip code (including amenities, unit features and general competitive advantages and disadvantages)\n3. Property's financial analysis (profile and trend)\n4. Evaluation of balloon risk that includes the Borrower's ability to pay the unpaid principal balance (UPB) of the new Mortgage at maturity\n5. Surrounding property uses and physical condition, public facilities, shopping facilities and sources of employment  \n6. Market analysis (occupancy, supply and concessions)  \n7. History of the Borrower's equity investment in the Property and the Borrower's proposed use of Mortgage proceeds\n8. Description of the Borrower, including a description of the borrowing entity, the Borrower's organizational chart and a summary of the qualifications of the Borrower and all Borrower Principals, including an estimate of the financial capacity of each (that is, estimated net worth, liquidity and contingent liabilities)\n9. Description of property manager, including a summary of the qualifications of the proposed property manager, the number of units managed, how long it has managed the Property and the amount of the management fee (this item is not required for Seniors Housing Mortgages)\n10. Review of third-party reports, including the Seller/Servicer's reviews of and comments on the appraisal, environmental and property condition reports (with full underwriting packages only)\n11. Loan history if there is an existing mortgage on the Property\n12. Proposed sources and uses of funds\n13. Information on tenancy characteristics or employer concentration (including whether tenants are primarily elderly, singles or families and whether there is a student or military population) (this item is not required for Seniors Housing Mortgages)\n14. Cash equity at risk\n15. Any exception requests\n16. Name of any Borrower Principal that meet the definition of a Pass-through Entity provided in the Glossary\n\nThe mortgage transaction narrative analysis may also include the property inspection documentation described in Section 8SBL.15(a), as applicable.\n\nIn addition to items 1 – 16 above, for a Mortgage securing a Property subject to a condominium regime:\nSee “Condominium Analysis”","For a Mortgage whose original principal balance is greater than $100 million, the Seller must provide the annual percentage of physically occupied dwelling units for each of the most recent five years, or for each year since the completion of construction, whichever is less.","If required, the Seller must provide a copy of an O&M program for\n• Lead-based paint (see Section 61.4(c))\n• Asbestos (see Section 61.6(f))\n• Underground storage tanks (see Section 61.8(d))\n• Other, as applicable (see Chapter 61)\n","For any entity that is a Borrower, a guarantor, an SPE Equity Owner, or any other Borrower Principal, the Seller must submit to Freddie Mac an organizational chart showing the direct and indirect ownership for that entity identifying all limited partners, general partners and managing members so that 100 percent of the ownership is represented.\n\nAny Borrower Principal that meets the definition of a Pass-through Entity provided in the Glossary must be identified in the mortgage transaction narrative analysis.\n","The Seller must provide a current schedule of payroll expenses associated with the operation of the on-site leadership team at the Property, including salary, wages, bonuses, net pay and deductions.","The Seller must submit to Freddie Mac photographs clearly illustrating all aspects of the Property, including exterior, interior and street scenes.","See SBL Physical Risk Report, Form 1104.","A post-construction analysis report meeting the requirements of Section 15.8 is required. ","A pre-construction analysis report meeting the requirements of Section 15.8(a) is required.","The Seller must submit to Freddie Mac a preliminary legal issues memorandum meeting the requirements of Section 6SBL.7, as applicable.","The Seller must provide to Freddie Mac a property condition report meeting the requirements of Chapter 14.","The Seller must provide to Freddie Mac financial statements for the Property as follows:\n\n• Historical property financial statements\nThe Seller/Servicer must submit a certified operating statement that includes the prior three full years.  However, if a Year 3 statement is not available, the Seller/Servicer must submit\n• Year 1 back statement, and\n• Year 2 back statement if available\n\n• Current property financial statements (T-12 format or YTD)\nFreddie Mac strongly prefers the Seller/Servicer to submit a T-12 operating statement.  However, if a T-12 operating statement is not available, the Seller/Servicer must submit a YTD Statement.  \n\n• Monthly Collections\nT-12 strongly preferred, T-3 certified financial statement including collected monthly net residential income (NRI) for at least the prior three months provided, Form 1144, Verification of Collections, is not required.  In absence of financial statements with net residential income, provide Form 1144.  \n\n• Borrower’s budgeted property financial statements\nThe Borrower’s budget for the following 12-month period, certified by the Borrower as complete and accurate via the Blanket Certification, if available.\n\nThe Seller must review the property financial statements, which must include income and expense statements.\n\nSee the Blanket Certification for instructions on preparing the certification of the property financial statements.\n\nIf the financial statements are audited, they must include a statement of changes in financial position and all notes.\n\n","At full underwriting, the Seller must complete and document the property inspection described in 8SBL.15.\n\nThe inspection requirements must be completed within 120 days of Freddie Mac’s receipt of the applicable underwriting package.\n\nIf Freddie Mac has delegated the property inspection to the Seller, the Seller must acknowledge this delegation on the Property Inspection and Lease Audit form.\n\nSee Section 8SBL.15, for additional information regarding property inspection requirements.\n","For a Mortgage originated under the Multifamily Housing Bond Credit Enhancement Program, the Seller must provide a proposed transaction schedule that sets forth the schedule and timing for the bond transaction, including the scheduled conference calls, timing for the delivery of documents and the closing date.","If the Borrower is acquiring the Property, the Seller must submit to Freddie Mac a copy of the purchase agreement and all amendments, plus a purchase agreement analysis, to include the following:\n1. Calculation of the purchase price, taking into account any\n• Contingency reductions\n• Changes to the price predicated on changes in the closing date\n• Material noncustomary adjustments to closing costs, closing credits, fees (specifically excluding allocations for title insurance, survey costs, brokers' fees, recording taxes and per diem rent, utility or insurance costs)\n2. Identification of the scheduled closing date, together with options to extend\n3. Analysis of all amendments\n4. Confirmation that the purchase agreement and all amendments have been completed and signed\n5. Identification of any contingencies or confirmation that none exist\n6. Identification of any post-closing escrows to be posted by the property seller or the Borrower\n7. Analysis of any environmental hazards, zoning or property conditions identified in the purchase agreement\n8. Certification from the Borrower that there are not any due diligence items in the purchase agreement that have not been revealed and that Borrower acknowledges and agrees that Freddie Mac will not be deemed to have knowledge of any hazardous conditions, zoning issues or property condition issues merely by its possession of the purchase agreement\n\n","The Seller must provide a copy of any written Quote issued by Freddie Mac, or a statement indicating the date and terms of the verbal Quote the Borrower has selected.","The Seller must provide to Freddie Mac a Form 1116, Real Estate Schedule, for all real estate in which any Required Entity currently has a direct or indirect interest.\n\nThe Real Estate Schedule must be dated within 180 days from the date of submission of the underwriting package and certified by the Required Entity as complete and accurate.\n\nThe Required Entity must\n• Provide a written explanation of any non-performing assets in its portfolio\n• State whether the Required Entity owns and manages other properties in the market where the Property is located\n","See “Seniors Housing Real Estate Schedule Addendum”.","If the Borrower is acquiring the Property, the Seller must provide to Freddie Mac a copy of the most recent real estate tax bill from the Property's local taxing authority.\n\nIf the Mortgage is being originated for the purpose of new construction, a real estate tax bill is not required.\n\n","The Seller must provide to Freddie Mac proof of compliance with any applicable State or local requirement for the registration of rents, including evidence of the current registered rent for each unit in the Property.  Freddie Mac may require similar proof of compliance with such requirements for prior years and may require other evidence of compliance with State or local rent control or stabilization laws.","The Seller must provide copies of any existing regulatory agreements (including any amendments) creating tenant income, rent or other operating or use restrictions for the Property.\n\nIf applicable, see also:\n• Land Use Restriction Agreement (LURA)/Regulatory Agreement (for tax-exempt bonds, if applicable, and LIHTC)\n• Low-Income Housing Tax Credit (LIHTC) allocation and certification documentation\n• Housing Assistance Payments (HAP) contract\n• Registration of rental units (rent control/stabilization)","The Seller must provide to Freddie Mac a rent roll that is dated within 30 days of the package submission.  The rent roll must be reviewed by the Seller and must provide the information below for each unit.  Property rent rolls for which Freddie Mac requires certification via the Blanket Certification.\n\nFor a Property that is not secured by a Seniors Housing Mortgage:\n1. Unit number or identification\n2. Tenant's name(s)\n3. Unit type (number of bedrooms and bathrooms)\n4. Monthly contract rent, without regard to any applicable subsidies or concessions, rebates or discounts given to tenant\n5. Subsidies, if applicable (specify type)\n6. Rent controlled or rent stabilized, if applicable\n7. Concessions, rebates or discounts given to tenant, if applicable\n8. Occupancy status by unit and by bed, if applicable\n9. Furnished or unfurnished status\n10. Lease commencement date\n11. Lease expiration date and renewal options, if any\n12. Arrearages owed by tenant, if any\n13. Amount of security deposit held\n14. Square footage of each unit\n15. Identification of any employee units, model units, and units used as rental offices\n","Seller must provide to Freddie Mac a completed Form 1104, SBL Physical Risk Report, meeting the requirements of Chapter 62SBL.","Freddie Mac requires the Seller to certify and disclose any issues with the Borrower Principal and Property manager that may have been identified on a Previous Participation Certificate, Form HUD-2530. This form is HUD’s centralized review of the past/present performance of those principals applying for participation in HUD’s multifamily housing programs. Principals are reviewed to see if they have carried out their past financial, legal, and administrative obligations in a satisfactory and timely manner.","The Seller must provide to Freddie Mac the following certification in a letter on the Seller's stationery:\n\n“Seller certifies that it is familiar with and in compliance with the warranties and representations that, pursuant to Chapter 5 of the Freddie Mac Multifamily Seller/Servicer Guide, it is deemed to make with respect to each Mortgage and related information delivered to Freddie Mac.”\n","Seller must provide to Freddie Mac a copy of the mortgage loan application executed by the Borrower and submitted to the Seller.  The application must evidence all material terms of the proposed mortgage financing.  \n\nThe mortgage loan application must include the following authorization by the Borrower:\n\n“The Borrower understands that [Name of Seller] intends to sell the mortgage loan for which Borrower is applying (the \"Mortgage\") to Freddie Mac. If Freddie Mac purchases the Mortgage, the Borrower's signature below constitutes the Borrower's authorization for Freddie Mac to publicly use, at Freddie Mac's discretion, the name of the Property, photographs of the Property, and basic transaction information (for example, the number of units in the Property, the loan amount, etc.) relating to the Mortgage.”\n\nThe mortgage loan application must also include the following acknowledgements by the Borrower:\n\n• “The Borrower understands that subsequent to the closing of the Mortgage, Freddie Mac may require regular financial statements from the Borrower outlining the Property’s financial performance.”\n\n• “The Borrower acknowledges that this Mortgage will be sold to Freddie Mac and that Freddie Mac may sell this Mortgage into a commercial mortgage-backed securitization or similar type execution and may not hold this Mortgage in Freddie Mac’s portfolio.”\n\n","The Seller must prepare the Seller's pro forma property financial statements for the next 12 months.  The statements must include historical and year-to-date annualized income and expense information for comparison purposes.","If a Property is located in an Elevated Seismic Hazard Region, the Seller must provide to Freddie Mac a Seismic Risk Assessment (SRA) and a copy of the Peak Ground Acceleration (PGA) calculation obtained from the United States Geological Survey (USGS) website, as required by Section 64SBL.2(b), as applicable. If a Level 1 SRA is required the Seller must also provide to Freddie Mac Form 1102, Seismic Risk Assessment Summary.","The Seller must provide to Freddie Mac a copy of all material contracts and agreements by the Borrower, manager or operator of the Property related to the ownership and operations of the Seniors Housing Property, acceptable to Freddie Mac, including, but not limited to:\n•  Management agreement \n•  Operating agreement/operating lease\n•  Food service agreement \n•  Healthcare provider agreement\n•  Contracts with terms of one year or more\n•  Any contract with an average annual consideration of $20,000 or more\n\nGenerally, copies of contracts for routine maintenance such as landscaping, snow removal or general office equipment are not required.\n\nAny management agreement, food service agreement or healthcare provider agreement must be terminable by the Borrower (or by the manager, if the manager has contracted for the services) or its assignee, upon not more than 30 days' notice to the manager or service provider and without the necessity of establishing cause for termination or the payment of a penalty or fee.\n\nAny other contract, the average annual consideration of which, directly or indirectly, is at least $20,000, must be assignable to Freddie Mac and must be terminable upon not more than 30 days' notice to the provider or upon an event of default under the Mortgage without the necessity of establishing cause or the payment of a penalty or fee.\n\nAny management agreement, food service agreement or healthcare provider agreement that is to be assigned to Freddie Mac must be assigned before final delivery and such assignment must be consented to by the provider. \n\nSeller’s counsel must submit the operating lease analysis to Freddie Mac.\n\n","If the Property includes assisted living, Alzheimer's care or skilled nursing units, the Seller must provide to Freddie Mac the information found in Exhibit 15, Seniors Housing Liability Assessment Checklist, which is also available on FreddieMac.com.","The Seller must provide the following to Freddie Mac:\n• A list of any and all licenses, certificates and permits required for the operation of the Property\n• A copy of each existing license, certificate or permit issued by any governmental or regulatory authority, whether issued to the Borrower, the manager or the operator of the Property, and the renewal date of each such license, certificate or permit  \n• Documentation pertaining to any pending or outstanding violations, findings, investigations or corrective actions by such governmental or regulatory authority with respect to the Property and the status of any corrective actions pending or resolved within the previous three years\n\nSee Section 21.3(e) for additional license requirements.\n","The Seller must submit to Freddie Mac a detailed list of all furniture, fixtures, equipment and motor vehicles located on or used in connection with the Property, including the name of the owner of each item.  For final delivery of the Seniors Housing Mortgage, the list must be certified by the Borrower to be true and complete as of the Origination Date of the Mortgage.","The Seller must submit to Freddie Mac an assessment of the management of the Property, whether the Borrower, manager or operator of the Property manages and supervises the daily use and operation of the Property. \n\nThe management assessment must include a narrative report that describes and assesses the experience and capabilities of the manager or operator of the Property. The report must address each of the categories outlined below. The Seller must explain any conclusion that any category is not relevant or applicable to the management assessment.\n\nThe Seller must prepare the management assessment and may not contract for its preparation by a third party.\n\nThe management assessment must include information listed in each of the following categories: \n\n1.  Management structure and experience\na.  Organizational charts that identify all reporting relationships at the Property\nb.  Description of the depth and level of experience of all key personnel at the Property \n\n2.  Management size and scope\na.  Number of properties owned or operated, including number of units and beds by property type (Independent Living Property, Assisted Living Residence, dementia care or Skilled Nursing Property) and location (State/metropolitan area)\nb.  Number of properties managed, including number of units and beds by property type (Independent Living Property, Assisted Living Residence, dementia care or Skilled Nursing Property) and location (State/metropolitan area) \nc.  Total number of employees at the property level \n\n3.  Business plan and business strategy\na.  Market niche  \nb.  Growth plan (volume, location and time frame) \n\n4.  Recruitment and training\na.  Annual turnover by employee category  \nb.  Current vacancies by employee category  \nc.  Retention practices  \nd.  Training programs (on-the-job, classroom or other) \n\n5.  Policies and procedures\na.  List of policies and procedures  \nb.  Description of how the policies are defined, written and updated and how they are made available to employees  \n\n6.  Property assessment\na.  Maintenance program  \nb.  Activities planning  \nc.  Security  \nd.  Delivery of care services, both in-house and contract  \ne.  Marketing approach in the community \nf.  Employee-to-resident ratios  \n g.  Review of resident surveys\n\n","In addition to the Form 1116, Real Estate Schedule, or other form, for a Borrower who leases the Property to a third party operator, the Seller must provide Freddie Mac with the following information for each of the other such properties run by the operator:\n1. Name, address and location\n2. Term of the contract\n3. Property owner's name, address and telephone number\n4. Type of resident care, if any, provided (for example, independent living, assisted living, dementia care or skilled nursing care)\n5. A list of any required licenses and certifications that are not current and in good standing\n","The Seller must provide details about a transaction’s cash inflows (sources) and outflows (uses) at the time the Mortgage is funded, to enable an underwriter to understand the cash sources of the transaction and how the proceeds from the Mortgage will be used to finance the transaction.\n\nSources and uses may be included in the mortgage transaction narrative analysis.\n","The Seller must submit to Freddie Mac a completed and executed Form 1120, Student Housing Questionnaire, for each Student Housing Property. When the concentration of Undergraduate Students is greater than 25%.","The Seller must provide documentation for any subordinate debt, such as the note, mortgage, loan agreement and regulatory agreement or, if the subordinate loan has not yet been originated, the forms of such documents and the commitment for the subordinate loan.","The Seller must provide to Freddie Mac a summary of interest rate hedge terms.","A current survey of the Property meeting the requirements of Section 29SBL.5, as applicable.  If the Mortgage is being originated for the purpose of new construction, an as-built survey is not required.","For a Targeted Affordable Housing Mortgage, the Seller must provide to Freddie Mac Form 1144, Verification of Collections, completed and certified by the Borrower or Borrower Principal.  The last full month of verified collections must be dated within 30 days of package submission, unless otherwise specified by Freddie Mac.  In lieu of a Form 1144, the Borrower may provide certified operating statements for the most recent three months.","For any building on the Property with a structure or significant components that could be subject to damage by wood-damaging insects, the Seller must provide the following documentation to Freddie Mac:\n• A wood-damaging insect inspection report stating that there is no evidence of wood-damaging insect infestation, or\n• Certification from the Property’s current pest control provider stating that there is no evidence of wood-damaging insect infestation and the Property is regularly inspected and/or treated to prevent wood-damaging insect infestation.\n\nThe wood-damaging insect inspection report or the certification from the Property’s current pest control provider must be dated within six months prior to the date of the submission of the full underwriting package to Freddie Mac.\n\nSee also Sections 14.5(a), Property grounds and buildings, 14.5(e) Wood-damaging insects and Section 8.2(e) Wood-damaging insect inspection reports.\n","The Seller must provide a zoning report by a third-party reporting company.  See Section 8.5 for additional documentation and analysis requirements if:\n• The Property does not conform to current zoning regulations\n• A zoning report is not available in the jurisdiction where the Property is located\n• Not all certificates of occupancy required for the use, operation and occupancy of the Property are available\n\nFor all full underwriting packages delivered on or after July 15, 2014, the Seller must include all available certificates of occupancy as part of the zoning documentation. \n\nThe zoning report may also include documentation of building code violations.\n\nSee Guide Section 8.5 for complete requirements.\n","See Guide Section 8SBL.5 for complete requirements.",null,"The Seller must provide an analysis of cell phone tower leases, if any.","For TAH Bond Credit Enhancement Mortgages, the Seller must provide a copy of the TAH Bond Credit Enhancement Mortgage Transaction Parties and Details, which is found on FreddieMac.com.  This form collects the following information:\n1. A list the following parties associated with the issuance and Servicing of the bonds:\n• Borrower\n• Borrower Principals\n• Issuer\n• Underwriter/Remarketing Agent\n• Trustee\n• Subordinate Lender\n• Construction Lender\n\n2. A list of the law firms representing each party above, to enable Freddie Mac to determine any possible conflict of interest\n \n3. Transaction details concerning the tax-exempt and taxable components\n","The Seller may provide a summary of a draft Appraisal for the Property, if available.","The Seller must, to the extent available, provide an environmental report analysis meeting the requirements of Chapter 13.","The Seller must provide, to the extent available, current certified financial statements (dated within six months of delivery of the full underwriting package), including a balance sheet, for the Borrower and any Borrower Principal that is not a newly formed entity and that is a Required Borrower Principal.\n\nIf current certified financial statements are unavailable, the Seller must provide an informed analysis, developed based on discussions and other due diligence, of the financial capacity of the Borrower(s) and Required Borrower Principal(s).\n","The Seller must provide information on, and analysis of, targeted affordable housing projects that the Borrower has completed, for new construction or rehabilitation, that are similar in size and scope and/or are in the same market or sub-market.","The Seller must provide, as applicable, a completed copy of the TAH Request for Initial Cash Quote or the TAH Request for Initial Bond Quote, available on FreddieMac.com.","The Seller must include a completed copy of the Loan Submission Template for Targeted Affordable Housing that is provided to the Seller by Freddie Mac.  The latest version of the Template can be found on FreddieMac.com.  ","The Seller must provide an independent, third-party market study including the following information:\n1. Market area definition\n2. Physical and location analysis\n3. Economic analysis\n4. Demographic analysis\n5. Supply analysis\n6. Demand analysis\n7. Capture rate analysis\n8. Recommendation","The Seller must include a completed copy of the Prescreening Executive Summary form provided to the Seller by Freddie Mac.","The Seller must, to the extent available, provide an analysis of the property condition report meeting the requirements of \nChapter 14.\n","The Seller must provide a Form 1116, Real Estate Schedule, or other form that contains comparable information, for all real estate in which any Required Entity currently has a direct or indirect interest. ","The Seller must provide a list of comparable properties in the market/submarket, detailing rents, unit size, unit mix, etc.","The Seller must provide a description of the Borrower’s and Borrower Principals’ experience with projects that are comparable in size and scope to the proposed transaction.","If a Property is located in a Very Small Market, and either (i) the Borrower is an individual or wholly owned (whether directly or indirectly) by the Guarantor, or (ii) any Borrower Principals in the transaction do not have an established relationship with Freddie Mac or the SBL Seller/Servicer, then SBL Seller/Servicer must provide each of the following in its underwriting package for the SBL Mortgage: \n• One Seller/Servicer verified bank reference for all Borrowers and Borrower Principals\n• Property-level bank statements for the last three months\n\n"]