Freddie Mac · OTC:FMCC
Freddie Mac — 2019 Optigo Servicer Workshop
32 slides from Freddie Mac's conference presentation, Jul 17, 2019
Slide 1: Updates to Final Delivery Process
Updates to Final Delivery Process July 17, 2019
Slide 2: Audrey Kestner
Audrey Kestner Senior Director Loan Administration
Slide 3: Flow of the Final Delivery Package
Flow of the Final Delivery Package Document Post Relationship Purchase Post Closing Loan Sales Custody Securitization Management • Management of • Review of Final • Follow up on • Deliver Mortgage • Holding on • Quarterly loan files on-site Delivery outstanding File and Servicing Assignments Excepti
Slide 4: Agenda
Agenda • Reminders • Common exceptions • Form 1056/Settlement Statement • UCCs
Slide 5: Mary Ellen Slavinskas
Mary Ellen Slavinskas Director Loan Administration
Slide 6: Delivery Reminders
Delivery Reminders »Receipt of Final Delivery Package
Slide 7: Delivery Reminders
Delivery Reminders »Receipt of Final Delivery Package
Slide 8: Delivery Reminders
Delivery Reminders » Receipt of Final Delivery Package » Notification of delivery » Amendment to the commitment in process » Check the box in the Table of Contents ˗ Conventional - https://mf.freddiemac.com/docs/final_delivery_package_toc_immediate_cash_loan.xls ˗ SBL - https://mf.freddiemac.com/doc
Slide 9: Top Three Common Exceptions
Top Three Common Exceptions Loan Agreement Forms 987/996 Wire Transfer » Missing or incorrect Authorization Cash Warehouse Riders/Schedules delivery/Warehouse Lender Release » Document modifications or of Security Interest templates in Commitment not » Form not executed reflected accurately » Accoun
Slide 10: Catherine Seng, Marina Owusu, Kelli Dunn
Catherine Seng Marina Owusu Kelli Dunn Manager Team Lead Senior Legal Analyst Loan Administration Loan Administration Multifamily Real Estate
Slide 11: Form 1056
Form 1056 2019 Optigo Servicer Workshop
Slide 12: Current Form 1056
Current Form 1056 am — Select reserves from the options below: Repair Reserve Replacement Reserve Rental Seat Rate Cap Agreement Debt Service Reserve Reserve Section 8 HAP Reserve Freddie Mac MULTIFAMILY
Slide 13: New Form 1056
New Form 1056 Freddie Bye ‘Multifamily Laren Freddie Mac MULTIFAMILY List of Reserves Hold Rate Cap Agreement Reserve Repracement RASENe Special Additional Deposit sunk regu lies honeie Ie defor ontor M ‘enter emount, IFeefetred,erter Ns rec. If supplemental, enter NA Monthly Doposit $§5, Ceaeimoten
Slide 14: New and improved drop-down list
New and improved drop-down list
Slide 15: How to Complete New Form 1056
How to Complete New Form 1056 List of Reserves Held Freddie A Mac Multifamily Seller/Servicer and Property Information Need to match with ‘Commitment Letter Exhibit B.16 and Loan Reserves as defined in Commitment pS Impositions Cash or Initial Deposit $$$ Letter of Credit | (it supplemental, enter i
Slide 16: How to Complete New Form 1056
16. Escrows Insurance Collect . Taxes or payments in lieu of taxes (PILOT) Collect Water, sewer Defer Ground Rent N/A Other Charges Defer
Slide 17: How to Complete New Form 1056
Freddie Mac MULTIFAMILY to mark each item as as appropriate) ewer charges that could become a Lien on the Mortgaged Property Ground Rents ther charges that could become a Lien on the Mortgaged Property, including home owner association dues Item Repairs and Repair Reserv Are Repair: required? Is rad
Slide 18: How to Complete New Form 1056
How to Complete New Form 1056 List of Reserves Held pa Freddie Mac Multifamily Seller/Servicer and Property Information Impositions fer » Senior Insurance Hazard insuranc Laren Freddie Mac MULTIFAMILY Cash or Letter of Credit ipplemental, enter gives as defined in Commitment Initial Deposit $$$ (if
Slide 19: Detailed Instructions
Detailed Instructions Instructions to complete section below: 1) Include all applicable Reserves required by the commitment and select NA for those that do not apply. 2) CollectDefer: Identify whether the Reserve is collected or deferred. IFloan is 4 supplemental lien and escrows are collected on th
Slide 20: Third Section
Third Section Freddie Mac MULTIFAMILY Escrow Reserves as defined in Commitment Type of Reserve CollectDefer Cash or Initial Deposit $$$ Monthly Deposit $$$] Capped $$$ (include allescrowsrequiredby | (ifcollected on Senior tater Of Credit | if supplemental, enter | (ifsupplemental, enter Gt spplicab
Slide 21: Third Section
lb. Repairs and Repair Reserv ‘Are Repairs required? If Yes, is a Reserve required? Is radon testing required? ~ Are Green Improvements required? If Yes, is a Reserve required? If Yes to Repairs and/or Green Improvements, is a Letter of Credit required? Item kc. Replacement Reserve: Ts-2 Replacement
Slide 22: Settlement Statement
Settlement Statement LENDER: PROPERTY: PROGRAM: DATE OF DISBURSEMENT: FREDDIE MAC MARKET RATE March 29, 2019 A. SOURCE OF FUNDS 2 Prepaid Items Debit (Due From) Credit (Due To) MORTGAGE PROCEEDS $109,740,000.00) SUPPLEMENTAL/GAP PROCEEDS $0.00) ‘GOOD FAITH DEPOSIT $2,330,000.00) ADD'L SOURCE OF FUND
Slide 23: Settlement Statement
al Freddie Mac MULTIFAMILY Escrow Reserves as defined in Commitment Type of Reserve Collect/Defer Cash or Initial Deposit $$$ ) Monthly Deposit $$$| Capped $$$ [include all esctows requiredby | {if collected on Senior (gtr of Credit | {if supplemental, enter | {if supplemental, enter ‘commitment, re
Slide 24: Settlement Statement
al Freddie Mac MULTIFAMILY Escrow Reserves as defined in Commitment Type of Reserve Collect/Defer Cash or Initial Deposit $$$ ) Monthly Deposit $$$| Capped $$$ [include all esctows requiredby | {if collected on Senior (gtr of Credit | {if supplemental, enter | {if supplemental, enter ‘commitment, re
Slide 25: Exhibit D: Additional Terms and Conditions Section of the Commitment
Exhibit D: Additional Terms and Conditions Section of the Commitment
Slide 26: Settlement Statement
Settlement Statement LENDE PROPERTY: PROGRAM: DATE OF DISBURSEMENT: ‘A. SOURCE OF FUNDS Prepaid Items Debit (Due From) Credit (Due To) FREDDIE MAC MARKET RATE March 29, 2019 40,000.00 a ST OOD FAITH DEPOSIT 5 E OF FUND: SOURCES OF FUNDS DISBURSEMENTS AT CLOSII CLOSING COSTS & OBLIGATIG Laren Freddie
Slide 27: UCCs
UCCs 2019 Optigo Servicer Workshop
Slide 28: UCC-1 Financing Statement
UCC-1 Financing Statement Laren Freddie Mac MULTIFAMILY
Slide 29: UCC-1 Addendum
UCC-1 Addendum Print] [Reset Laren Freddie Mac MULTIFAMILY
Slide 30: UCC-1 Financing Statement/Addendum
UCC-1 Financing Statement/Addendum UCC-1 Financing Statement 1-2. Debtor’s Name (Borrower) 3. Secured Party Name or Assignee » Seller/Servicer » Freddie Mac, if Addendum is attached 4. Collateral Description must include reference to attached Exhibits A and B UCC-1 Addendum » If loan assignment occu
Slide 31: UCC-3 Amendment
UCC-3 Amendment Uce FINANCING STATEMENT AMENDMENT Laren Freddie Mac MULTIFAMILY
Slide 32: UCC-3 Financing Statement
UCC-3 Financing Statement Assignment • Section 7 must identify Freddie Mac as Assignee • Section 9 must identify Seller/Servicer as Assignor Amendment • Section 5 – correction to name of Debtor or Secured Party only • Section 6 – incorrect name of Debtor or Secured Party • Section 7 – amended name D