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How do I fill this out?
To fill out this checklist, begin by reviewing each appraisal quality item carefully. Ensure that all required sections are completed accurately. It's essential to provide proper documentation to support your evaluations.
How to fill out the Freddie Mac Multifamily Underwriting Checklist?
1
Review the appraisal quality-related items listed in the checklist.
2
Gather necessary documentation and data to support your appraisal.
3
Complete each item by providing accurate information and explanations.
4
Calculate the quality score based on the checklist responses.
5
Submit the completed checklist along with the appraisal.
Who needs the Freddie Mac Multifamily Underwriting Checklist?
1
Multifamily Investors: They need this checklist to ensure that their appraisals comply with Freddie Mac's guidelines.
2
Underwriters: They utilize this checklist to evaluate the quality of appraisals before providing loans.
3
Appraisers: Awareness of this checklist helps them meet submission requirements.
4
Loan Officers: They need it to guide their clients on appraisal requirements.
5
Compliance Officers: They use it to ensure adherence to regulatory standards.
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What are the instructions for submitting this form?
To submit this form, ensure all fields are thoroughly completed. Send the completed checklist via email to [insert email here], or you can also fax it to [insert fax number]. For online submissions, please utilize the portal available on the Freddie Mac website. Physical documents can be mailed to [insert physical address]. Make sure to keep copies of your submission for your records. It's advisable to follow up on your submission to confirm receipt.
What are the important dates for this form in 2024 and 2025?
The revised checklist will be effective starting March 4, 2024. It's essential to stay updated with any changes thereafter. Potential updates may occur in the following years as Freddie Mac revises its standards.
What is the purpose of this form?
The purpose of this form is to provide a comprehensive appraisal quality checklist for multifamily properties. It ensures that appraisals align with Freddie Mac's guidelines, facilitating a smoother loan approval process. Proper usage of this checklist helps in identifying common deficiencies early, improving overall appraisal quality.
Tell me about this form and its components and fields line-by-line.
- 1. Unit Inspections: Number of units inspected by signing appraiser.
- 2. Material Differences Discussion: Analysis of differences between appraised value and sale price.
- 3. Tax Assessment Explanation: Explanation if projected tax assessment differs from appraised value.
- 4. Market Rent Support: Support for concluded market rents based on recent leasing.
- 5. Capitalization Rates Application: Consistency in applying capitalization rates based on actual or proforma NOI.
- 6. Sales Comparable Discussion: Discussion of the income basis for capitalization rate derived from sales.
- 7. Local Market Surveys: Recency of capitalization rate surveys used.
- 8. Sales Comparable Listings: Requirement for at least one comparable to be a listing or pending sale.
- 9. Sales Comparables Comparison: Adequacy of comparisons between subject and sales.
- 10. Rent Roll Recency: Recency of the rent roll included in the appraisal addenda.
What happens if I fail to submit this form?
Failure to submit this form may lead to delays in loan processing and appraisal acceptance. Both the appraiser and the borrower could face challenges in securing timely funding as a result.
- Delays in Approval: Incomplete submissions may prolong the loan approval process.
- Need for Revised Appraisals: Missing information may trigger requests for revisions.
- Increased Scrutiny: Appraisals that do not meet checklist standards may face closer review.
How do I know when to use this form?
- 1. Loan Applications: When applying for loans backed by Freddie Mac.
- 2. Appraisal Reviews: During appraisal review to adhere to compliance standards.
- 3. Investor Guidelines: To meet appraisal quality requirements set by investors.
Frequently Asked Questions
What is the purpose of this checklist?
The checklist ensures compliance with Freddie Mac's appraisal standards, addressing quality and common deficiencies.
How do I start filling out the checklist?
Begin by reviewing all appraisal quality items listed and gather relevant documentation.
Can I edit this checklist on PrintFriendly?
Yes, you can make edits easily using our PDF editing tools.
How do I submit this checklist?
After completing the checklist, follow the submission guidelines provided in the document.
What if I find discrepancies in my appraisal?
Discuss material differences in your report and provide adequate explanations.
Is this checklist applicable for all multifamily loans?
Yes, it applies to multifamily properties being appraised for Freddie Mac loans.
What happens if I miss a checklist item?
Missing items may result in a request for a revised appraisal.
How often is this checklist updated?
The checklist items are subject to change; regular reviews are advised.
Who reviews the completed checklist?
Freddie Mac underwriters will review the checklist as part of their appraisal evaluation.
Where can I find more resources on appraisal standards?
Freddie Mac provides guidelines and resources on their website for further assistance.
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