Freddie Mac recently completed a regional training initiative entitled “Customer Package Training — How to Improve Execution” and released the training materials for download through their website. The training materials are designed to help both producers and underwriters provide complete information for the underwriting packages. These materials provide many of the following key take-aways for quicker quotes and higher deliverability to your borrowers.
- Step-by-step guidance on required information for completing in the latest version of the Loan Submission Template (LST v1.4).
- Overview of the items that should be included in your narrative and on the LST.
- Refresher on working with rent rolls and tax bills.
- Outline for completing the borrower organizational chart.
- Reminder about including photographs and maps.
- Rationale for exception requests and other material issues (property, sponsor, etc.).
- Review for identifying strengths and issues with the property, the financing terms, any other deal-related issues, and providing recommendations for mitigating risks.
- Direction on requesting document modifications earlier in the process.
- Evaluation of criteria for new construction, phased properties, recently stabilized properties, and cash out refinancing.
- Explanation of typical pricing impacts.
- Best practices for property inspections, appraisals, property condition reports, and environmental reports.
