Updates to Final Delivery ProcessJuly 17, 2019

Senior Director

Loan Administration

Audrey Kestner

Flow of the Final Delivery Package

Document Custody

• Management of loan files on-site and transition of files to the point of disposition

Purchase

• Review of Final Delivery documents

• Pre/Post exception letters

• Authorize purchase of loans/bonds

Post Closing

• Follow up on outstanding documents

• Send bi-monthly open exception report

Loan Sales

• Deliver Mortgage File and Servicing File to the Trustee and Master Servicer

• Follow up on any outstanding loan documents

• Coordinate assignment of loan documents to the Trustee

Post Securitization

• Holding on Assignments

• Trustee exceptions

Relationship Management

• Quarterly Exceptions Reports

• Sellers’ counsel exception reports

• Seller calls

Agenda

• Reminders

• Common exceptions

• Form 1056/Settlement Statement

• UCCs

Director

Loan Administration

Mary Ellen Slavinskas

Delivery Reminders»Receipt of Final Delivery Package

Delivery Reminders»Receipt of Final Delivery Package

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/docs/final_delivery_package_toc_sbl_11_1_17.xlsx

» Slip pages

» Physical delivery» Multifamily Document Transmittal Form

(https://mf.freddiemac.com/docs/mf_doc_transmittal_form.pdf)

» Electronic delivery (via DMS)

»Duplicate documents uploaded to DMS

Top Three Common Exceptions

Loan Agreement

» Missing or incorrect

Riders/Schedules

» Document modifications or

templates in Commitment not

reflected accurately

» Dollar amounts or blanks

completed in Loan Agreement

that do not match the

Commitment

Forms 987/996 Wire Transfer

Authorization Cash Warehouse

delivery/Warehouse Lender Release

of Security Interest

» Form not executed

» Account information on the forms

do not match

» Property address on form does not

match

» Only electronic delivery and version

in DMS is not legible (please review

DMS upload)

Form 1056/Settlement Statement

Manager

Loan Administration

Catherine Seng Marina Owusu

Team Lead

Loan Administration

Kelli Dunn

Senior Legal Analyst

Multifamily Real Estate

Form 10562019 Optigo Servicer Workshop

Current Form 1056

New Form 1056

New and improved drop-down list

How to Complete New Form 1056

How to Complete New Form 1056

How to Complete New Form 1056

How to Complete New Form 1056

Detailed Instructions

Third Section

Third Section

Settlement Statement

Settlement Statement

Settlement Statement

Exhibit D: Additional Terms and Conditions Section of the Commitment

Settlement Statement

UCCs2019 Optigo Servicer Workshop

UCC-1 Financing Statement

UCC-1 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 occurs concurrently (permitted in most jurisdictions)

9. Debtor’s Name (borrower)

11. Additional Secured Party/Assignor (Seller/Servicer)

UCC-3 Amendment

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 Debtor or Secured Party

• Section 8 – correction to Exhibits A or B only

Section 1a.

• Must include the correct File Number for related UCC-1. If UCC-3 was filed for record and this is incorrect, ask Single Counsel to verify Freddie Mac’s interest is perfected