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