Freddie Mac Form 981M PDF Details

In the world of multifamily mortgage servicing, transitioning the responsibility of servicing from one party to another involves meticulous planning, compliance with specific guidelines, and a strict adherence to deadlines. The Freddie Mac 981M form embodies these principles as the cornerstone document facilitating the seamless transfer of multifamily mortgage servicing rights between institutions. This form serves not only as an agreement between the transferor (the current servicer) and the transferee (the new servicer) but also as a critical step in securing approval from Freddie Mac for the transfer. Both parties must provide comprehensive details about the mortgages being transferred, including their statuses (current, delinquent, in foreclosure, or REO) and any special servicing requirements they might have. The form mandates the submission of this agreement to Freddie Mac no later than 30 days before the desired effective date of transfer, which must align with Freddie Mac's accounting cycles. Furthermore, it encapsulates the requirement for both parties to uphold specific representations, covenants, and warranties related to the eligibility of mortgages for purchase by Freddie Mac and their subsequent servicing. The inclusion of a nonrefundable processing fee underscores the transaction's significance, while an acknowledgment and approval by Freddie Mac seal the agreement, making the effective date of transfer a reality upon their consent. This comprehensive approach ensures that transitions in mortgage servicing are conducted with precision, aligning with the overarching regulatory and contractual frameworks that govern multifamily mortgages under Freddie Mac's purview.

QuestionAnswer
Form NameFreddie Mac Form 981M
Form Length3 pages
Fillable?No
Fillable fields0
Avg. time to fill out45 sec
Other namesMultifamily, form 981, LIHTC, indemnification

Form Preview Example

FREDDIE

Agreement for Subsequent Transfer

MAC

of Multifamily Servicing

 

 

 

 

 

 

 

 

 

 

Transferor

 

Transferee

 

 

 

 

 

 

Servicer name

Servicer name

 

 

 

 

Seller/Servicer number

Seller/Servicer number

 

 

 

 

Address

Address

 

 

 

 

City, State, Zip

City, State, Zip

 

 

 

 

Contact

Contact

 

 

 

 

Telephone number

Telephone number

 

(

)

(

)

 

 

 

 

 

Requested effective date of transfer

 

 

 

 

 

 

 

 

(This agreement, executed by the Transferor and the Transferee, must be received by the applicable Freddie Mac office no later than 30 days before the requested effective date of the transfer. The requested effective date of transfer must be the first Business Day following the cutoff date for a Freddie Mac accounting cycle.)

In accordance with the Freddie Mac Multifamily Seller/Servicer Guide (the Guide) and subject to Freddie Mac's approval, the Transferor shall transfer the Servicing of the Mortgages and, if applicable, REO (the "Mortgages" and "REO") to the above designated Transferee on the effective date of transfer.

The Transferor and the Transferee acknowledge, covenant and warrant that they shall be responsible for all representations, covenants and warranties relating to (a) the eligibility of the Mortgages for purchase by Freddie Mac, and (b) the Servicing of the Mortgages and REO, in accordance with the Guide. The Transferee hereby agrees to service the Mortgages in accordance with the terms of the unitary, indivisible master Servicing contract comprised of the Guide and any other applicable Purchase and Servicing Documents (as that term is defined in the Guide), all of which are fully incorporated herein by reference.

With this agreement, the Transferor is submitting a nonrefundable processing fee of $1,000.00 by check payable to Freddie Mac.

The Transferor must submit, with this form, a list of the Mortgages to be transferred (including each Mortgage’s Freddie Mac Loan Number).

By signing this agreement, each of the Transferor and the Transferee certifies that all of the information that it has provided to Freddie Mac in connection with the requested transfer of Servicing, including the information set forth on pages 2 and 3 of this Form 981M, is true and correct.

ACKNOWLEDGMENT AND APPROVAL BY FREDDIE MAC

Approved effective date of transfer

Date of acknowledgment and approval

By (Signature of authorized representative)

Typed name

Freddie Mac Form 981M (12/03), Page 1 of 3

Transferor

 

 

 

Transferee

 

 

 

 

 

 

 

 

 

 

 

Servicer name

 

 

Servicer name

 

 

 

 

 

 

 

 

 

 

 

Seller/Servicer number

 

 

Seller/Servicer number

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Part A: To be completed by the Transferor

 

 

 

 

 

 

 

1. Does this transfer include all multifamily Mortgages serviced by the Transferor for Freddie Mac

 

 

 

(including Mortgages that are current, delinquent, in bankruptcy or foreclosure, and REO)?

Yes

No

 

2. Does this Transferor have any outstanding purchase commitments with Freddie Mac?

Yes

No

 

If yes, the Transferor intends to

retain the Servicing or

assign the Servicing.

 

 

 

3. Does this transfer include Mortgages in foreclosure and REO?

 

 

 

 

Yes

No

 

If yes, attach a list of applicable Freddie Mac loan numbers.

 

 

 

 

 

 

 

Also, if yes, are any Form 104 expenses or advances from Freddie Mac for those expenses outstanding?

Yes

No

 

4. Does this transfer include Mortgages that are credit enhanced (such as Seller recourse, indemnification,

 

 

 

cash accounts, spread accounts, collateral pledge agreements or pool insurance)?

Yes

No

 

If yes, attach list of applicable Freddie Mac loan numbers and master commitment numbers.

 

 

 

Certain credit enhancement agreements contain provisions that may preclude or limit the transfer

 

 

 

of Mortgages covered by the agreements. The Transferor must ensure that this transfer request is

 

 

 

in compliance with the terms stated in the applicable agreements.

 

 

 

 

5. Indicate the automated systems or service bureaus that the Transferor currently uses for Servicing these Mortgages.

 

 

 

 

 

 

 

 

6. Does the transfer include Mortgages in which an entity other than Freddie Mac retains a participation interest?

Yes

No

 

7. Does this transfer include Mortgages that may have special servicing requirements (such as payment-capped

 

 

 

ARMs, REMIC Master Servicing Agreements or Affordable Housing LIHTC Mortgages)?

Yes

No

 

If yes, attach list of all product types with the applicable Freddie Mac loan numbers.

 

 

 

8. Indicate the total unpaid principal balance as of the last accounting cutoff date for the Mortgages included in this transfer.

 

 

_________________

 

 

 

 

 

 

 

 

Indicate the total unpaid principal balance as of the last accounting cutoff date for any REO included in this transfer.

 

 

 

_________________

 

 

 

 

 

 

 

 

 

 

 

 

 

9. Indicate the total number of Mortgages included in this transfer.

 

_______________

 

Indicate the total number of REO included in this transfer.

 

 

 

 

_______________

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Document custodian before transfer

 

 

 

 

 

 

 

 

 

 

 

 

Freddie Mac

 

 

 

 

 

 

 

 

Other, provide the information below

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Name

 

 

 

Telephone number

 

 

 

 

 

 

(

)

 

 

 

Address

 

 

 

Custodial number

 

 

 

 

 

 

 

 

 

 

 

City, State, Zip

 

 

 

Custodial agreement number

 

 

 

 

 

 

 

 

 

 

 

 

IN WITNESS WHEREOF, the Transferor has caused this Agreement to be signed in its corporate name on its behalf by its duly authorized representative.

Transferor

Servicer Name

Date

Typed name

By (Signature of authorized representative)

Title

Freddie Mac Form 981M (12/03), Page 2 of 3

Part B: To be completed by the Transferee

1.Indicate the Transferee's total number of servicing staff. ________________________

2.Indicate the unpaid principal balance of the Transferee's total servicing portfolio (Mortgages serviced for itself, Freddie Mac and others) as of the most recent month-end. ________________________

3.Indicate the automated systems or service bureaus that the Transferee currently uses for servicing Mortgages.

Document custodian after requested transfer, if approved

Freddie Mac

Other, provide the information below

Name

Telephone number

 

(

)

Address

Custodial number

 

 

City, State, Zip

Custodial agreement number

 

 

 

IN WITNESS WHEREOF, the Transferee has caused this Agreement to be signed in its corporate name on its behalf by its duly authorized representative.

Transferee

Servicer Name

Date

Typed name

By (Signature of authorized representative)

Title

Freddie Mac Form 981M (12/03), Page 3 of 3

How to Edit Freddie Mac Form 981M Online for Free

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With regards to the fields of this particular form, here's what you need to know:

1. It's vital to complete the Multifamily properly, thus be attentive while filling in the areas that contain these fields:

The best way to fill out form 981 step 1

2. Right after this part is filled out, go on to type in the relevant information in these: Approved effective date of transfer, Date of acknowledgment and, Typed name, and Freddie Mac Form M Page of.

Freddie Mac Form M Page of, Typed name, and Approved effective date of transfer of form 981

3. This third section is fairly uncomplicated, Servicer name, Servicer name, Transferor, Transferee, SellerServicer number, SellerServicer number, Part A To be completed by the, including Mortgages that are, Does this Transferor have any, If yes the Transferor intends to, retain the Servicing or, assign the Servicing, Does this transfer include, If yes attach a list of applicable, and Does this transfer include - every one of these blanks will have to be completed here.

The best ways to fill out form 981 step 3

4. Completing Indicate the total unpaid, Indicate the total number of, Document custodian before transfer, Freddie Mac Other provide the, Name, Address, City State Zip, Telephone number, Custodial number, Custodial agreement number, IN WITNESS WHEREOF the Transferor, Transferor, and Servicer Name is paramount in this fourth step - always take your time and be attentive with every blank area!

Name, Freddie Mac Other provide the, and Indicate the total number of inside form 981

5. This form needs to be completed within this segment. Further you'll find a full list of fields that have to be completed with accurate details to allow your document submission to be complete: Date, Typed name, By Signature of authorized, Title, and Freddie Mac Form M Page of.

Step no. 5 in filling out form 981

Be very attentive when completing Title and Date, because this is where most people make mistakes.

Step 3: Before obtaining the next stage, ensure that all form fields are filled out right. When you believe it is all fine, click on “Done." Find the Multifamily once you register online for a 7-day free trial. Conveniently get access to the form from your personal account, together with any edits and adjustments automatically saved! We do not sell or share the details that you enter whenever dealing with documents at our website.

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