Wachovia Multifamily Capital Inc. has achieved fully delegated status under the Freddie Mac Delegated Underwriting for Targeted Affordable Housing model. Delegated Underwriting allows approved lenders to fully underwrite multifamily loans for Freddie Mac in accordance with its Delegated Underwriting Guide.
‘Delegated Underwriting lets us serve targeted affordable borrowers by tapping more effectively into the delegated seller/servicer's capacity to originate and underwrite, in exchange for a risk-sharing relationship with us,’ says Kimball Griffith, vice president of affordable sales and investments at Freddie Mac. ‘We're pleased that Wachovia has been approved to enter into a fully delegated relationship with us.’
Delegated lenders first work on receiving initial underwriting authority for loans from Freddie Mac and then work to receive fully Delegated Underwriting status, Freddie Mac notes.
