PNC Multifamily Approved By Freddie Mac as Fully Delegated Lender

Posted by RealEstateRama

August 11, 2008

McLean, VA - August 11, 2008 - (RealEstateRama) — Freddie Mac announces that PNC MultiFamily Capital has become the third lender approved to enter into a fully delegated relationship with Freddie Mac under the Freddie Mac Delegated Underwriting for Targeted Affordable Housing^SM model.

Delegated Underwriting gives certain qualified correspondent lenders more expedited processing and flexibility in exchange for sharing a portion of the risk when underwriting mortgages secured by properties benefiting from Low-Income Housing Tax Credits.

“PNC is very pleased to move into full delegation and expand our relationship with Freddie Mac in this way. This status will enable us to provide a more efficient delivery of capital to our affordable housing customers.” said Tom Booher, executive vice president, PNC MultiFamily Capital.

“Freddie Mac is also pleased to have PNC move from the initial stage of a Delegated Underwriting relationship with us to a fully delegated state,” said Kim Griffith, Freddie Mac vice president of Affordable Sales and Investments. “As a fully delegated lender, PNC will enjoy expedited processing and flexibility together with the unique benefits of all Freddie Mac affordable products. Freddie Mac has already seen the benefit of this new status in our working with PNC on currently processed loans.”

Since the introduction of the Freddie Mac Program Plus® network of multifamily loan originators and servicers in 1993, Freddie Mac has provided financing for approximately 55,000 multifamily properties totaling more than $194 billion.

Freddie Mac is a stockholder-owned corporation established by Congress in 1970 to provide liquidity, stability and affordability to the nation’s residential mortgage markets. Freddie Mac raises capital on Wall Street and throughout the world’s capital markets to finance mortgages for families across America. Over the years, Freddie Mac has made home possible for one in six homebuyers and more than five million renters.

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