Freddie Mac announced its new seismic risk policy formultifamily seller/servicers to follow on April 24, 2013. Mark Field, Underwriter for the Targeted AffordableGroup, summarized the new procedures on April 24, 2013. Thepolicy will be officially released in the April 30, 2013 Guideupdate and will go into effect for all reports ordered on or afterJune 1, 2013.
Overview of Forthcoming Freddie Mac SeismicPolicy
In general, the changes are not dramatic and are generallyconsistent with the requirements of CMBS lenders, life companylenders, and Fannie Mae. Freddie Mac's policieswill recognize ASTM E2026-07 “Standard Guide for Seismic RiskAssessment of Buildings” and ASTM E2557, the most recent seismic riskassessment standards. The changes will bring the Freddie Macseismic policy in closer alignment with the recommended practice inASTM E2557.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
