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Wachovia receives Freddie Mac Delegated Underwriting status.

Freddie Mac announced that Wachovia Multifamily Capital Inc., Bethesda, Maryland, has achieved fully delegated status under the Freddie Mac Delegated Underwriting for Targeted Affordable Housing[sm] model.

Delegated Underwriting allows approved lenders to fully underwrite multifamily loans for Freddie Mac in accordance with its Delegated Underwriting Guide, said Kimball Griffith, Freddie Mac vice president of affordable sales and investments.

"Delegated Underwriting lets us serve targeted affordable borrowers by tapping more effectively into the delegated seller/servicers' capacity to originate and underwrite, in exchange for a risk-sharing relationship with us," said Griffith. "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. Then they work to receive fully Delegated Underwriting status, added Griffith.

Together through Delegated Underwriting, Wachovia and Freddie Mac will be able to expand Wachovia's efforts and provide more rapid deployment of capital for the entire spectrum of affordable housing products, including bond credit enhancement, preservation and Low-Income Housing Tax Credit deals of all types, explained Daniel Cunningham, head of affordable housing for Wachovia Multifamily Capital.

"Wachovia sees Delegated Underwriting as an extremely valuable tool for our affordable-housing activities," said Cunningham. "We are pleased to enjoy this status with Freddie Mac, and believe that it indicates the strength and depth of our relationship."
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Title Annotation:Commercial; Wachovia Mortgage Corp. receives Freddie Mac Delegated Underwriting status.
Comment:Wachovia receives Freddie Mac Delegated Underwriting status.(Commercial)(Wachovia Mortgage Corp. receives Freddie Mac Delegated Underwriting status.)
Publication:Mortgage Banking
Article Type:Brief article
Date:May 1, 2008
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