PNC Multifamily Capital Becomes Third Fully Delegated Freddie Mac Lender

By Anuradha Kher, Online News EditorMcLean, Va.–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 model.Centerline and Wachovia are the two other fully delegated lenders under this 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,” says Tom Booher, executive vice president, PNC MultiFamily Capital. “This status will enable us to provide a more efficient delivery of capital to our affordable housing customers.”Kim Griffith, Freddie Mac vice president of affordable sales and investments, says, “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.”