Wachovia Receives Freddie Mac Fully Delegated Underwriting Status

McLean, Va.–Wachovia Multifamily Capital Inc. has achieved fully delegated status under the Freddie Mac Delegated Underwriting for Targeted Affordable HousingSM model. Wachovia is only the second company, after Centerline Capital Group, to achieve this status.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/Servicers’ capacity to originate and underwrite, in exchange for a risk-sharing relationship with us,” says Kimball Griffith, Freddie Mac vice president of affordable sales and investments.Daniel Cunningham, head of Affordable Housing at Wachovia Multifamily Capital, says, “Wachovia sees Delegated Underwriting as an extremely valuable tool for our affordable housing activities.“Together through Delegated Underwriting, Wachovia and Freddie Mac will be able to expand 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.”Delegated lenders first work on receiving initial underwriting authority for loans from Freddie Mac. Then they work to receive fully Delegated Underwriting status.