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
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, Freddie Mac says.
‘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 at PNC MultiFamily Capital. ‘This status will enable us to provide a more efficient delivery of capital to our affordable housing customers.’
Source: Freddie Mac