Freddie Mac Update: Exhibit 57 1-4 Unit Property Expense Amounts
In January, Freddie Mac revised Exhibit 57 1-to 4-Unit Property Approved Expense Amounts.
- Provides the approved Expense Limits, as that term is defined below, for the preservation and maintenance of abandoned properties
- Identifies proper usage of approved Expense Limits
- Provides guidance on how to seek reimbursement for preservation work completed under the expense items listed below. As stated in Bulletin 2013-22, these Expense Items will not be included in the first release of expense codes on October 22, 2013:
- Securing (Knob Locks)
- Boarding (Broken Windows)
- Interior Property Cleaning (Refrigerator)
- Initial Yard Maintenance (Lots of up to 10,000 square feet)
- Yard Maintenance (Lots of up to 10,000 square feet)
- Pool (In Ground Pool Securing)
- Winterization (Dry)
- Extermination (Licensed)
- Outlines both yard maintenance and winterization seasonal requirements
- Explains the proper usage of miscellaneous expenses listed under the “Deed-in-Lieu and Other” expense category. Expense items within this category are not restricted to abandoned properties.
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Safeguard Properties is the largest mortgage field services company in the U.S. Founded in 1990 by Robert Klein and based in Valley View, Ohio, the company inspects and maintains defaulted and foreclosed properties for mortgage servicers, lenders, and other financial institutions. Safeguard employs approximately 1,700 people, in addition to a network of thousands of contractors nationally. Website: www.safeguardproperties.com.