Watch the full video below or visit the FHFA website for a full transcript: FHFA Public Listening Session: Multifamily Radon Standards In July of 2021, FHFA held a listening meeting to receive input and feedback on issues related to multifamily testing and mitigation to inform the FHFA and the Enterprises’ decision making. The Federal Housing Finance Authority (FHFA) is considering an increase to radon sampling requirements for Fannie Mae and Freddie Mac multifamily loans in accordance with the EPA’s Voluntary Consensus Standards for Radon Testing and Mitigation. FHFA Expected to Increase Multifamily Radon Sampling Requirements Elevated radon levels have been found in all types of buildings, including manufactured homes, schools and high-rise condominiums. In Florida, one in five homes tested has elevated radon levels above the action level of 4 pCi/L. Since the building can hold the radon similarly to smoke trapped under a glass, indoor radon concentrations can increase to many times that of outdoor levels. As a gas in the soil, it enters buildings through small openings in the foundation. Radon comes from the radioactive breakdown of naturally occurring radium found in most soils. Radon cannot be seen, and has no odor or taste. Radon is a Class A carcinogen, and is the leading cause of lung cancer for non-smokers. Radon testing and mitigation for multifamily properties are often completed to comply with lender policy or by federally sponsored financing program guidance during due diligence review, as with properties financed by Fannie Mae, Freddie Mac, and HUD loans. The Federal Housing Finance Authority (FHFA) is responsible for ensuring that Fannie Mae and Freddie Mac operate in a safe and sound manner through supervision and regulation.ĭue to the health impacts associated with radon exposure, owners of multifamily properties as well as lenders test to characterize potential risk. Fannie Mae & Freddie Mac Multifamily Radon Sampling Requirementsįannie Mae and Freddie Mac are leading resources for real estate and mortgage industry professionals throughout the United States, working to ensure access to affordable single family and multifamily housing is available in all markets across the country. #FREDDIE MAC GLASSDOOR PROFESSIONAL#Our staff members have met the rigid requirements to be listed with the NRPP/Radon Measurement Proficiency Program for testing and/or the Radon Mitigation Proficiency Program for radon abatement, and are well trained to provide testing services that comply with the established radon testing protocols required by Fannie Mae, Freddie Mac, HUD, United States military as well as many other professional organizations and government agencies. We are nationally recognized as a primary laboratory with the National Radon Proficiency Program. Located in Jacksonville, Florida, Radon Professional Services provides expert radon testing, mitigation, and consulting services throughout the Southeast U.S. Requirements guiding the servicing of these transactions are focused on improving borrower outcomes and stabilizing communities.Fannie Mae and Freddie Mac Radon Compliance Florida’s Leading Radon Testing & Mitigation Professionals To date, Freddie Mac has sold $8.7 billion of NPLs and securitized approximately $74.2 billion of RPLs consisting of $30.4 billion via fully guaranteed PCs, $32.3 billion via the Seasoned Credit Risk Transfer (SCRT) program, and $11.5 billion via the Seasoned Loans Structured Transaction (SLST) program. This includes sales of NPLs, securitizations of re-performing loans (RPLs) and structured RPL transactions. and First Financial Network, Inc., a woman-owned business.įreddie Mac’s seasoned loan offerings focus on reducing less-liquid assets in the company’s mortgage-related investments portfolio in an economically sensible way. The winning bidder for each pool will be determined on the basis of the economics of the bids, subject to meeting Freddie Mac’s internal reserve levels, at Freddie Mac’s sole discretion.Īdvisors to Freddie Mac on the transaction are Citigroup Global Markets Inc. The bids are to be made on an all-or-none basis for any pool separately or for any combination of SPO pools together. To participate, all potential bidders must be approved by Freddie Mac and successfully complete a qualification package to access the secure data room containing information about the NPLs and to bid on the NPL pool(s). All eligible bidders, including private investors, MWDOBs, non-profits and neighborhood advocacy organizations are encouraged to bid.
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