Freddie Mac Single-Family Seller/Servicer Guide 5706.4 — Lease provisions and value of leasehold estates
Freddie Mac Single-Family Seller/Servicer Guide section 5706.4 — Lease provisions and value of leasehold estates. Full verbatim section text, substring-verified against snapshot 5869ee9e606cd4ae.
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Verbatim provisions from Freddie Mac Single-Family Seller/Servicer Guide 5706.4 — Lease provisions and value of leasehold estates — each quote is a verified substring of the regulator-published source snapshot, not retyped. Quoted for reference; this is not legal advice. The operational layer (P&P updates, prompts) lives in the regulation update kits.
Freddie Mac Single-Family Seller/Servicer Guide 5706.4 — Lease provisions and value of leasehold estates
This section contains requirements related to: ■ Lease provisions ■ Value of leasehold estates (a) Lease provisions In addition to the requirements in Section 5704.1(c), the lease must also provide that subleasing is allowed if the leasehold mortgagee or its designee takes title to the Manufactured Home and the leasehold estate. (b) Value of leasehold estates The provisions of Section 5703.8(b) pertaining to calculating the treatment of the land in determining value for computing the loan-to-value ratio in different types of financing transactions structures do not apply to leasehold estates. The provisions of Section 5703.7(b)(i) pertaining to the use of the land as an equity contribution do not apply to the leasehold estate. The provisions of Section 5703.9 pertaining to the appraisal requirements for Manufactured Homes do apply. Although Section 5704.2 pertaining to appraisal requirements for leasehold Mortgages allows for the use of comparable sales that are not on a leasehold estate, at least two comparable properties that are also on a leasehold estate must be included in the appraisal report to demonstrate market acceptance.
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Source of record: https://claudeforcompliance.com/regs/fhlmc-5706-4/
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