Freddie Mac Optigo | 2026-09-02

Freddie Mac Pro Forma Adjustments Need a Source Document Trail

Freddie Mac's August 2026 Guide Bulletin makes underwriting reconciliation a practical closing-readiness issue.

Freddie Mac's August 25, 2026 Multifamily Seller/Servicer Guide Bulletin announced several Guide changes, including retirement of Small Balance Loan origination, underwriting, and purchase and delivery requirements; clarification of Seller pro forma property financial statement requirements; clarification of Form 1116 Real Estate Schedule verification; and updates for Seniors Housing Mortgage allocations to intangible assets.

The pro forma financial statement clarification is a useful closing-process signal. Freddie Mac states that the Seller's summary spread of property financials is expected to match the underlying source documents, and that variations or adjustments from those source documents must be clearly disclosed and explained in the Mortgage Transaction Narrative Analysis, an Excel reconciliation, or another acceptable format.

The bulletin also states that a full underwriting package is not considered complete unless it includes an acceptable Loan Submission Template and any required explanation of adjustments. For borrower-side counsel, that does not turn financial underwriting into legal advice, but it does mean the legal team should know when a source-document or reconciliation issue may affect timing.

A practical Optigo opening checklist should identify the rent roll, trailing statements, operating statement support, lender-requested reconciliation items, responsible financial contact, and whether any explanation is still pending in the MTNA or related package. When those items are visible early, title, survey, authority, opinion, execution, and delivery work can move without being surprised by an underwriting completeness issue. This note is informational only and is not legal advice for any specific transaction.