Freddie Mac may not be generating the response it hoped for when it announced its new multifamily, early rate-lock program, at least that seems to be the trend as four companies specializing in multifamily lending said they aren't planning on using the program.

Freddie unveiled its early rate-lock program during the Mortgage Bankers Associations annual convention in Boston and hoped to draw multifamily lenders by allowing them to secure interest rates up to 45 days prior to completion of a final underwriting package. The program was made available to all Freddie Program Plus seller/servicers and applied to all loans of $2.5 million or more and costs borrowers a rate-lock fee of 25 basis points, payable out of the required 2% good faith deposit.

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