Financing and lending
A repair reserve is money a borrower deposits at closing to pay for specific property repairs required by the lender, such as those listed in Freddie Mac's Letter of Commitment.
The reserve ties the loan to repair completion. Servicers monitor progress and enforce deadlines. Repair scopes and costs often come from the property condition report.
Source: mf.freddiemac.com
Related Calibre serviceThird-Party Loan ServicingTell us about the property and your timeline. We will scope the right report and send a proposal.
