Freddie Mac issued Bulletin 2022-15 (Bulletin) announcing revisions to the Single-Family Seller/Servicer Guide. Per the Bulletin, Freddie Mac:
- enhanced Loan Product Advisor (LPA) to include a first-time homebuyer’s rent payment history in LPA’s credit assessment;
- lifted the temporary suspension of mortgage purchases through Freddie Mac’s bulk sales unit and will begin to buy selected bulk loan pools (at Freddie Mac’s discretion).
- announced the mandatory use of Supplemental Consumer Information Form (Form 1103);
- clarified eligibility requirements with respect to manufactured homes with affordable seconds and manufactured homes on leasehold estates;
- eliminated the written prior approval requirement for a mortgage secured by CHOICEhome; and
- provided additional detail related to the types of eligible mortgage insurance premiums, including the addition of a new split-premium option for borrower-paid financed mortgage insurance, which provides the option for borrowers to make an initial up-front premium payment at closing and an ongoing monthly premium paid from accumulated escrow deposits.
Revisions with respect to first-time homebuyer’s rent payment history are effective for mortgages with LPA initial submission dates on or after July 10, 2022. Revisions with respect to Supplemental Consumer Information Form (Form 1103) are effective for loans sold to Freddie Mac with application dates on or after March 1, 2023. All other updates are effective July 6, 2022.
Click to view the Freddie Mac Guide Bulletin 2022-15: https://www.tenaco.com/wp-content/uploads/2022/07/Freddie-Mac-Guide-Bulletin-2022-15-07-06-22.pdf
Click to view the Fannie Mae-Freddie Mac Form 1103-Supplemental Consumer Information Form: https://www.tenaco.com/wp-content/uploads/2022/07/Fannie-Mae-Freddie-Mac-Form-1103-Supplemental-Consumer-Information-Form.pdf
