Freddie Mac issued Bulletin 2022-22 (Bulletin) announcing changes related to credit fee caps and credits for credit fees. Per the Bulletin, Freddie Mac:
- Introduced new credit fee caps for mortgages with first-time homebuyers, Home Possiblemortgages and certain Duty to Serve mortgages;
- Combined credits for GreenCHOICE mortgages and Refi Possible mortgages without appraisal waiver (ACE) in a new Credits for Credit Fees grid on Exhibit 19 (Credit Fees);
- Eliminated the super conforming credit fee waiver specific to first-time homebuyers, the adjustable rate mortgage waiver specific to certain Home Possible Mortgages, and the Mortgages with Secondary Financing Credit fee specific to Home Possible mortgages (as these waivers and fees will not be included in the new Credit Fee Caps grid);
- Updated cash-out refinance mortgages indicator score/loan-to-value fees rates; and
- Revised delivery requirements for mortgages eligible for a credit fee cap.
Revisions related to the new credit fee caps, the combined credits for GreenCHOICE mortgages and Refi Possible mortgages, the delivery requirements for mortgages eligible for a credit fee cap, and the elimination of certain waivers and fees are effective for mortgages with settlement dates on or after December 1, 2022. Revisions related to cash-out refinance mortgages are effective for mortgages with settlement dates on or after February 1, 2023. All other updates are effective October 31, 2022.
Click to view the Freddie Mac Guide Bulletin 2022-22: https://www.tenaco.com/wp-content/uploads/2022/11/Freddie-Mac-Guide-Bulletin-2022-22-10-31-22.pdf
