Freddie Mac issued Bulletin 2023-1 (Bulletin) announcing new credit fees, updated rates for credit fees, and updates related to credits for credit fees. Per the Bulletin, Freddie Mac:
- introduced new base grids with new credit fees specific to loan purpose type (replaces Indicator Score/Loan-to-Value credit fees)
- introduced a new credit fee for borrowers with a debt–to-income ratio over 40%;
- Updated rates for credit fees related to condominium units, investment properties, properties with more than 1 unit, and secondary financing;
- Revised assessment criteria for credit fees related to condominium units;
- Updated credit fee assessment criteria to base all credit fees on the loan’s LTV (rather than the borrower’s credit score and/or the loan’s LTV/TLTV); and
- Redesigned Exhibit 19.
All revisions are effective for mortgages with settlement dates on or after May 1, 2023. For mortgages with settlement dates on or before April 30, 2023, lenders must continue to use the current version of Exhibit 19.
Click to view the Freddie Mac Bulletin 2023-1: https://www.tenaco.com/wp-content/uploads/2023/01/Freddie-Mac-Guide-Bulletin-2023-1-01-19-23.pdf
