Freddie Mac issued Bulletin 2024-13 (Bulletin) announcing revisions to the Single-Family Seller/Servicer Guide. Per the Bulletin, Freddie Mac:
- Refactored chapter 4605 (HomeOne Mortgages), 4607 (CHOICERenovation Mortgges) and 5303 (Employed Income);
- Updated 2 sections in chapter 5304 (Self-Employed Income) as a result of the reformatting announced in Bulletin 2024-10;
- Introduced Loan Status Hub, a new source of communication for CHOICERenovation In Progress and CHOICEReno eXPress Mortgages;
- Updated origination requirements for CHOICERenovation mortgages (including updates with respect to outstanding liens related to the renovations, borrowers that rent another principal domicile during renovations, borrowers licensed as a contractor that complete the renovations, and extensions for completion of renovations);
- Introduced a new Loan Program Identifier to support updates to CHOICERenovation Mortgages (Sort ID 404);
- Enhanced automated employment assessment with Loan Product Advisor to enable the use of a Borrower’s account and employed income data to determine eligibility for relief from enforcement of certain representations and warranties related to the Borrower’s current employment;
- Added pricing pipeline coverage with respect for eligible mortgages originated by a small financial institution that is not on FHFA’s 2025-2027 duty to serve plan cycle file;
- Revised delivery instructions for HeritageOne Mortgages to include the valid value “Fee Simple” for ULDD Data Point Property Estate Type (Sort ID 63); and
- Updated provisions for Acknowledgment Agreements in connection with Servicing Contract Rights.
In addition, Freddie Mac updated Exhibit 48 (Permitted States for Remote Online Notarization) to include Maine.
Revisions related to CHOICERenovation mortgage requirements are effective mortgages with settlement dates on or after November 25, 2024. Revisions related to Exhibit 48 are effective October 2, 2024.
Click to view the Freddie Mac Bulletin 2024-13: https://www.tenaco.com/wp-content/uploads/2024/10/Freddie-Mac-Guide-Bulletin-2024-13-10-02-24.pdf
