Freddie Mac issued Guide Bulletin 2016-11 (Bulletin). The Bulletin updates requirements related to Home Possible mortgages (including Home Possible Advantage mortgages). The updated requirements: prohibit the originating lender or seller from providing homeownership and landlord education; expand the list of acceptable homeownership education programs; and remove the requirement that Investor Feature Identifier (IFI) 140 be delivered for Home Possible Advantage mortgages, under certain circumstances. The Bulletin additionally: revises requirements for financed mortgage insurance premiums; removes the restriction against the purchase of restructured mortgages; expands purchase eligibility to include mortgages secured by properties with income-based resale restrictions that survive foreclosure; and announces other miscellaneous updates and revisions in the “Additional Guide Updates” section of the Bulletin.
