Freddie Mac issued Guide Bulletin 2016-16 (Bulletin). This Bulletin: allows PACE (or PACE-like obligations) that result in or provide for first lien priority to be paid off with the proceeds of a “no cash-out” refinance Mortgage (if the mortgage being refinanced is owned or securitized by Freddie Mac); updates condominium requirements; provides additional guidance for properties in rural locations and other property eligibility updates; updates the Guide to reflect Freddie Mac’s current practice requiring sellers and warehouse lenders to renew their certificate of incumbency every two years and their board of directors or other governing body resolutions every four years; removes the requirement that a seller retain a paper security instrument signed by the borrower (unless required by applicable law) if an electronic copy of the security instrument is electronically recorded at the recorder’s office; and announces additional miscellaneous revisions to the Guide.
Rural Housing Service
RHS Updates Monthly Electronic Status Reporting Codes
RHS issued a SFH Guaranteed Servicing Notice (Notice) announcing updated Electronic Status Reporting codes for mortgage servicers. Per the Notice, Default Status Code 10 was
September 23, 2024
