Freddie Mac Extends Duration of Temporary Hurricane-Related Requirements

Freddie Mac issued Bulletin 2017-21 (Bulletin). Per the Bulletin, the temporary selling and servicing requirements related to Hurricanes Harvey and Irma in Bulletins 2017-14, 2017-16 and 2017-19 are extended to mortgages and borrowers impacted by all hurricanes on and after August 25, 2017 and throughout the 2017 hurricane season. In the event of another hurricane, all previously announced selling flexibilities will be available as of the date of the Federal Emergency Management Agency (FEMA) major disaster declaration in eligible disaster areas without further instruction from Freddie Mac. The Bulletin also announces details concerning property inspections for mortgages with properties in eligible disaster areas, including the reimbursement process for property inspections. In addition, the Bulletin sets forth reminders concerning reporting requirements for mortgages with properties in eligible disaster areas. The Bulletin is dated September 25, 2017.

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