Freddie Mac issued Bulletin 2019-17 (Bulletin), announcing revisions to the Single-Family Seller/Servicer Guide. Per the Bulletin, Freddie Mac now requires lenders to maintain a written policy for waiving escrow accounts if the lender sells mortgages to Freddie Mac that do not have escrow accounts. The policy must include a consideration of the borrower’s ability to pay taxes, insurance and other charges when due. Freddie Mac also established requirements and flexibilities for mortgage loans made pursuant to employee relocation programs. These mortgage requirements and flexibilities apply to newly hired or transferred employees that purchase a 1-to 4- unit primary residence at a new job location. In addition, Freddie Mac provided additional guidance concerning manufactured home property eligibility requirements. Furthermore, Freddie Mac clarified age of documentation flexibilities and requirements for mortgage loans secured by property located in an eligible disaster area. The new policy requirements for waiving escrow accounts are effective November 7, 2019. Clarifications and updates to flexibilities with respect to age of documentation requirements for properties located in eligible disaster areas are effective October 27, 2019. All other updates are effective immediately.
Fannie Mae
Fannie Mae Issues Servicing Guide Announcement SVC-2024-06
Fannie Mae issued Servicing Guide Announcement SVC-2024-06 (Announcement), setting forth updates to the Servicing Guide. Per the Announcement, Fannie Mae clarified requirements related to eMortgages.
November 14, 2024
