Freddie Mac issued Bulletin 2020-35 (Bulletin) announcing a new effective date and additional criteria for the Market Condition Credit Fee in Price (MCCFP). Per the Bulletin, implementation of the 50 basis point MCCFP is delayed. The MCCFP now applies to mortgages with settlement dates on or after December 1, 2020 (rather than September 1, 2020). The Bulletin also provides additional exceptions to the 50 basis point MCCFP for loans with an original note amount of less than $125,000 and certain Home Possible mortgages.
In addition, the Bulletin announced the extension of effective dates for:
- Previously announced temporary requirements and flexibilities;
- The purchase of mortgages in forbearance; and
- Seller’s temporary post-funding quality control requirements.
Furthermore, the Bulletin updated requirements related to the storage of notarial video recording for remote online notarizations. The updated requirements are effective immediately.
Click here to view the Freddie Mac Bulletin 2020-35: https://www.tenaco.com/wp-content/uploads/2020/09/Freddie-Mac-Bulletin_2020-35.pdf
