Freddie Mac issued Bulletin 2018-7 (Bulletin), introducing the HomeOne mortgage for first-time homebuyers. The HomeOne mortgage is a conventional mortgage product that offers a 3% down payment option to help meet the needs of a broader segment of the first-time homebuyer market, without geographic or income restrictions. The Bulletin sets forth requirements and features of the HomeOne mortgage, including eligibility requirements, permissible LTV/TLTV/HLTV ratios and educational requirements for purchase transactions. Per the Bulletin, Freddie Mac also: updated income limits for Home Possible and Home Possible Advantage mortgages, including application of the 100% area median income limits to all mortgages (except mortgages secured by properties in low-income census tracts); enhanced Loan Product Advisor to assess eligible Home Possible mortgages (including Home Possible Advantage mortgages) against the previous and current area median income limits; established new functionality in Loan Advisor to automate warehouse lenders’ release and transfer of their interest in pledged mortgages; revised Exhibit 28A (Loan Servicing Purchase and Sale Agreement for the Servicing-Released Sales Process); and updated file maintenance and documentation requirements with respect to transfers of servicing. The Freddie Mac HomeOne mortgage and the updated area median income limit requirements for Home Possible and Home Possible Advantage mortgage are effective July 29, 2018. The automation of warehouse lender release and transfer is effective August 13, 2018. All other updates are effective immediately.
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
