Freddie Mac Issued Bulletin 2021-31 (Bulletin) announcing revisions to the Single-Family Seller/Servicer Guide. Per the Bulletin, Freddie Mac:
- Revised requirements for lender and related third party risk mitigation;
- Reduced the recovery time period for reestablishment of credit following foreclosure when the foreclosure resulted from a mortgage extinguished in a Chapter 7 bankruptcy;
- Enhanced the Servicing-Released XChange Program for Cash-Released XChange sellers (Lenders will have access to Freddie Mac’s XChange Center to maintain their own preferences when including or excluding servicing buyers that bid on their servicing contract rights in Loan Selling Advisor);
- Updated the effective date for additional document custodian options when selling through Cash-Released XChange;
- Revised delivery requirements for property value-related data points; and
- Clarified that lenders may refinance a Texas Equity Section 50(a)(6) mortgage into another Texas Equity Section 50(a)(6) mortgage or a refinance mortgage permitted by Section 50(a)(4) of Article XVI of the Texas Constitution.
Revisions with respect to Lender and related 3rd party risk mitigation requirements are effective for mortgages with Settlement Dates on or after January 13, 2022. Revisions with respect to the enhancements made to the Servicing-Released XChange Program are effective for mortgages with settlement dates on or after October 12, 2021. Revisions with respect to additional document custodian options when selling through Cash-Released XChange are effective November 1, 2021. All other revisions are effective immediately.
Click to view the Freddie Mac Guide Bulletin 2021-31: https://www.tenaco.com/wp-content/uploads/2021/10/Freddie-Mac-Guide-Bulletin-2021-31-10-06-21.pdf
