Freddie Mac issued Bulletin 2017-2 (Bulletin), announcing revisions to Freddie Mac’s origination requirements. In accordance with the Bulletin, Loan Product Advisor has been enhanced to accommodate borrowers who lack a credit score (subject to additional mortgage eligibility requirements). Currently, a mortgage loan must be manually underwritten when no borrower on the mortgage has a credit score. The Bulletin also announces updates to Loan Product Advisor requirements for mortgage loans where not all borrowers on the mortgage have a usable credit score. In addition, the Bulletin announces: new functionality in the Selling System with respect to guarantor and multilender pricing for purchase contracts; revised requirements for second home and investment property mortgage loans; updates to homeownership education requirements for manually underwritten mortgage loans; the creation of new ULDD Data Points to help identify warehouse lenders; updates to Guide Exhibit 10 (due to the acquisition of United Guaranty Corporation by Arch Capital Group Ltd); and a new effective date for updates to Guide Forms 16SF and 1107SF reporting requirements.
CFPB
CFPB Amends Fair Credit Reporting Act with respect to Medical Information
The CFPB adopted rules amending the Fair Credit Reporting Act (FCRA) with respect to medical information. Per the rule adoption, the CFPB removed an exception
January 16, 2025
