Freddie Mac issued Bulletin 2017-3 (Bulletin), announcing collateral representation and warranty relief for eligible mortgages. In accordance with the Bulletin, Freddie Mac will not, with respect to certain mortgages processed through Loan Advisor Suite, exercise available remedies (including the issuance of repurchase requests) in the event of a breach of selling representations and warranties related to value, condition and marketability of the mortgaged premises. In addition, the Bulletin announces: updates to comparable sales selection requirements for properties located in new subdivisions, new Planned Unit Developments (PUDs) and new or recently converted condominium projects; the removal of supplementary appraisal reporting requirements for units in PUDs; expanded availability of the appraisal desk review option (Guide Form 1033) for all sellers (previously only allowed if permitted by the purchase documents); and revised requirements for reconciling multiple opinions of market value. The updates generally went into effect March 22, 2017. However, the collateral representation and warranty relief is effective April 3, 2017.
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
