Freddie Mac issued Bulletin 2017-7 (Bulletin), announcing revisions to the Single-Family Seller/Servicer Guide. Under the Bulletin, Freddie Mac expands the mortgage types eligible for collateral representation and warranty relief to include: cash-out refinance mortgages and special purpose cash-out refinance mortgages; Texas Equity Section 50(a)(6) mortgages; construction conversion and renovation mortgages; and mortgages that Freddie Mac and the seller/servicer have agreed are subject to credit enhancement. The Bulletin also rebrands the Quality Control Information Manager as Quality Control Advisor, provides greater detail regarding “no cash-out” refinance mortgage reserves requirements, and introduces a Spanish/English version of the Uniform Residential Loan Application and the Statement of Assets and Liabilities. In addition, the Bulletin announces: revisions to condominium project and planned unit development insurance requirements; revisions to the System-Specific License for Specifications (clarifying additional roles and responsibilities relating to lender-to-consumer specifications and consumer messages); updated multilender swap posting information and forms; revisions to Certificate of Incumbency forms; and updated instructions on Form 1132 (ACH authorization and instructions for seller fee invoices and other invoice types). The Bulletin generally went into effect May 17, 2017. However, the rebranding of Quality Control Information Manager is effective June 26, 2017. The updated multilender swap posting information and forms are effective July 31, 2017.
Fannie Mae
Fannie Mae Issues Servicing Guide Announcement SVC-2024-06
Fannie Mae issued Servicing Guide Announcement SVC-2024-06 (Announcement), setting forth updates to the Servicing Guide. Per the Announcement, Fannie Mae clarified requirements related to eMortgages.
November 14, 2024
