Freddie Mac issued Bulletin 2018-10 (Bulletin), announcing revisions to the Single-Family Seller/Servicer Guide (Guide). Per the Bulletin, Freddie Mac: expanded eligibility for automated collateral evaluation (ACE) appraisal waivers to include mortgages secured by condominium units; amended comparable sales selection requirements for properties located in new subdivisions, units in new planned unit developments and units in recently converted or new condominium projects; revised requirements with respect to condominium projects (including requirements with respect to detached condominium projects, new condominium projects, condominium project eligibility and Freddie Mac-owned “no cash-out” refinance condominium unit mortgages); updated special endorsement requirements for condominium projects and planned unit developments; increased the maximum number of properties a borrower may be obligated on from 6 to 10 (if certain requirements are met); re-branded the Servicing Released Sales Process as “Cash-Released XChange”; and introduced the Freddie Automated Servicing Transfer (FAST) process and tool for all loans sold through Cash-Released XChange. The expanded eligibility for ACE appraisal waivers in connection with condominium units is effective July 16, 2018. The increased number of financed properties a borrower may be obligated on is effective August 20, 2018. Sellers and Transferee servicers participating in Cash-Released XChange must begin using FAST effective October 1, 2018 (sellers and transferee servicers may, however, being using FAST on and after August 1, 2018).
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
