Freddie Mac issued Bulletin 2018-12 (Bulletin), announcing revisions to the Single-Family Seller/Servicer Guide (Guide). Per the Bulletin, Freddie Mac updated requirements with respect to lender credits. Under the updated requirements, Freddie Mac now permits sellers to apply excess lender credits as a principal curtailment of the mortgage, subject to certain restrictions. Freddie Mac also updated and streamlined requirements with respect to leasehold estates to make it easier for sellers to determine eligibility for leasehold mortgages. In addition, Freddie Mac: updated delivery instructions for Uniform Loan Delivery Dataset (ULDD) Data Point (“Property Structure Built Year”) to note the allowable value of “9999” for mortgages with an automated collateral evaluation appraisal waiver; revised delivery instructions for homeownership education to describe more clearly when to enter the valid values of certain ULDD Data Points; updated the Guide to align with the ULDD specification addendum (as announced in the July 10, 2018 Single-Family News Center article); eliminated certain documentation requirements in the event the lender excludes contingent liabilities and assigned debt from the calculation of the borrower’s monthly debt payment-to-income ratio; clarified requirements with respect to limits on Note Rate adjustments; now permits an alternative equivalent form (e.g., a Feedback Certificate) to be included in the Mortgage file in lieu of Form 1077 (Uniform Underwriting and Transmittal Summary); and updated Loan Selling Advisor to automatically delete all Best Efforts Contracts and Mortgages that are in a contract status of “unfulfilled” for six months from contract expiration date. All updates are effective immediately.
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
