Freddie Mac issued Bulletin 2018-24 (Bulletin), announcing revisions to the Single-Family Seller/Servicer Guide (Guide). As outlined in the Bulletin, Freddie Mac updated the Guide to reflect changes required by the Single Security Initiative (Initiative). The Initiative is a joint collaboration of Freddie Mac and Fannie Mae to develop a common mortgage-backed security. The objective of the Initiative is to combine the separate markets of Freddie Mac and Fannie Mae into one larger, more liquid market. Under the Initiative, Freddie Mac and Fannie Mae will issue a common to-be-announced-eligible Mortgage-backed security backed by fixed-rate Mortgages on 1- to 4-unit single-family properties. The Initiative is scheduled to go-live on June 3, 2019. Freddie Mac also: updated requirements with respect to 10-day pre-closing verifications for union members; revised requirements for unaffiliated condominium and planned unit development projects with a master insurance policy; updated the Guide to reflect increases in the 2019 loan limits; updated requirements related to document custodians; updated the Credit Fees in Price exhibit (Exhibit 19); and Revised the Uniform Underwriting and Transmittal Summary (Form 1077). The updated Initiative requirements are effective for contracts taken out on or after April 19, 2019 with settlement dates on or after June 3, 2019. The increased loan limits and updated document custodian requirements are effective January 1, 2019. All other 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
