Freddie Mac issued Bulletin 2019-25 (Bulletin) announcing revisions to the Single-Family/Servicer Guide. Per the Bulletin, Freddie Mac updated requirements related to the following:
- GreenChoice Mortgages;
- Credit Score requirements for mortgages secured by manufactured homes;
- Asset and income modeler (AIM) income offerings;
- Rental income;
- Leave and earnings statements used for employment verification;
- 2020 loan limits;
- “No cash-out” refinance mortgage proceeds;
- Credit reports;
- eMortgages; and
- Post-fund data correction tool.
Freddie Mac also announced changes with respect to:
- The Taxpayer First Act, which are effective December 28, 2019;
- Payment history requirements;
- CreditSmart – Steps to Homeownership tutorial which will be re-launched as CreditSmart Homebuyer U effective December 31, 2019; and
- The treatment and handling of confidential information.
Revisions relating to GreenChoice Mortgages are effective February 4, 2020. Updates relating to mortgages secured by manufactured homes are effective April 1, 2020. The asset and income modeler (AIM) offerings are effective March 8, 2020. Updates relating to the 2020 loan limits are effective January 1, 2020. Updates relating to “no cash-out” refinance mortgage proceeds are effective February 4, 2020. Requirements related to the post-fund data correction tool are effective July 1, 2020 (servicers are, however, encouraged to begin using the tool on December 9, 2019). All other changes are effective immediately.
