Freddie Mac issued Bulletin 2019-4 (Bulletin), announcing revisions to the Single-Family Seller/Servicer Guide (Guide). Per the Bulletin, Freddie Mac: revised requirements with respect to borrowers who have commission income greater than or equal to 25% of the total income from the commissioned employment; updated the Income Calculation form (Form 91) to reflect line item changes in tax documents resulting from the new tax law; updated Chapter 6302 (Mortgage Delivery Instructions) to align with updates to the Uniform Loan Delivery Dataset announced in November of 2018; amended Certificate of Incumbency forms (Forms 988SF-1, 988SF-2 and 989SF); revised the chart for maximum LTV, TLTV and HTLTV ratios for Home Possible Mortgages to include the LTV, TLTV and HTLTV ratio limits for super conforming Home Possible Mortgages; updated the Seller/Servicer Guide to specify that an appraisal must be submitted to the Uniform Collateral Data Portal in order to be eligible for appraised value representation and warranty relief; updated the Seller/Servicer Guide to specify the type of representation and warranty relief that is provided through Loan Collateral Advisor and automated collateral evaluation (ACE); revised the list of mortgages that are ineligible for appraised value representation and warranty relief and the list of mortgages that are ineligible for an appraisal waiver through ACE; specified that a borrower of an Investment Property Mortgage (for newly constructed homes that are purchase transactions) may not have an ownership interest in, or employment with, the builder, developer or property seller; and updated requirements with respect to condominium projects. All changes 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
