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.
CFPB
CFPB Amends Fair Credit Reporting Act with respect to Medical Information
The CFPB adopted rules amending the Fair Credit Reporting Act (FCRA) with respect to medical information. Per the rule adoption, the CFPB removed an exception
January 16, 2025
