Freddie Mac issued Bulletin 2019-5 (Bulletin), announcing revisions to the Single-Family Seller/Servicer Guide. Per the Bulletin, Freddie Mac updated requirements pertaining to: borrower income (including revisions to the way alimony payments are treated when qualifying a borrower); lender incentives; credit assessment using Loan Product Advisor; property insurance; commission income eligibility for automated income assessment; rental income; post-funding quality control reviews; and 11th District Cost of Funds Index. Freddie Mac also introduced the automated income assessment with Loan Product Advisor using tax return data (a new tool focused on assessment of self-employed income). Revisions pertaining to the treatment of alimony and maintenance payments, and revisions pertaining to lender incentive requirements are effective June 6. 2019. Updates pertaining to property insurance requirements are effective March 13, 2020. 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
