Freddie Mac issued Bulletin 2019-7 (Bulletin), announcing revisions to the Single-Family Seller/Servicer Guide. Per the Bulletin, Freddie Mac updated requirements pertaining to: Home Possible Mortgages (including revisions to eligibility requirements); calculation of the debt payment-to-income ratio for borrowers who use assets as a basis for repayment of a mortgage loan; second home mortgages; income documentation; the Single Security Initiative; and the “Loan Selling Advisor Selling Agent Identification Authorized User Role Form” (Form 900SA). Freddie Mac also updated the Document Custody Procedures Handbook to add clarification around Note exceptions regarding affidavits and powers of attorney. In addition, Freddie Mac extended the mandatory effective date for use of the revised Uniform Underwriting and Transmittal Summary (Form 1077). The new mandatory effective date is February 1, 2020 (rather than June 5, 2019). Updates pertaining to the Single Security Initiative are effective June 3, 2019. Revisions pertaining to the eligibility requirements for Home Possible Mortgages, and the calculation of the debt payment-to-income ratio for borrowers who use assets as a basis for repayment of a mortgage loan are effective July 3, 2019. All other 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
