Freddie Mac issued Bulletin 2019-9 (Bulletin), announcing revisions to the Single-Family Seller/Servicer Guide. Per the Bulletin, Freddie Mac updated requirements relating to: property eligibility and appraisals (including a new requirement to disclose known information regarding contaminated sites, hazardous substances or other adverse conditions that may affect the borrower’s property); income commencing after the Note Date, but prior to the Delivery Date; the CHOICEHome product (for manufactured homes); loan Product Advisor resubmissions; mandatory cash contract extensions; homeownership education; certificates of incumbency and wire authorization forms (forms 483, 987E, 988SF, 989SF and 990SF); and the Income Calculations form (Form 91). In addition, Freddie Mac now allows sellers to use Modification Construction Conversion Documentation (i.e., construction to permanent financing) for manufactured homes. Revisions related to mandatory cash contract extensions are effective June 10, 2019. The new requirement for disclosing information regarding contaminated sites, hazardous substances or other adverse conditions is effective August 1, 2019. Revisions related to income commencing after the note date, and Loan Product Advisor resubmissions are also effective August 1, 2019. All other changes are effective immediately.
Click Here to View the Freddie Mac Bulletin 2019-9: Selling Updates
