Freddie Mac issued Bulletin 2021-12 (Bulletin) announcing updates to the Single-Family Seller/Servicer Guide. Per the Bulletin, Freddie Mac updated requirements with respect to:
- Home Possible mortgages (negotiated underwriting provisions);
- Community Land Trust mortgages;
- 10-day pre-closing verifications;
- Retirement account distributions used as income;
- Cash to close documentation verification for refinances; and
- Automated Collateral Evaluation (ACE) appraisal waiver acceptance for properties located in a FEMA disaster area.
In addition, Freddie Mac updated delivery requirements with respect to:
- Home Possible mortgages (seller-owned modified mortgages);
- Construction Conversion mortgages using modification documentation with a new note; and
- Desk reviews and desktop appraisals.
Revisions relating to ACE appraisal waivers are effective April 11, 2021. Revisions relating to delivery requirements for Home Possible mortgages are effective June 21, 2021. Revisions relating to desk reviews and desktop appraisals are effective July 7, 2021. All other updates are effective immediately.
Click to view the Freddie Mac Guide Bulletin 2021-12: https://www.tenaco.com/wp-content/uploads/2021/04/Freddie-Mac-Guide-Bulletin-2021-12-04-07-21.pdf
