Freddie Mac issued Bulletin 2021-20 (Bulletin) announcing revisions to the Single-Family Seller/Servicer Guide. Per the Bulletin, Freddie Mac revised requirements with respect to:
- Quality control and exclusionary list screening;
- Condominium and cooperative projects;
- Property eligibility and appraisals;
- The Asset and Income Modeler for self-employed borrowers;
- Remote ink notarizations and remote online notarizations; and
- Authorized changes for a Virginia deed of trust where the mortgage is an eligible refinance.
Freddie Mac also updated the Home Possible Income & Property Eligibility tool.
Revisions related to the Asset and Income Modeler for self-employed borrowers are effective for mortgages with Loan Product Advisor initial submission dates on and after August 1, 2021. Certain revisions related to Condominium and cooperative projects are effective for mortgages with settlement dates on or after August 31, 2021. Revisions related to Home Possible Mortgage area median income limits are effective June 13, 2021. All other revisions are effective immediately.
Click to view the Freddie Mac Bulletin 2021-20: https://www.tenaco.com/wp-content/uploads/2021/06/Freddie-Mac-Guide-Bulletin-2021-20-06-03-21.pdf
