Freddie Mac issued Bulletin 2021-25 (Bulletin) announcing revisions to the Single-Family Seller/Servicer Guide. Per the Bulletin, Freddie Mac:
- Announced affordable housing and lending guide updates related to the Refi Possible mortgage, community land trust mortgages secured by Choice Homes, construction conversion mortgages secured by manufactured homes, and GreenCHOICE mortgages;
- Updated recordkeeping requirements with respect to quality control records;
- Revised requirements in the event gift funds are used to pay a borrower’s earnest money deposit;
- Updated all Uniform Instruments (including security instruments, notes, and riders);
- Added options to select from multiple document custodians when selling loans through Cash-Released XChange;
- Clarified the initial fixed interest rate periods for 3/6-month, 5/6-month, 7/6-month and 10/6-month SOFR ARMs;
- Revised provisions with respect to the Uniform Loan Delivery Dataset (ULDD);
- Advised lenders of 2 American Land Title Association Title Insurance Policy form updates; and
- Updated Exhibit 19 for Enhanced Relief Refinance mortgages.
Revisions related to Freddie Mac Refi Possible mortgages are effective August 30, 2021. Revisions related to XChange document custodian options are effective August 16, 2021. Revisions related to updated security instruments, notes, and riders are effective January 1, 2023. All other revisions are effective immediately.
Click to view the Freddie Mac Guide Bulletin 2021-25: https://www.tenaco.com/wp-content/uploads/2021/07/Freddie-Mac-Guide-Bulletin-2021-25-07-07-21.pdf
