Freddie Mac issued Bulletin 2021-27 (Bulletin) announcing revisions to the Single-Family Seller/Servicer Guide. Per the Bulletin, Freddie Mac:
- Introduced the CHOICEReno eXPress streamlined option under the CHOICERenovation offering (intended for borrowers looking to finance small-scale renovations);
- Updated CHOICERenovation mortgage requirements;
- Modified the Cash Specified Payup process;
- Revised cash-out refinance requirements when none of the borrowers have been on the title for at least 6 months prior to the Note date; and
- Updated ALTA Title Insurance Policy Forms.
In addition, Freddie Mac:
- Reversed recent Loan Quality Advisor restrictions related to submissions and resubmissions of non-Loan Product Advisor mortgages secured by investment properties or second homes; and
- Updated Loan product Advisor to restrict Automated Collateral Evaluation (ACE) eligibility when there is an appraisal in Uniform Collateral Data Portal (UCDP) and the appraisal has an effective date within 120 days of the initial Loan Product Advisor Submission.
Revisions related to the reversed Loan Quality Advisor restrictions are effective August 2, 2021. Revisions related to the Cash Specified Payup process are effective October 12, 2021. Revisions related to Loan Product Advisor and ACE eligibility is effective for Loan Product Advisor submissions on or after August 22, 2021. Revisions related to to CHOICERenovation mortgages are effective for mortgages with settlement dates on and after November 1, 2021. The CHOICEReno eXpress streamlined option is available November 1, 2021. All other revisions are effective immediately.
Click to view the Freddie Mac Guide Bulletin 2021-27: https://www.tenaco.com/wp-content/uploads/2021/08/Freddie-Mac-Guide-Bulletin-2021-27-08-04-21.pdf
