Freddie Mac issued Bulletin 2021-4 (Bulletin) announcing revisions to the Single-Family Seller/Servicer Guide. Per the Bulletin, Freddie Mac updated requirements with respect to:
- Powers of attorney;
- Direct account verifications and third-party asset verifications;
- IRS Form 4506-T references (changed to 4506-C);
- The Warehouse Lender and Freddie Mac Pledged eMortgage Agreement (Form 994SF);
- Addendum to Document Custodial Agreement for Electronic Documents (Form 1035A); and
- The Oklahoma Mortgage Security Instrument (Form 3037).
Freddie Mac also announced a new Designated Custodial Agreement Addendum for Wells Fargo Bank, N.A. (Form 1035WFA), and translation aids for the redesigned Uniform Residential Loan Application.
In addition, Freddie Mac announced the retirement of CMT-indexed ARMs. Freddie Mac will not purchase any CMT-indexed ARM that has an Application Received Date on or after July 1, 2021. On or after October 1, 2021, Freddie Mac will not purchase any CMT-indexed ARM (regardless of Application Received Date or Note Date).
Revisions relating to direct account verifications and third-party asset verifications are effective June 3, 2021 (lenders are, however, encouraged to implement the revisions as soon as possible). All other updates are effective immediately.
Click to view the Freddie Mac Guide Bulletin 2021-4: https://www.tenaco.com/freddie-mac-guide-bulletin-2021-4/
