Freddie Mac issued Bulletin 2022-11 (Bulletin) announcing revisions to the Single-Family Seller/Servicer Guide. Per the Bulletin, Freddie Mac:
- expanded eligibility requirements, added new requirements, and provided additional information for mortgages secured by properties with accessory dwelling units (ADUs);
- introduced automated employment assessment with Loan Product Advisor using account data (which can be used to meet the 10-day pre-closing verification requirement);
- increased maximum single investor concentration for condominium and cooperative projects and revised reciprocal project review requirements for Fannie Mae-approved and certified projects;
- revised desktop appraisal eligibility requirements to exclude non-arm’s length transactions and purchases where the seller is a lender or a government entity;
- added a new “Investor Feature Identifier” lenders must use to report an attorney opinion of title letter in lieu of a title insurance policy;
- updated Area Median Income (AIM) limits;
- modified requirements for certificates of incumbency, wire instructions and ACH instructions; and
- updated lease provisions related to non-monetary default requirements to remove a reference to nonpayment of ground rent (which is considered a monetary default).
Revisions with respect to ADUs, automated employment assessment, and condominium and cooperative projects are effective June 1, 2022. Revisions with respect to AIM limits are effective June 5, 2022. Revisions with respect to certificates of incumbency, wire instructions, and ACH instructions are effective June 8, 2022. Revisions with respect desktop appraisals and the new Investor Feature Identifier are effective for mortgages with settlement dates on or after September 1, 2022 (lenders may, however, implement the new Investor Feature Identifier immediately).
Click to view the Freddie Mac Bulletin 2022-11: https://www.tenaco.com/wp-content/uploads/2022/06/Freddie-Mac-Guide-Bulletin-2022-11-06-01-22.pdf
