Freddie Mac issued Bulletin 2022-18 (Bulletin) announcing revisions to the Single-Family Seller/Servicer Guide. Per the Bulletin, Freddie Mac:
- Announced that lenders may publish pool data to bond dealers up to 15 days in advance of the security Settlement Date instead of the standard 5-day Settlement Cycle;
- Updated income documentation requirements for income reported on IRS Form 1099 for services performed;
- Updated gift fund requirements to permit graduation gifts from a related or unrelated person as an eligible source of funds for a purchase of a primary residence;
- Updated gift letter requirements to allow gift letters to state the maximum amount of the gift funds or gift of equity, or the actual amount;
- Modified Guide Exhibit 48 (Permitted States for Remote Online Notarization) to include Rhode Island and remove Georgia; and
- Expanded the Community Land Trust offering to accept a guarantor delivery execution option.
In addition, Freddie Mac modified the Texas Home Equity Security Instrument (Form 3044.1, dated 07/2021) to remove language in the section titled “Transfer of Rights” and section 12.
Revisions with respect to pool data disclosure are effective for single-issue guarantor contracts created on and after December 5, 2022. Revisions with respect to income reported on IRS Form 1099 are effective for mortgages with settlement dates on and after January 7, 2023 (lenders may, however, implement the revisions immediately). Revisions with respect to gift funds and gift letter requirements are effective September 7, 2022. Revisions with respect to the Community Land Trust offering are effective for lenders taking out Community Land Trust guarantor contracts on and after October 3, 2022. Revisions with respect to the Texas Home Equity Security Instrument are effective January 1, 2023 (lenders may, however, implement the revisions immediately).
Click to view the Freddie Mac Guide Bulletin 2022-18: https://www.tenaco.com/wp-content/uploads/2022/09/Freddie-Mac-Guide-Bulletin-2022-18-09-08-22.pdf
