Freddie Mac issued Bulletin 2022-2 (Bulletin) announcing revisions to the Single-Family Seller/Servicer Guide. Per the Bulletin, Freddie Mac now allows desktop appraisals for purchase transactions of 1-unit principal residences with LTV ratios of 90% or less. The mortgage must be an Accept Mortgage and must receive a feedback message in Loan Product Advisor (LPA) indicating the mortgage is eligible for a desktop appraisal. The appraisal must be completed using Form 70D (Uniform Residential Appraisal Report), and must include a floor plan of the subject property.
Freddie Mac also:
- clarified automated collateral evaluation (ACE) eligibility for mortgages with appraisal waivers;
- modified quality control requirements with respect to the reverification of data received from Freddie Mac designated third-party service providers, and e-mail reverifications of employment and income;
- updated age of tax return requirements reflecting dates specific to the 2021 tax year;
- added home equity line of credit (HELOC) proceeds as an eligible asset towards down payment, closing costs and reserves (if certain conditions are met);
- retired Loan Selling Advisor user identification and certification forms;
- updated certificate of incumbency forms;
- modified and clarified requirements related to community land trust mortgages; and
- retired the Multistate Affordable Merit Rate Note Addendum and the Multistate Affordable Merit Rate Rider.
Revisions related to desktop appraisals are effective for new LPA submissions on or after March 6, 2022. Revisions with respect to certificate of incumbency forms went into effect February 9, 2022. All other updates are effective immediately.
Click to view the Freddie Mac Guide Bulletin 2022-2: https://www.tenaco.com/wp-content/uploads/2022/02/Freddie-Mac-Guide-Bulletin-2022-2-02-02-22.pdf
