Freddie Mac issued Bulletin 2022-20 (Bulletin) announcing revisions to the Single-Family Seller/Servicer Guide. Per the Bulletin, Freddie Mac:
- Introduced Condo Project Advisor Project Assessment Request that allows authorized sellers to obtain feedback regarding a condominium project’s compliance with the project review requirements assessed by Condo Product Advisor;
- Added requirements for the treatment of income for borrowers with a business ownership interest of less than 25%;
- Included additional examples of unacceptable terms and phrases to help identify prohibited language in appraisal reports;
- Expanded desktop appraisal eligibility to include mortgages secured by leasehold estates and properties subject to age-based resale-restrictions;
- Updated cooperative corporation hazard insurance requirements;
- Added a requirement related to servicing contract rights; and
- Increased the number of document custodians lenders/servicers are permitted to contract with to 10 (formerly 5).
In addition, Freddie Mac updated the Document Custody Procedures Handbook.
Revisions with respect to Condo Project Advisor Project Assessment Request are effective October 24, 2022. Revisions with respect to borrowers with a business ownership interest of less than 25% are effective February 5, 2023. Revisions with respect to cooperative corporation hazard insurance requirements are effective January 5, 2023. Revisions with respect to servicing contract rights are effective October 12, 2022. All other revisions are effective October 5, 2022.
Click to view the Freddie Mac Guide Bulletin 2022-20: https://www.tenaco.com/wp-content/uploads/2022/10/Freddie-Mac-Guide-Bulletin-2022-20-10-05-22.pdf
