Freddie Mac issued Bulletin 2022-24 (Bulletin) announcing updates related to Automated Collateral Evaluation (ACE) + Property Data Report (PDR). Per the Bulletin, Freddie Mac is updating the ineligible mortgages requirements to align with updates to ACE requirements announced in Freddie Mac Guide Bulletins 2022-11 and 2022-16. These updates include:
- age-based resale restricted properties are now eligible;
- seller owned modified mortgages that are Home Possible mortgages are not eligible; and
- mortgages that use rental income generated from an accessory dwelling unit on a subject 1-unit primary residence for qualification purposes are not eligible.
In addition, Freddie Mac added a reference to the new Form 465H (Individual Condominium Unit Appraisal Report (Hybrid)), for condominium units when the PDR requires an upgrade to an appraisal.
Revisions related to age-based resale restricted properties is effective December 2, 2022. Revisions related to seller owned modified mortgages that are Home Possible mortgages and mortgages that use rental income generated from an accessory dwelling are effective for mortgages with settlement dates on or after March 2, 2023. Revisions related to the added reference to new form 465H are effective December 2, 2022.
Click to view the Freddie Mac Guide Bulletin 2022-24: https://www.tenaco.com/wp-content/uploads/2022/12/Freddie-Mac-Guide-Bulletin-2022-24-12-02-22.pdf
