Freddie Mac issued Bulletin 2023-13 (Bulletin) announcing revisions to the Single-Family Seller/Servicer Guide. Per the Bulletin, Freddie Mac:
- Introduced the HeritageOne Mortgage offering, an offering for enrolled members of Native American tribes living within eligible Native American tribes’ tribal areas;
- Enhanced Asset and Income Modeler for income using direct deposits to allow the borrower’s paystub to be included in the Loan Product Advisor (LPA) assessment;
- Expanded eligibility requirements for single-wide manufactured homes by allowing HUD Code-compliant single-wide manufactured homes classified as real property, removing the requirement that the manufactured home be 10 years old or newer, and adding a requirement that the mortgage must be an LPA “Accept” mortgage;
- Updated appraisal requirements for manufactured homes to identify information that must be provided to the appraiser when the manufactured home is not yet attached to the land, to require photos of the HUD Data Plate and HUD Certification Labels, and to provide additional guidance related to the cost approach;
- Revised Form 400 (Warranty of Completion of Construction) to clarify who is required to sign the form attesting to the property’s completion;
- Updated Area Median Income limits;
- Removed the requirement for a leasehold mortgage in Maryland to include a notice of default provision in the lease;
- Revised social security number requirements to allow a redaction or deletion of the borrower’s social security number from all documents in the mortgage file; and
- Updated Exhibit 17S (Available Mortgage Products) to remove several references to mortgage-backed securities products.
The HeritageOne Mortgage offering is available October 2, 2023. Revisions related to single-wide manufactured home requirements are effective September 11, 2023. All other updates are effective June 7, 2023.
Click to view the Freddie Mac Guide Bulletin 2023-13: https://www.tenaco.com/wp-content/uploads/2023/06/Freddie-Mac-Guide-Bulletin-2023-13-06-07-23.pdf
