Freddie Mac issued Bulletin 2023-15 (Bulletin) announcing revisions to the Single-Family Seller/Servicer Guide. Per the Bulletin, Freddie Mac:
- Enhanced the Project Assessment Request (PAR) capability in Condo Project Advisor to add a new status called “Project Certified”;
- Added delivery requirements for a mortgage secured by a unit in a project that receives a Project Certified status PAR finding to require the mortgage to be a Loan Product Advisor mortgage, be delivered within 120 days after the Note date, and be delivered using “J97” for the ULDD Data Point Investor Feature Identifier (Sort ID 368) and “Exempt From Review” as the valid value for ULDD Data Point Project Classification Identifier (Sort ID 42);
- Revised review requirements for condo and co-op project eligibility with respect to properties in need of critical repairs and/or that have special assessments;
- Measuring, calculating, and reporting finished and unfinished areas of 1-unit properties (excluding apartment-style condominium or cooperative units);
- Revised the District of Columbia Security Instrument Form (Form 3009) to increase clarity to paragraph 26(a) (pertaining to notice of default); and
- Now allows community development financial institutions and credit unions that deliver first lien mortgages to Freddie Mac to also provide funding for Affordable Seconds.
Revisions related to PAR are effective for mortgages with settlement dates on or after September 4, 2023 (lenders may, however, implement the revisions for mortgages with settlement dates on or after July 28, 2023 if operationally able to do so). Revisions related to condo and co-op project eligibility requirements are effective for loans with application dates on or after September 18, 2023 (lenders may, however, implement the revisions immediately). Revisions related to the ANSI requirement are effective for mortgages with appraisal effective dates on and after November 2, 2023. All other revisions went into effect June 5, 2023.
Click to view the Freddie Mac Guide Bulletin 2023-15: https://www.tenaco.com/wp-content/uploads/2023/07/Freddie-Mac-Guide-Bulletin-2023-15-07-05-23.pdf
