Freddie Mac issued Bulletin 2023-16 (Bulletin) announcing revisions to the Single-Family Seller/Servicer Guide. Per the Bulletin, Freddie Mac:
- Added requirements related to applications for installment agreements with the Internal Revenue Service (IRS) that are pending IRS approval;
- Provided greater specificity to the documentation requirements for income from alimony, child support, and separate maintenance;
- Updated underwriting requirements for manually underwritten mortgages to exclude medical collections from being considered adverse or derogatory credit information;
- Enhanced automated asset assessment with Loan Product Advisor (LPA) using account data (asset and income modeler (AIM) for assets ) to include gifts and grants as eligible sources of funds as well as adding securities and retirement accounts as eligible asset types;
- Enhanced automated income assessment with LPA using tax data;
- Introduced the eligibility of purchase transactions to receive an automated collateral evaluation (ACE)+ property data report (PDR) offer;
- Updated requirements for when a PDR is required to be upgraded to an appraisal;
- Clarified that the requirement for compliance with the American National Standards Institute (ANSI) Standard and the inclusion of an ANSI-compliant software-generated building sketch will also apply to PDRs with an interior and exterior property data collection of the subject property;
- Updated the Appraiser Independence Requirements; and
- Introduced the Property Data Collector Independence (PDCIR) Requirements.
Revisions related to installment agreements and income documentation requirements from alimony, child support, and/or separate maintenance are effective for mortgages with settlement dates on or after November 30, 2023 (lenders are, however, encouraged to implement the revisions immediately). Revisions related to AIM are Effective for Loan Product Advisor submissions and resubmissions on or after October 1, 2023. Revisions related to the ANSI standard and PDCIR are effective for mortgages with application received dates on and after November 2, 2023. All other revisions went into effect August 2, 2023.
Click to view the Freddie Mac Guide Bulletin 2023-16: https://www.tenaco.com/wp-content/uploads/2023/08/Freddie-Mac-Guide-Bulletin-2023-16-08-02-23.pdf
