Freddie Mac issued Bulletin 2023-22 (Bulletin) announcing revisions to the Single-Family Seller/Servicer Guide. Per the Bulletin, Freddie Mac updated:
- The unacceptable appraisal practices list;
- Written income analysis policy to provide examples of content that may be included in a lender’s written income analysis;
- Requirements for borrowers with employed income (specifically, requirements with respect to employment history, determining the earnings type, employed income calculation, and income calculation method and trend analysis for borrowers with fluctuating employment earnings);
- Guidance related to timeshare loans and timeshare maintenance fees;
- Exhibit 4A (Single-Family Uniform Instruments) to reflect a new version date for the District of Columbia Security Instrument (which was revised to provide more clarity to Section 26(a) pertaining to notice of default); and
- Delivery program eligibility for super conforming mortgages.
Revisions related to the unacceptable appraisal practices list are effective for mortgages with application received dates on or after January 30, 2024 (lenders are, however, encouraged to implement the revisions immediately). Revisions related to requirements for borrowers with employed income are effective for mortgages with settlement dates on or after May 1, 2024 (lenders are, however, encouraged to implement the revisions immediately). All other revisions are effective November 1, 2023.
Click to view the Freddie Mac Guide Bulletin 2023-22: https://www.tenaco.com/wp-content/uploads/2023/11/Freddie-Mac-Guide-Bulletin-2023-22-11-01-23.pdf
