Freddie Mac issued Bulletin 2023-24 (Bulletin) announcing revisions to the Single-Family Seller/Servicer Guide. Per the Bulletin, Freddie Mac:
- Announced the new conforming loan limit values for 2024;
- Added a 10-day pre-closing verification type to permit a year-to-date paystub from the pay period immediately preceding the Note date, with the “paid through” date no more than 15 business days before the Note date;
- Updated occupancy requirements for a cash-out refinance to require all borrowers to occupy the mortgaged premises if occupied as a primary residence;
- Enhanced Condo Project Advisor Project Assessment Request (PAR) to include a new “Not Eligible” finding status to indicate that a project does not meet certain project review and general eligibility requirements;
- Expanded eligibility for the types of improvements that may be financed with a GreenCHOICE Mortgage;
- Removed requirements for a “no cash-out” refinance GreenCHOICE Mortgage that is also a
Home Possible or HomeOne mortgage;
- Added examples of acceptable data sources that may be used when determining, and in support of, adjustments for changes in market conditions over time for appraisals;
- Updated requirements for mortgages secured by properties subject to resale restrictions;
- Updated ground lease review and recordation requirements for Community Land Trust mortgages; and
- Updated Exhibit 48 (Permitted States for Remote Online Notarization) to add California to the list of States that permit remote online notarization.
Revisions related to the new conforming loan limit values are effective for mortgages with settlement dates on or after January 1, 2024. Revisions related to occupancy requirements for cash-out refinances are effective for mortgages with settlement dates on or after March 6, 2024. Revisions related to updated condominium project requirements are effective February 26, 2024. All other revisions are effective December 6, 2023.
Click to view the Freddie Mac Guide Bulletin 2023-23: https://www.tenaco.com/wp-content/uploads/2023/12/Freddie-Mac-Guide-Bulletin-2023-24-12-06-23.pdf
