Freddie Mac issued Bulletin 2023-6 (Bulletin) announcing revisions to the Single-Family Seller/Servicer Guide. Per the Bulletin, Freddie Mac:
- Removed a delivery requirement under the Automated Income Assessment with Loan Product Advisor using Account Data offering for Mortgages using Automated Income Assessment with Loan Product Advisor using Account Data (Direct Deposits);
- Added a requirement that a non-occupying borrower must not be an interested party to the transaction (i.e., the builder, property seller, real estate agent or broker);
- Updated requirements for excluding an assumed mortgage payment from the borrower’s monthly debt payment-to-income ratio;
- Revised information security and privacy requirements to be more consistent with industry standards; and
- Updated Exhibit 4A to reflect the latest revision date for the Virginia Deed of Trust (which was revised to remove the consideration amount and property value information above the “Definitions” section).
Revisions related to the delivery requirements for the Automated Income Assessment with Loan Product Advisor using Account Data offering are effective June 1, 2023. Revisions related to non-occupying borrowers, the exclusion of an assumed mortgage from the DTI ratio, and information security and privacy requirements are effective July 3, 2023. Revisions related to Exhibit 4A are effective March 1, 2023.
Click to view the Freddie Mac Bulletin 2023-6: https://www.tenaco.com/wp-content/uploads/2023/03/Freddie-Mac-Guide-Bulletin-2023-6-03-01-23-1.pdf
