Freddie Mac issued Bulletin 2023-9 (Bulletin) announcing revisions to the Single-Family Seller/Servicer Guide. Per the Bulletin, Freddie Mac:
- Added the ability to use Form 400 (Warranty of Completion) in lieu of Form 442 (Appraisal Update and/or Completion Report) to confirm completion of the property for proposed or newly constructed properties;
- Specified the use of site-built homes as eligible comparable sales by appraisers for CHOICEHome Mortgages;
- Updated reciprocal condominium project review requirements;
- Modified Exhibit 48 (Permitted States for Remote Online Notarization) to include Guam;
- Updated eMortgage requirements to allow lenders to sell eMortgages secured by manufactured homes located in certificate of title States;
- Added a requirement related to cash-released Xchange requiring lenders to notify servicers of funding adjustment requests within 90 days of the sale date for unpaid principal balances or escrow deposits for a loan;
- Added a mortgage file requirement requiring all documents in the mortgage file related to the origination of the mortgage be in English or translated into English; and
- Updated Exhibit 5A (Authorized Changes to Notes, Riders, Security Instruments and the Uniform Residential Loan Application) to reflect the revised signature block of the Texas Home Equity Security Instrument (Form 3044.1), and to add the definition of Riders to the Puerto Rico Security Instrument (Form 3052).
Revisions with respect to the Puerto Rico Security Instrument are effective for mortgages with Note Dates on or after June 1, 2023 (lenders may, however, implement the revisions immediately). Revisions with respect to the mortgage file requirement are effective August 1, 2023. All other updates are effective April 5, 2023.
Click to view the Freddie Mac Guide Bulletin 2023-9: https://www.tenaco.com/wp-content/uploads/2023/04/Freddie-Mac-Guide-Bulletin-2023-9-04-05-23.pdf
