Freddie Mac issued Bulletin 2024-06 (Bulletin) announcing revisions to the Single-Family Seller/Servicer Guide. Per the Bulletin, Freddie Mac:
- Implemented new requirements related to reconsiderations of value (ROV);
- Revised requirements with respect to attorney opinion of title letters (including revisions to the type of mortgage that are eligible for deliver with an attorney opinion of title letter);
- Updated credit underwriting requirements with respect to inquiries generated by credit reports, reserve requirements for concurrent mortgage applications and acceptable sources of large deposits;
- Removed the requirement that at least 1 borrower on the transaction have a usable credit score for LPA to consider borrower cash flow in the credit assessment;
- Updated automated income assessment with LPA using tax data to clarify that IRS Form 8821 (Tax Information Authorization) is an acceptable alternate form in lieu of IRS Form 4506-C;
- Updated requirements related to the inclusion of trended credit data in credit reports for LPA assessment; and
- Updated Exhibit 4A (Single-Family Uniform Instruments) to incorporate the state-specific 30-day Average SOFR Notes and Rider and reflect that Fannie Mae and Freddie Mac have published state-specific versions of the following instruments:
- Multistate Adjustable Rate Note-30-day Average SOFR (Form 3441);
- Multistate Fixed/Adjustable Rate Note-30-day Average SOFR (Form 3442);
- Multistate Adjustable Rate Rider–30-day Average SOFR (Form 3141); and
- Multistate Fixed/Adjustable Rate Rider–-30-day Average SOFR (Form 3142).
Revisions related to ROV are effective August 29, 2024. Revisions related to acceptable sources of large deposits are effective for mortgages with settlement dates on or after September 30, 2024. Revisions related to trended credit data in credit reports are effective for initial LPA submissions on or after August 4, 2024. Revisions related to borrower cash flow requirements are effective for LPA submissions or resubmissions on or after May 5, 2024. All other revisions are effective May 1, 2024.
Click to view the Freddie Mac Guide Bulletin 2024-06: https://www.tenaco.com/wp-content/uploads/2024/05/Freddie-Mac-Guide-Bulletin-2024-6-05-01-24.pdf
