Freddie Mac issued Bulletin 2024-08 (Bulletin) announcing revisions to the Single-Family Seller/Servicer Guide. Per the Bulletin, Freddie Mac:
- Added functionality to Loan Product Advisor for assessing credit worthiness with respect to assumptions of Freddie Mac mortgages;
- Updated functionality in Resolve with respect to processing a payment deferral when a mortgage is 180 days delinquent and the deferral would cause the mortgage to exceed 12 months of cumulative deferred past-due principal and interest payments;
- Added new functionality in the Resolve UI with respect to reporting foreclosure sale results and settling 3rd party sales;
- Updated custodial account documentation requirements by updating FHLMC’s letter agreements to include additional contact information for the signatories on each letter agreement;
- Automated the custodial account review process via the Cash Manager tool (instead of e-mail);
- Removed the ability of servicers to invest Freddie Mac funds held in Custodial Accounts;
- Updated Exhibit 33 (Acknowledgment Agreement Incorporated Provisions); and
- Added a new requirement for lenders and servicers to report certain changes in the lender or servicer’s organization or status.
Revisions related to Resolve and the Resolve UI are effective July 29, 2024. Revisions related to underwriting requirements for mortgage assumptions are effective August 5, 2024. Revisions related to the removal of custodial account fund investing provisions are effective October 1, 2024. All other revisions are effective June 12, 2024.
Click to view the Freddie Mac Bulletin 2024-08: https://www.tenaco.com/wp-content/uploads/2024/06/Freddie-Mac-Guide-Bulletin-2024-8-06-12-24.pdf
