Freddie Mac issued Bulletin 2024-15 (Bulletin) announcing revisions to the Single-Family Seller/Servicer Guide. Per the Bulletin, Freddie Mac:
- Updated requirements related to the Market Area analysis of the appraisal and implemented standardized definitions “Neighborhood” and “Market Area”;
- Established new requirements for Green MBS issued through the Guarantor program to provide lenders the ability to form Green MBS (which must be composed entirely of Green MBS-eligible collateral);
- Updated Exhibit 5A (Authorized Changes to Notes, Riders, Security Instruments and the Uniform Residential Loan Application) to revise the Limited Purpose Execution authorized changes language for use in all security instruments and to remove the Limited Purpose Execution authorized changes language for the Illinois and Wisconsin mortgage security instruments; and
- Refactored Chapters 4606, 5603 and 5606 to enhance readability and improve the usability of the Guide.
Revisions related to Market Area analysis of the appraisal report are effective for mortgages with application received dates on or after February 4, 2025 (lenders are, however, encouraged to implement the revisions immediately). Revisions related to Green MBS are effective for mortgages with settlement dates on or after January 1, 2025. All other revisions went into effect November 6, 2024.
Click to view the Freddie Mac Guide Bulletin 2024-15: https://www.tenaco.com/wp-content/uploads/2024/11/Freddie-Mac-Guide-Bulletin-2024-15-11-6-24.pdf
