Freddie Mac issued Bulletin 2024-16 (Bulletin) announcing revisions to the Single-Family Seller/Servicer Guide. Per the Bulletin, Freddie Mac:
- Announced the new conforming loan limit values for 2025;
- Updated information security requirements related to incident notifications, the timing for notifications, and reporting obligations, including the addition of new information security topics and requirements;
- Updated restricted stock (RS) and restricted stock unit (RSU) requirements when used in income qualification;
- Updated DTI calculation requirements when the borrower is an authorized user on a revolving or 30-day account;
- Expanded access to Freddie Mac’s automated collateral evaluation (ACE) and ACE+ PDR appraisal alternatives;
- Announced a new fee-only Repurchase Alternative program; and
- Refactored section 3401.1 (Postfunding Qualify Control), and chapters 1302 (Information Security), 4302 (Refi Possible Mortgages), 4406 (Mortgages Secured by Properties Subject to Resale Restrictions), 4503 (Affordable Housing Preservation: Shared Equity Programs-Income-based Resale Restrictions), and 5201 (Credit Assessment with Loan Product Advisor).
Revisions related to refactoring chapter 1302 are effective December 11, 2024. Revisions related to conforming loan limit values, and the new fee-only Repurchase Alternative program are effective for mortgages with settlement dates on or after January 1, 2025. Revisions related to information security requirements are effective January 1, 2025, and March 11, 2025. Revisions related to expanded access to ACE and ACE+ PDR appraisal alternatives are effective for LPA submissions and resubmissions on or after March 24, 2025. Revisions related to RS and RSU requirements, and the updated DTI calculation requirements are effective for mortgages with Note dates on or after April 1, 2025 (lenders may, however, implement the changes immediately). All other revisions went into effect December 4, 2024.
Click to view the Freddie Mac Guide Bulletin 2024-16: https://www.tenaco.com/wp-content/uploads/2024/12/Freddie-Mac-Guide-Bulletin-2024-16-12-04-24.pdf
