Freddie Mac issued Bulletin 2025-1 (Bulletin) announcing revisions to the Single-Family Seller/Servicer Guide. Per the Bulletin, Freddie Mac:
- Expanded eligibility for hybrid appraisals as an available appraisal option;
- Updated the effective date for Loan Product Advisor submissions and resubmissions related to automated collateral evaluation (ACE) and ACE+ Property Data Report (PDR) eligibility from “on or after March 24, 2025” to “on or after February 24, 2025”;
- Updated ACE requirements to provide for the lender being able to accept an ACE appraisal waiver offer when adverse physical property conditions are minor and the lender not being able to accept an ACE appraisal waiver offer if a PDR had been obtained;
- Modified requirements related to both ACE and ACE+ PDR to permit the lender to provide a more comprehensive valuation product than the minimum required and to specify that Texas Section 50(f)(2) Mortgages are not eligible for ACE or ACE+ PDR;
- Updated appraisal requirements related to property eligibility;
- Updated documentation requirements for verification of completion when an appraisal report is completed “subject to” an inspection;
- Updated requirements for the use of rental income from a non-subject investment property or 2- to 4-unit primary residence purchased or placed in service in the current calendar year;
- Updated the age of tax return requirements to reflect dates specific to the 2024 tax year; and
- Refactored Chapters 4203 (Maximum Loan Amounts and LTV, TLTV and HTLTV Ratios), 4305 (Purchase Transaction Mortgages), 4404 (Land Contract; Contract for Deed), 4603 (Super Conforming Mortgages), 5306 (Rental Income) and 5702 (Planned Unit Developments).
Revisions related to expanded eligibility for hybrid appraisals are effective for Loan Product Advisor submissions and resubmissions on or after April 7, 2025. Revisions related to updated appraisal requirements and updated documentation requirements for verification of completion are effective for mortgages with application received dates on or after May 6, 2025. All other revisions went into effect February 5, 2025.
Click to view the Freddie Mac Guide Bulletin 2025-1: https://www.tenaco.com/wp-content/uploads/2025/02/Freddie-Mac-Guide-Bulletin-2025-1-02-05-25.pdf
