Freddie Mac issued Guide Bulletin 2021-36 (Bulletin) announcing revisions to the Single-Family Seller/Servicer Guide. Per the Bulletin, Freddie Mac:
- Addressed the use of cryptocurrency in the mortgage qualification process;
- Introduced a new Loan Program Identifier of “Community Land Trust” for use in Loan Prospector Advisor (LPA), Loan Quality Advisor (LQA) and Loan Selling Advisor (LSA);
- Revised requirements for Affordable Seconds funded by certain non-profit entities;
- Updated documentation requirements related to the source of funds used to pay off or pay down debts;
- Amended requirements with respect to the storage of, and access to, remote online notarization recordings;
- Modified requirements with respect to document custodian eligibility (including the addition of a requirement that Seller/Servicers have an oversight process to ensure their document custodians maintain all eligibility requirements);
- Added specificity regarding the inclusion of prepaid real estate taxes in the proceeds of a no cash-out refinance mortgage;
- Added correction process examples regarding eNotes to assist lenders in determining the appropriate correction process; and
- Announced that Genworth Mortgage Insurance Corporation is changing names to Enact Mortgage Insurance Corporation.
Revisions with respect to the name change for Genworth Mortgage Insurance Corporation are effective February 7, 2022. Revisions with respect to document custodian requirements are effective March 1, 2022. Revisions with respect to the new Loan Program Identifier of “Community Land Trust” are effective March 28, 2022. All other updates are effective immediately.
Click to view the Freddie Mac Guide Bulletin 2021-36: https://www.tenaco.com/wp-content/uploads/2021/12/Freddie-Mac-Guide-Bulletin-2021-36-12-01-21-2.pdf
