Freddie Mac issued Bulletin 2018-25 (Bulletin), announcing temporary revisions to selling requirements for mortgage loans impacted by California wildfires. The revised requirements pertain to: age of documentation requirements; property damage assessments; automated collateral evaluation (ACE) appraisal waivers; Loan Collateral Advisor (collateral representation and warranty relief); property inspection reimbursement; and cash contracts. The Selling Guide will not be updated to include these temporary revisions. Sellers must retain a copy of the Bulletin to ensure compliance with the temporary revisions. In addition, the Bulletin announces the following updates related to mortgages secured by properties in eligible disaster areas associated with Hurricane Irma: reinstatement of ACE appraisal waiver offers and collateral representation and warranty relief for a large majority of the impacted properties; and retirement of temporary age of documentation requirements. The revised selling requirements went into effect October 11, 2018. The revised age of documentation requirements sunset on April 11, 2019. The updates related to mortgages impacted by Hurricane Irma are effective January 1, 2019.
Fannie Mae
Fannie Mae Issues Servicing Guide Announcement SVC-2024-06
Fannie Mae issued Servicing Guide Announcement SVC-2024-06 (Announcement), setting forth updates to the Servicing Guide. Per the Announcement, Fannie Mae clarified requirements related to eMortgages.
November 14, 2024
