Freddie Mac

  • Preferred Language Question to be Added to New Uniform Residential Loan Application

    October 20, 2017, Federal Housing Finance Agency (FHFA) announced its decision to add a preferred language question to the new Uniform Residential Loan Application (URLA).   This question will enable borrowers who prefer to communicate in a language other than English to identify that language.  It also provides clear disclosures that the mortgage transaction is likely […]

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  • Freddie Mac Announces Credit Underwriting Changes

    September 14, 2017, Freddie Mac issued Guide Bulletin 2017-20, announcing updates to several topics in the Single-Family Seller/Service Guide.  This article includes a detailed description of changes pertaining to Credit Underwriting and a brief summary of other changes announced in the Bulletin. Assets as a basis for repayment of obligations  The changes include, but are […]

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  • CLA-Bankers Advisory at the MBA’s Risk Management, QA & Fraud Prevention Forum in Miami, FL

    Sarah Lagattolla, VP-Quality Control Services Director, and Kathleen Olson, Business Development Manager, for CLA-Bankers Advisory will be attending the MBA’s Risk Management, QA & Fraud Prevention Forum in Miami September 24th – 26th.

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  • Freddie Mac Elevates Automated Collateral to Include Purchase Transactions

    August 23, 2017, Freddie Mac issued Guide Bulletin 2017-13, announcing the expansion of the Automated Collateral Evaluation (ACE) program.   Key points of the bulletin are provided below. On August 18, the Enterprise announced ACE, which provides Freddie Mac sellers with the option to waive appraisal requirements for certain Loan Product Advisor® Mortgages. The ACE option […]

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  • Freddie Mac Introduces Appraisal Alternative

    August 18, 2017, Freddie Mac announced that consumers who are buying homes or refinancing existing mortgage loans may be eligible for an automated appraisal alternative.   The program is available on both home purchases and refinances.  Key points from Freddie Mac’s press release are provided below. Borrowers may be able to realize savings in some […]

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  • Freddie Mac “No Credit Score” Underwriting Now in Effect

    To expand homeownership opportunities to more borrowers, Freddie Mac has updated its Loan Product Advisor® to allow lenders to assess mortgages for borrowers without credit scores.  The new program is effective for mortgages originally submitted on or after May 14, 2017, with settlement dates on or after June 26, 2017. Loan Quality Advisor® will also […]

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  • Freddie Mac Announces Selling Guide Updates

    March 16, 2017, Freddie Mac issued Bulletin 2017-2, announcing system enhancements and selling requirement revisions that expand homeownership opportunities and make it easier to do business with Freddie Mac. The changes include: Freddie Mac Loan Product Advisor® Updates Enhancing Loan Product Advisor to allow the assessment of mortgages where no borrower has a credit score. […]

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  • FHFA Issues Rule for Enterprise Duty to Serve Underserved Markets 

    December 29, 216, the Federal Housing Finance Agency (FHFA) published the rule, Enterprise Duty to Serve Underserved Markets in Federal Register Vol. 81, No 250.

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  • HARP Extended through September 2017, Streamlined Refinance Program for High LTV Borrowers Announced

    August 25, 2016, the Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac (the Enterprises), at FHFA’s direction, will implement a new refinance offering aimed at borrowers with high loan-to-value (LTV) ratios. The FHFA announcement is provided below:

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  • Freddie Mac Updates Servicing Guide

    Freddie Mac released Bulletin 2016-5: Servicing. Key highlights are provided below. This Guide Bulletin announces: Mortgage modifications The eligibility of a Mortgage subject to an indemnification agreement for a modification, provided certain requirements are met – New Foreclosure Revisions to certain State foreclosure timelines The cessation of the temporary suspension of State foreclosure timeline compensatory […]

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