Freddie Mac

  • With Interest Rates Soaring, Borrowers Turn to Buydown Agreements

    As interest rates and property values remain at a steady high, borrowers are trending towards 2-1 temporary buydown agreements to keep their initial mortgage payments down. These borrowers are hopeful that they will be able to refinance in the future to bring their payments down permanently.

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  • Sunset on the LIBOR Index

    The Bureau of Consumer Financial Protection has issued a final rule that amends Regulation Z in anticipation of the discontinuation of the use of the London Interbank Offered Rate (LIBOR) based indices in consumer transactions. 

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  • Revised Qualified Mortgage Rule

    In December of 2020, the Consumer Finance Protection Board (CFPB) issued a new General Qualified Mortgage (QM) final rule.  Although the new final rule took effect on June 30, 2021, the required compliance date of July 1, 2021 was pushed back to October 1, 2022. 

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  • Freddie Mac Announces Affordable Housing Preservation and Rural Housing Initiatives

    Featuring Community Land Trusts and Allowances for Sweat Equity September 28, 2018, Freddie Mac issued Bulletin 2018-16, Duty to Serve Affordable Housing Preservation and Rural Housing.  Key points of the bulletin are summarized below. In its Duty to Serve plan, Freddie Mac committed to increasing support for very low-, low- and moderate-income families in three historically […]

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  • Freddie Mac Launches “Borrower of the Future” Campaign

    The campaign aims to improve the housing finance system and better serve the next generation of homeowners May 21, 2018, Freddie Mac announced the launch of “Borrower of the Future” campaign to help mortgage originators better understand and address the evolving needs of the next generation of consumers driving housing demand. Freddie Mac will deliver […]

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  • 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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