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. Effective for mortgages originally submitted through Loan Product Advisor on and after May 14, 2017, with settlement dates on and after June 26, 2017.
- Revising requirements when not all borrowers have a usable credit score. Effective for mortgages originally submitted through Loan Product Advisor on and after May 14, 2017, with settlement dates on and after May 15, 2017.
Freddie Mac Selling System® Updates
- Adding new functionality to the Selling System to allow Guarantor customers to access pricing for their Guarantor and MultiLender purchase contracts via the new “Guarantor Rate Sheet” screen. For more information, contact your Customer Operations and Technology Services Manager. Effective for purchase contracts with settlement dates on and after April 24, 2017.
- Enhancing the look and feel for customers taking out Guarantor purchase contracts and reorganizing the left-hand navigation to make it more user-friendly for all Selling System customers.
- Updating Guide terminology to align with the Selling System enhancements.
Additional Changes and Updates to Second home and Investment Property Mortgages
- Homeownership education requirements for manually underwritten mortgages.
- Uniform Loan Delivery Dataset (ULDD) data points to help identify warehouse lenders.
- The implementation date for the updated Form 16SF and Form 1107SF.
- Updates to Exhibit 10, Freddie Mac-Approved Mortgage Insurers.