Freddie Mac
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Fannie Mae and Freddie Mac Issue TRID Advisories
By Anna DeSimone October 6, 2015, Fannie Mae issued LL-2015-06: Information Related to Know Before You Owe TILA-RESPA Integrated Disclosures. The letter was sent to all Single Family Sellers at the direction of the Federal Housing Finance Agency. Also on this date and at the direction of the FHFA, Freddie Mac issued an Industry Letter […]
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Freddie Mac Updates Servicing Guidelines
September 25, 2015 By Anna DeSimone Freddie Mac has recently issued two Bulletins announcing changes to the Single Family Seller/Servicer Guide. The two bulletins pertain to servicing rules, as summarized below. Summaries Bulletin 2015-14: Servicing (08/12/15) All of the changes announced in this Bulletin are effective immediately unless otherwise noted. DEFAULT MANAGEMENT Settlement automation process […]
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Freddie Mac Updates Selling Guide and Clarifies TRID Instructions
By Anna DeSimone September 16, 2015, Freddie Mac issued Bulletin 2015-16: Selling Guide. The Single-Family Seller/Servicer Guide (“Guide”) Bulletin announced the following changes and, with the exception of certain topics unrelated to underwriting, the Bulletin is reproduced below in the format published by Freddie Mac: Mortgage eligibility and credit underwriting Removal of the requirement for a […]
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Freddie Mac Updates Credit and Underwriting Rules
By Anna DeSimone July 15, 2015, Freddie Mac published Bulletin 2015-12, Selling Guide Updates. Highlights of the Bulletin are provided:Credit and Underwriting Topics: Maximum Number of Financed Properties Use of Income from Investment Properties Minimum monthly payment required to be included in the DTI when student loans are deferred or in forbearance Interested party contributions […]
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Freddie Mac Issues Bulletin Regarding TRID Disclosures
By Anna DeSimone June 30, 2015, Freddie Mac Issued Bulletin 2015-10, CFPB Integrated Disclosure Forms. Key highlights of the bulletin are provided in this newsletter. The TRID Rule initially had been slated to take effect on August 1, 2015. On June 17, 2015, the CFPB announced its intention to propose and invite comment on a […]
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Agencies Issue Final Flood Insurance Rule
By Anna DeSimoneJune 22, 2015, five federal regulatory agencies announced the approval of a joint final rule that modifies regulations that apply to loans secured by properties located in special flood hazard areas. Announcement NR-2015-89 was issued by Board of Governors of the Federal Reserve System, Farm Credit Administration, Federal Deposit Insurance Corporation, National Credit […]
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Freddie Mac Updates Servicing Guide
By Anna DeSimone June 15, 2015, Freddie Mac issued Bulletin 2015-9: Servicing. This newsletter highlights key sections of the bulletin. Please click on the following link to view the 7-page document in its entirety and access the numerous internet links contained in the Bulletin: Freddie Mac Servicing Bulletin 6.15.15 Outlined below are some of […]
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Freddie Mac Updates Servicing Policies
April 15, 2015, Freddie Mac issued Bulletin 2015-5: Servicing Updates. This Single-Family Seller/Servicer Guide (“Guide”) Bulletin announces: Alternatives to Foreclosure• The new “Modification Solution” screen in Workout Prospector® to facilitate the settlement of modifications of Mortgages guaranteed by the Rural Housing Service (RHS) and other modifications that cannot be settled through other Workout Prospector paths• Updates […]
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Mortgage Servicing and Regulatory Compliance
by Margaret Wright, J.D.Mortgage servicing is becoming solidified as an area of major regulatory importance. The Consumer Financial Protection Bureau’s more recent entry into the mortgage servicing rulemaking arena has resulted in updated and new servicing regulatory requirements. Additionally, the current servicing market has shown that although delinquencies are down overall, servicing income and employment […]
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Freddie Mac Issues Servicing Changes for Loan Modifications
March 17, 2015 Freddie Mac issued Bulletin 2015-3, Modification Changes to Freddie Mac Servicers. Following is the information from the Bulletin:To further enhance Freddie Mac modification options, this Single-Family Seller/Servicer Guide (“Guide”) Bulletin updates the Guide to require Servicers to offer the Freddie Mac Streamlined Modification to Borrowers with Step-Rate Mortgages who become 60 days […]