Freddie Mac
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Freddie Mac Updates Electronic Transaction Requirements
by Anna DeSimonePresident & Founder On October 1, 2011, Freddie Mac amended its requirements for servicing mortgages. The Single Family Seller/Service Guide, Volume 2, Section 50.3.1: Acknowledgment and consent to electronic transactions. Requirements will become effective on January 1, 2012. Key points to the amendments are summarized below: Electronic transactions conducted between Servicer and Borrower […]
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Freddie Mac Updates its Credit Underwriting Guidelines
by Aisling BradyExecutive Vice Presidentabrady@bankersadvisory.com Freddie Mac Bulletin 2011-15 dated August 16, 2011 announces a number of changes in Mortgage Eligibility and Credit Underwriting guidelines. Second Homes and Investment Properties The Seller/Servicer Guide on Second Home Mortgages (Section 22.22) and Investment Property (Section 22.22.1) have been updated to not allow the borrower to have any […]
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Freddie Mac Updates its Quality Control Requirements
by Anna DeSimone, President Freddie Mac has updated Chapters 46 and 48 of the Seller/Servicer Guide regarding pre- and post-closing quality control. The changes take effect for loans closed on or after December 1, 2011. Information regarding the QC changes were announced in the August 16, 2011 Bulletin 2011-15. Pre-Closing Quality Control Requirements Freddie Mac […]
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Freddie Mac Clarifies and Updates Underwriting Guidelines
by Sarah LagattollaDirector, Credit Risksarah@bankersadvisory.com Freddie Mac issued Bulletin 2011-10 on May 25, 2011 updating selling requirements pertaining to mortgage and property eligibility and credit underwriting as well as selling and servicing requirements for mortgages registered with MERS. Assets as a basis for mortgage qualification Freddie Mac has updated their selling guide to allow for […]
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Borrower Repayment Ability is on the Radar
by Anna DeSimone, President The Federal Reserve Board has proposed a Rule to implement a provision of the Dodd-Frank Act that prohibits lenders from originating mortgages without regard to the borrower’s ability to repay the loan. Creditors must make a reasonable and good faith determination of that repayment ability, based on verified and documented evidence. […]
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Welcome to Compliance Monitor!
Compliance Monitor is a complimentary newsletter written for Bankers Advisory’s clients and associates. As a mortgage industry professional, you have little time to research and comprehend today’s ever-changing laws and regulations. Each issue of Compliance Monitor will feature a key regulation and offer additional resources to help your organization understand, implement and monitor compliance. Visit […]