FHLMC Guide Bulletin 2013-18 Servicing and Selling Updates
On September 24, Freddie Mac issued a notice titled Updates to Condominium Delivery Fee, Relief Refinance Mortgages and Asset Documentation Announced in Bulletin 2013-18.
Updates to Condominium Delivery Fee, Relief Refinance Mortgages and Asset Documentation Announced in Bulletin 2013-18
Single-Family Seller/Servicer Guide (Guide) Bulletin 2013-18 announces selling and servicing updates including:
- Elimination of the California Condominium Unit Mortgages delivery fee.
- Updated requirements for fraud training and reporting.
- Revised requirements for asset documentation.
- Updated requirements for underwriting borrowers on temporary leave.
- Revised Freddie Mac Relief Refinance MortgageSM eligibility requirements.
Today’s Guide Bulletin also includes other important updates that may impact the way you do business with us. Review the Bulletin and applicable Guide chapters for complete information on the revised requirements summarized below.
Originate & Underwrite, Sell & Deliver, and Servicing
- Eliminating the delivery fee for California Condominium Unit Mortgages. We will no longer assess the delivery fee for California Condominium Unit Mortgages, effective for mortgages with settlement dates on or after October 1, 2013. As a result, we are removing all references and requirements associated with this delivery fee from the Guide.
- Updates to fraud training and reporting. To ensure that adequate fraud prevention measures are in place, effective October 1, 2013, we are requiring that you train the third-party vendors you retain for your mortgage business in the prevention, detection, and reporting of mortgage fraud. In addition, we are specifying that you must have written procedures for reporting fraud and must report to us when you first know or suspect an incident of fraud in connection with a mortgage sold to or serviced for Freddie Mac.
Please click here to view Guide Bulletin 2013-18 in its entirety.
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