FHLMC Guide Bulletin 2015-19: Updated Requirements for Information Security, Fraud Reporting and More
October 28, 2015
In today’s Single-Family Seller/Servicer Guide (Guide) Bulletin 2015-19, we’re announcing updated requirements for information security programs, business continuity planning, and fraud reporting. We’re also offering a preview of the upcoming Guide reorganization. All changes are effective immediately, unless otherwise noted.
- Effective May 2, 2016, you must have in place both an information security program and business continuity plan (BCP), which meet the minimum requirements detailed in Guide Bulletin 2015-19. We’re making these changes to reduce the chances of unauthorized access to certain information and to support your continued ability to do business with us, especially in the event of a disaster or other interruption.
- Lower thresholds for notifying us of fraud or other suspicious activity, from more than 25 mortgages and/or an unpaid principal balance (UPB) of $2.5 million to five mortgages and/or a UPB of $1 million. Since current fraud schemes are smaller in scope, lowering these thresholds will help identify fraud schemes earlier.
- A less time-consuming Exclusionary List screening process for you and your borrowers. This includes changing the Exclusionary List screening date from mortgage delivery date to note date. We’re also making changes to help you distinguish between FHFA’s Suspended Counterparty Program (SCP) and our Exclusionary List screening requirements, and clarifying our expectations around confidential information sharing.
- A preview of our upcoming Guide reorganization, which we’re planning to complete by early 2016. We’re always looking for ways to improve the Guide’s usability, and this redesign will make it easier for you to find specific requirements. As part of the reorganization, we’re not rewriting existing policies/requirements or introducing new ones. We’ll provide more details and resources soon.
- We’re creating a new email account for quicker responses to Servicer notifications of valid matches to the Office of Foreign Asset Control’s list of Specially Designated Nationals and Blocked Persons List.
- For your convenience, we’ve published the September 16, 2015 Guide Snapshot PDF [pdf].
Please read Guide Bulletin 2015-19 for more details.
For More Information
- Read Guide Bulletin 2015-19 [pdf].
- Learn about the Guide reorganization in our Single-Family News Center article.
- Check out our Summary of Upcoming Requirement Changes [pdf] document.
- Visit Freddie Mac’s Learning Center for more on our training programs and references tools.
- Contact your Freddie Mac representative.
Source: Freddie Mac