Freddie Mac: It’s Getting Easier to Go Fully Electronic with eMortgages
November 17, 2016
Want to simplify the home financing process for you and your borrowers? Consider adopting electronic loan documents into your processes.
We understand from our recent joint GSE eMortgage outreach survey [pdf] that there are a number of challenges creating barriers to adoption. While we haven’t tackled every barrier just yet, we’ve taken steps to address some of your immediate concerns. Here are a few recent changes that make it easier for you to do eMortgage business with us.
Access to eMortgage Business Partners
New resources – including contact lists for warehouse lenders providing warehouse lines of credit for eNotes, Freddie Mac-approved eMortgage vendors and Servicers – give you the information you need to make decisions about your eMortgage business.
New Streamlined Approval Process
Updates to the Freddie Mac eMortgage Guide include a new streamlined eMortgage approval option. After a quick review, the Provisional Approval option allows you to start selling eMortgages to Freddie Mac while completing the full approval process within the following six months. Contact your Freddie Mac representative to see if you qualify.
Enhanced eMortgage Guidelines
- New sub-servicing flexibilities – permits Servicers to use a Seller/Service’s eNote vault system to perform eMortgage servicing duties and obligations.
- New language on Third-Party Originations (TPOs) – specifies that Sellers approved to sell TPOs can deliver eMortgages purchased from correspondents and brokers to Freddie Mac.
- Updated eligible eMortgage types – removes bi-weekly loans and manufactured homes as ineligible eMortgages for Sellers approved to sell such mortgages – allowing delivery on a negotiated basis.
For More Information
- Visit the eMortgages web page.
- Read the updated eMortgage Guide [pdf].
- Refer to the eWarehouse Lender list, eMortgage Servicers list and eMortgage Vendor list.
- Contact your Freddie Mac representative.
Source: Freddie Mac