Freddie Mac Selling System Enhancements Coming in February
On January 20, Freddie Mac issued a release titled Selling System Enhancements Coming in February.
Selling System Enhancements Coming in February
As a result of your feedback, in the next few weeks you’ll see some changes to the selling system.
The following enhancements will become effective February 23, 2015:
New date and time stamps. The selling system will display date and time stamps so that you can easily track when:
- The wire is ready on Guarantor and MultiLender contracts.
- Pool validation is complete.
- Wire instructions are designated/attached on Cash loans.
- Loans have cleared edits.
- Loans have been certified.
- The most recent creation date for Form 996E Warehouse Provider Release and Transfer occurred.
- The most recent completion date for Form 996E occurred. (Note: The “996E Complete” column heading will be renamed “996E Build Status.”)
The date and time stamps will appear on the cash and swap contract details screens and on the loan pipeline advanced search screen. The stamps also will be available for export as part of the customized Seller Summary Data MISMO 3.0 Export dataset beginning February 23, 2015.
Take advantage of this new information by adding it to your customized export file. See our job aids Export Your Loan Data [pdf] and Modify a Customized Export Data Set [pdf] for more information.
Note that the stamps will not be retroactive and will only appear for new loans or loans in the pipeline that are amended on or after February 23, 2015.
Loan-to-Value (LTV). If you reject a price during the Take Out Cash Contract process, the selling system will retain the LTV range you originally selected. Previously, the selling system defaulted to the 0%-105% LTV range if you rejected the price. This enhancement will help avoid accepting a contract with an incorrect LTV range if you re-price a contract.
Access the Selling System Updates, 1st Quarter 2015 Tutorial beginning February 23, 2015, by visiting the Learning Center Updates page and selecting the Selling & Delivery tab.
Continuing Our Focus on Usability
These upcoming enhancements are a continuation of the quarterly updates we made in 2014. Our goal is to improve usability and data quality.
As a reminder, here are some key enhancements we made last year:
- New Retrieve Historical Data link for fulfilled contracts and associated loans as far back as January 2010.
- Capability to search for your loan by Freddie Mac loan number in addition to the existing Seller Loan Identifier search capability.
- Expanded online help features – incorporating easier search functionality, improved Table of Contents, and short video clips on common selling system topics.
New Critical Edits to Improve Data Quality
- LTV. To ensure data for loans with secondary financing has been provided.
- ZIP Code. When ZIP codes don’t match the ZIP code on the associated appraisal delivered through the Uniform Collateral Data Portal.
- Down Payment/Closing Cost Fund Type. For secondary financing closed end or secondary financing home equity line of credit (HELOC), the “Secondary Financing/Related Loan Information” section must contain applicable corresponding secondary financing data.
Uniform Loan Delivery Dataset
- In addition to the above enhancements, in 2014 we updated the selling system with the ULDD Phase 2 requirements that became effective in August for all loans with Application Received Dates on or after March 1, 2014.
For More Information
- For the latest selling system information, visit our Single-Family News Center and click on the Sell & Deliver tab.
- For selling system training opportunities, visit our Learning Center.
- Contact your Freddie Mac representative.
Please click here to view the release online.
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