Freddie Mac Revises Miscellaneous Selling, Servicing Policies

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On April 24, Freddie Mac issued Single-Family Seller/Servicer Guide Bulletin 2014-06, which notifies sellers and servicers of numerous miscellaneous policy updates. The Bulletin, among other things, (i) requires sellers and servicers to immediately notify Freddie Mac of a guilty plea indicating lack of integrity or upon being notified that law enforcement or another governmental authority is investigating or prosecuting a Seller/Servicer’s board member, officer, employee or contractor for fraud; (ii) updates flood insurance requirements and updates related forms; and (iii) revises the process for requesting and obtaining physical or constructive possession of a note as well as related document custodial functions and duties. The Bulletin also (i) removes the requirement that a borrower maintain six month’s rent loss insurance for a 2- to 4-unit primary residence when using rental income as qualifying income; and (ii) clarifies selling requirements related to unemployment compensation as an eligible source of income for Relief Refinance Mortgages, and the applicability of certain resale restrictions.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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