Freddie Mac Updates Selling Requirements For Single-Family Mortgages Post Harvey
Hurricane Harvey has caused mortgage giant Freddie Mac to add temporary changes to their selling requirements for single-family mortgages. It is yet another way Houston's natural disaster is changing the mortgage world.
Freddie Mac provided updates to their 2017 bulletin that contain some of the temporary changes due to the natural disaster. Some of the changes include:
Property valuation documentation, including the point value estimate from Home Value Explorer® (HVE) or the new appraisal, as applicable, must be dated no more than 180 days before the note date.
Underwriting documentation, including, but not limited to, Loan Product Advisor® feedback certificates, credit reports, verifications of income, employment and sources of funds, must be dated no more than 180 days before the note date.
- Freddie Mac
The changes are in effect for mortgages with applications on or before August 25, 2017, as well as noted dates after. You can click on the image above to head right to the bulletin. For a quicker rundown on the updates, click here.