Freddie Mac Updates For Representation, Warranty Framework and More
Freddie Mac is moving forward with another week of updates. The new wave of updates include "new opportunities to representation and warranty framework, income used for qualifying and more.
As 2017 nears its end, Freddie Mac has been busy updating Seller and Servicer tools, most of which will become effective immediately or early-2018.
Here's a brief breakdown of the major points from the most recent batch of updates:
Mortgages subject to a disaster-related forbearance plan during the applicable payment history period under the selling representation and warranty framework may qualify for relief from Freddie Mac’s enforcement of certain selling representations and warranties.
We’re expanding our requirements for qualifying borrowers with income that will start after the note date.
Land Trust Mortgages are now eligible for sale under the Guide, eliminating the need for a negotiated term of business.
We’re updating the Guide to reflect the increase in loan limits in 2018.
For more in-depth discussion on these updates, as well as information about past updates, click on the image above.