Freddie Mac has issued another Single-Family Week in Review featuring two key pieces of information. The company released a new letter centered on servicing mortgages that were impacted by eligible disasters and also optimized the prices for originating condominium loans.
"In today’s Industry Letter, we’re reminding Servicers to follow our requirements in Chapter 8404 of the Single-Family Seller/Servicer Guide (Guide) when servicing mortgages affected by eligible disasters," according to Freddie Mac.
To view the complete industry letter packed with information from property inspection reimbursement, the Freddie Mac Extend Modification for disaster relief and more click here.
In addition to the disaster relief information, the company also revealed that it has improved the condominium requirements to streamline origination process for originating condominium loans.
"Since its launch last year, ACE has helped lenders save their borrowers time and money on certain Loan Product Advisor® mortgages. Now, ACE is available for eligible condominium units, allowing you to forgo a traditional appraisal and pass along savings to your condominium borrowers," according to Freddie Mac.
To learn more about these changes and updates from Freddie Mac, click on the image above.