Appraiser News
Freddie Mac Selling System enhancements coming soon
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Appraiser News
Monday, July 20, 2015
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As part of an ongoing effort, Freddie Mac is hoping to make
its Selling System easier for you to use, while providing confidence in
utilizing the system as it pertains to delivering loans.
By September, you’ll see changes in the Selling System to
improve usability and align with policy changes. These updates include:
- Loan-to-value
ratios for secondary financing: On Sept. 1, 2015,Freddie Mac is
eliminating the lower loan-to-value (LTV) ratio requirements for mortgages
with secondary financing. As announced in Single-Family
Seller/Servicer Guide, the required LTV ratios for mortgages with
secondary financing will be the same as mortgages without secondary
financing.
- Certification
requirements for document custodians: As announced in Guide
Bulletin 2015-12 LINK, beginning Aug. 31, the Selling System will be
updated to:
- Enable
document custodians to view and certify loans with up to three additional
borrowers on a mortgage for a total of five borrowers.
- Revise
Form 1034E the-Custodial Certification Schedule,-
to include up to five borrowers.
- Include
a new Custodian Summary export dataset that provides document custodians
the ability to create a custom export with the additional borrower
fields. Document custodians should refer to the new dataset
included in the Implementation Guide for Selling System Export,Document
Custodians on the Document
Custody Web page on FreddieMac.com.
- Beginning
Aug. 31, document/custodians who are operationally ready may certify all
borrowers on a mortgage and should begin doing so as soon as possible.
All Freddie Mac-approved
document custodians must update their systems to certify up to five
borrowers no later than March 1, 2016.
- Loan
originator company identifier: Beginning Aug. 24, you will no
longer be able to submit the special delivery codes for state-regulated
loan origination companies operating solely in Delaware (“1001”), Maine
(“1002”) and Missouri (“1003”). As announced in Guide Bulletin 2015-12,
state law now requires these loan origination companies to obtain a unique
company identifier as
assigned by the Nationwide Mortgage Licensing System (NMLS) and
required by the Federal Housing Finance Agency. You must now deliver that
loan origination company NMLS identifier.
- Home
equity line of credit: Selllers
must deliver the modified maximum credit line amount in the Current HELOC
Maximum Balance Amount (Sort ID 511) field. Beginning Aug. 24, you will no
longer receive an error message if the Current HELOC Maximum Balance
Amount is less than the HELOC Balance Amount (Sort ID 512). This may
happen if the maximum approved credit line amount is subsequently
reduced.
- Cash
contract details screen: Beginning Aug. 31, you will see a
"Refresh Contract Details" button on the Cash Contract Details
screen. With this update, you will no longer need to exit and re
-enter
the screen to update the status of the date and time stamp
notification.
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