Mortgage Compliance News: 2010 Freddie Mac Bulletins
Bulletin 2010-32: Extension of Service Member Foreclosure Protection
- Extends service member foreclosure protection to 12/31/11.
Bulletin 2010-31: Uniform Appraisal Dataset and Uniform Collateral Data Portal Requirements
- Provides requirements for the Uniform Appraisal Dataset (UAD) and Uniform Collateral Data Portal (UCDP).
Bulletin 2010-30: Postsettlement Delivery Fees
- Revises postsettlement delivery fees, effective 3/1/11.
Bulletin 2010-29: Selling
- Announces new pooling option for super conforming mortgages
- Announces improvements to Selling System
- Reminds Sellers that Notes may not be endorsed by using stickers
Bulletin 2010-28: 2011 Loan Limits
- Announces that Freddie Mac is maintaining temporary loan limits in designated high-cost areas at 2010 levels through 9/30/11, and base loan limits will remain at 2010 levels.
Bulletin 2010-27: Servicing
- Announces changes to servicing requirements and additional guidance on HAMP
- Designated counsel may request Note directly from document custodian in foreclosure actions
- Guidance on late charges associated with forbearance agreements and repayment plans
- Modified mortgage must be fully amortizing fixed-rate mortgage
- Updated contact information for servicers to notify Freddie Mac that conversion option has been exercised for convertible ARM
Bulletin 2010-26: Foreclosure and Bankruptcy Referrals in Florida
- Announces that servicers may not refer any new Freddie Mac foreclosure or bankruptcy cases to Law Offices of David J. Stern, P.A. in Florida.
Bulletin 2010-25: Servicer Requirements for Hardest Hit
- Provides guidance to servicers for interactions with Hardest Hit Fund Unemployment and Reinstatement Programs.
Bulletin 2010-24: State Farm Florida Insurance Company
- Announces that Freddie Mac will accept insurance from State Farm Florida Insurance Company…
- Announces Appraiser Independence Requirements, which replace HVCC
- Makes changes to requirements regarding:
- Property eligibility
- Eligibility requirements for Freddie Mac counterparties
- Mortgage insurance
Industry Letter, dated 10/1/10
- Announces that servicers must review affidavit policies related to foreclosure by October 18, 2010.
- Updates Guide, including enhancements to fraud prevention, Exclusionary List, OFAC compliance, etc.
- Extends settlement deadline for HAMP Backup Modifications to December 1, 2010.
- Provides guidance regarding Freddie Mac's purchase of mortgages with a Property Assessed Clean Energy (PACE) obligation.
- Makes changes to selling requirements, including providing guidance on 2010 median income changes, revising underwriting requirements regarding inquiries on borrower's credit report, etc.
- Announces Freddie Mac's reduction of dependence on Special Characteristics Codes (SCCs) and other delivery codes, as part of MISMO transition.
- Updates Guide and adds new HAMP requirements.
- Provides guidance for sellers about Florida Condominium Effort
- Introduces new requirements for servicers about short sales, HAFA EDR codes, and payment of non-performing loans invoices
- Announces publication of Freddie Mac Implementation Guide for Loan Delivery Data. Requirements effective for all loans delivered to Freddie Mac on or after 9/1/11.
Industry Letter, dated June 25, 2010
- Provides guidance and forbearance options for problem drywall.
- Revises certain eligibility, solicitation and reporting requirements for HAMP Backup Modifications. Also revises settlement timeline…
- Amends Guide related to PUDs, Relief Refinance Mortgages, interested party contributions.
- Announces Freddie Mac's requirements for the Treasury's Home Affordable Foreclosure Alternatives (HAFA) initiative. Effective 8/1/10.
- Announces changes for HAMP Backup Modification, Cap-to-Reinstate modification, and HAMP requirements to permit use of a Servicer's proprietary form to collect borrower's financial information…
Industry Letter, dated 5/5/10
- Reminds "Seller/Servicers that an energy-related lien may not be senior to any Mortgage delivered to Freddie Mac. Seller/Servicers should determine whether a state or locality in which they originate mortgages has an energy loan program, and whether a first priority lien is permitted…"
- Announces new Reimbursement System for submitting expense reimbursement requests.
- Amends both selling and servicing requirements, such as max LTV for Rural Housing, revised requirements for Servicing Released Sales Process (effective 5/1/10), etc.
- Announces Florida Condominium Effort to increase the availability of financing for Florida condos.
- Revises certain credit and property eligibility requirements.
- Extension of Relief Refinance Mortgages—must have Note Dates on or before June 30, 2011.
- Announces enhancing Loan Prospector to provide a point value estimate from HVE for a property address.
- Covers multiple topics, including requiring Sellers to take out separate fixed-rate Cash contracts for Relief Refis with higher LTVs (effective 2/22/10).
- Provides guidance on HAMP, including new requirement for full verification of borrower eligibility after servicer receives "Initial Package."
- Revises Guide so that Sellers may only use FHA Condominium approval to determine eligibility for sale to Freddie Mac for certain mortgage types.
- Announces changes to HAMP, mandates use of newly introduced Imminent Default Indicator (effective March 1, 2010), revises imminent default requirements, etc.
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