Freddie Mac Issues Bulletin 2017-28: Selling Updates

Freddie Mac issued Bulletin 2017-28 (Bulletin), announcing revisions to the Single-Family Seller/Servicer Guide (Guide). Pursuant to the Bulletin: lenders are relieved of certain selling representations and warranties when offering disaster related forbearance plans; Land Trust Mortgages are eligible for purchase under the Guide without the need to obtain a negotiated term of business; and Home Possible Mortgages with LTV ratios greater than 90% are now subject to the Adjustable Rate Mortgage 25 basis point Credit Fee in Price. In addition, under the Bulletin: Texas Home Equity Mortgage Uniform Instruments are revised to reflect recent amendments to the Texas Constitution; and requirements are revised with respect to qualifying borrower income that will not commence until after the Note Date. The revisions to qualifying borrower income are effective March 14, 2018. All other updates are effective immediately.

Click to view the Freddie Mac Guide Bulletin 2017-28