Freddie Mac issued Bulletin 2018-03 (Bulletin), announcing revisions to the Single-Family Seller/Servicer Guide (Guide).
Pursuant to the Bulletin, Freddie Mac: re-established ACE appraisal waiver offers and Loan Collateral Advisor collateral representation and warranty relief for certain zip codes impacted by California wildfires (recently prohibited due to natural disasters); removed the required to include mortgages subject to a disaster-related forbearance plan due to Hurricanes Harvey, Irma or Maria, or California wildfires in a targeted quality control sample; expanded low loan balance cash payups with respect to 30-year fixed-rate mortgages with unpaid principal balances less than or equal to $200,000; removed the Condominium Unit Mortgages Credit Fee in Price assessment for mortgages secured by detached condominium units; and clarified that Form 442 (Appraisal Update and/or Completion Report) may be submitted through the Uniform Collateral Data Portal.
The revisions are effective immediately.
