Freddie Mac issued Bulletin 2018-10 (Bulletin), announcing revisions to the Single-Family Seller/Servicer Guide (Guide). Per the Bulletin, Freddie Mac: expanded eligibility for automated collateral evaluation (ACE) appraisal waivers to include mortgages secured by condominium units; amended comparable sales selection requirements for properties located in new subdivisions, units in new planned unit developments and units in recently converted or new condominium projects; revised requirements with respect to condominium projects (including requirements with respect to detached condominium projects, new condominium projects, condominium project eligibility and Freddie Mac-owned “no cash-out” refinance condominium unit mortgages); updated special endorsement requirements for condominium projects and planned unit developments; increased the maximum number of properties a borrower may be obligated on from 6 to 10 (if certain requirements are met); re-branded the Servicing Released Sales Process as “Cash-Released XChange”; and introduced the Freddie Automated Servicing Transfer (FAST) process and tool for all loans sold through Cash-Released XChange. The expanded eligibility for ACE appraisal waivers in connection with condominium units is effective July 16, 2018. The increased number of financed properties a borrower may be obligated on is effective August 20, 2018. Sellers and Transferee servicers participating in Cash-Released XChange must begin using FAST effective October 1, 2018 (sellers and transferee servicers may, however, being using FAST on and after August 1, 2018).
VA
VA Offers 40-Year Loan Modification Option
VA issued Circular 26-24-08 to offer a 40-Year Loan Modification option to assist borrowers in reaching an affordable payment in the current environment of rising
April 26, 2024
