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Financial Services Law Insights and Observations

Freddie Mac releases various selling and servicing updates in Guide Bulletin 2018-24

Federal Issues Freddie Mac Selling Guide Mortgages FHFA

Federal Issues

On December 5, Freddie Mac released Guide Bulletin 2018-24 (Bulletin) announcing selling and servicing updates, including updates to the Single-Family Seller/Servicer Guide to reflect 2019 loan limit increases for both base conforming and super conforming mortgages. (As previously covered by InfoBytes, on November 27, the FHFA raised the maximum base conforming loan limits for mortgages purchased in 2019 by Fannie Mae and Freddie Mac.) The Bulletin notes that Freddie Mac’s Loan Quality Advisor and Loan Product Advisor have been updated to allow sellers to immediately begin evaluating and originating mortgages with these new loan amounts. However, the Bulletin states that qualifying mortgages may not be sold to Freddie Mac until on or after January 1, 2019.

Among other things, the Bulletin also provides (i) single security initiative updates; (ii) updates to 10-day pre-closing verification requirements for union members; (iii) revised master insurance policy requirements for unaffiliated condominium projects or planned unit developments; and (iv) updates for document custodian requirements.

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