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Financial Services Law Insights and Observations

Freddie Mac announces temporary selling requirements related to California wildfires

Federal Issues Freddie Mac Selling Guide Disaster Relief Mortgages

Federal Issues

On December 6, Freddie Mac issued Bulletin 2018-25 (Bulletin), announcing temporary selling requirements for certain mortgages secured by properties located in identified zip codes that were impacted by the California wildfires. With respect to properties located in the eligible areas with a mortgage application date on or before November 12, 2018 and a note date on or before May 12, 2019, the Bulletin, among other things, provides (i) age of documentation requirements that will remain in effect for six months; (ii) specific collateral requirements and guidance; and (iii) seller reimbursement for certain property inspections.

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