Freddie Mac issues bulletin regarding selling requirements and guidance related to Covid-19

Federal Issues Covid-19 Freddie Mac Mortgages Forbearance Underwriting Appraisal

On May 5, Freddie Mac issued Bulletin 2020-14 to Freddie Mac sellers to provide guidance relating to selling requirements in light of Covid-19. The bulletin sets out temporary requirements related to mortgage purchase eligibility and self-reporting requirements for mortgages in Covid-19 related forbearance. It also extends certain previously announced temporary requirements for credit underwriting, and appraisal, condominium project, and power of attorney flexibilities until June 30. Further, Freddie Mac provided guidance and reminders relating to, among other things, furloughs and layoffs, unemployment compensation, and automated income assessment with Loan Product Advisor using tax return data.