Freddie Mac Articles
|Freddie Mac – Revisions to Income Qualification Requirements - Bulletin 2016-19 (Effective March 6, 2017)
Freddie Mac Income Qualifications November 2016|
Major revisions are coming in the way that Freddie Mac accepts and documents income. This is a high alert for all originators, processors, underwriters and management as a must-read bulletin. We strongly recommend that you review this with your entire staff to prepare them for the implementation in March 2017. (Freddie Mac Bulletin 2016-19 – Dated October 27, 2016 )
|Freddie Mac Lender Gifts & Grants – Home Possible® Mortgage – Lender Letter (Effective 9-20-2016)
You have likely seen the new 1% down payment programs offered by some of the larger lenders in your area. Freddie Mac issued this industry letter to immediately suspend and prohibit lenders from using their own lender gift or grant programs as an eligible source of funds – unless they have been specifically approved to do so by Freddie. (Freddie Mac Industry Letter – Dated September 20, 2016 – SUBJECT: LENDER GIFTS AND GRANTS AS ELIGIBLE SOURCE OF FUNDS FOR HOME POSSIBLE® MORTGAGES)
|Freddie Mac Requirements for Rural Properties Q&A
Freddie Mac Requirements for Rural Properties QA September 2016|
If you work with Rural properties or would like to, this update from Freddie Mac will assist you with some of the Frequently Asked Questions regarding eligibility. This resource document can be used to help remind you of the particulars that go along with a rural property, one that is zoned agricultural, has high acreage or dated comparables. (Freddie Mac Requirements for Rural Properties Q&A)
|Freddie Mac Bulletin 2016-16 - PACE Oblication changes effective immediately | Revisions to Condo Eligibility Rules – Effective March 1, 2017 | Revision to property setback rules for Coastal & Wetland areas – Effective December 1, 2016 | Changes to Electronic Recording of Paper Closing Documents – Effective September 14, 2016
PACE Obligation Changes September 2016|
If you work with Condominiums, PACE (Property Assessed Clean Energy) properties, or protected wetlands or tidal areas, you MUST read this article. That’s a big part of the country, and this is sure to affect your business in some way. In this article you will find important updates from Freddie Mac on all of these issues. (Freddie Mac Bulletin 2016-16 – Dated August 24, 2016 – PACE Obligation Changes effective immediately, Revisions to condominiums Effective March 1, 2017 or Immediate, Revision to property setback rules Effective December 1, 2016, and Changes to Electronic Recording of Paper Closing Documents Effective September 14, 2016.)
|Freddie Mac - Loan Product Advisor™ Updates - "Total Funds to be Verified, Alignment with FHA’s TOTAL Mortgage Scorecard Technology" - Effective August 28, 2016 AND "Updated Implementation Date for Loan Product Advisor Changes that Align with FHA's TOTAL Mortgage Scorecard Technology" - Effective September 25, 2016
Loan Product Advisor™ suppressed the “total funds to be verified,” causing confusion and errors. There are specific instructions in the news center article dated August 26, 2016, “Updated Implementation Date for Loan Product Advisor Changes that Align with FHA\'s TOTAL Mortgage Scorecard Technology,” on how to handle this delay for loans with case numbers assigned before 8/22, followed by instructions for loans with Case numbers assigned on or after 8/22, and then instructions for new and rescored submissions on or after 8/22 that have not yet closed by 9/25. If you work with Loan Product Advisor or FHA loans, then you want to stay informed by reading this article! (Freddie Mac News Center Articles – “Loan Product Advisor™ Updates: Total Funds to be Verified, Alignment with FHA’s TOTAL Mortgage Scorecard Technology” – Dated August 10, 2016, and “Updated Implementation Date for Loan Product Advisor Changes that Align with FHA\'s TOTAL Mortgage Scorecard Technology” - Dated August 26, 2016 – Effective September 25, 2016)
|Freddie Mac News Center & Job Aid Information Loan Product Advisor & Cash to Close Clarified (Effective 7-26-2016)
Freddie Mac is issuing a new Job Aid and further clarification on the cash-to-close feature within Loan Product Advisor. This article helps you navigate documents assets that can sometimes be a little complex. Download the “Loan Advisor: Determination of Total Funds To Be Verified” Matrix. (Freddie Mac News Center Article – Dated July 26, 2016 and Freddie Mac Job Aid – Dated July 26, 2016 - Effective Immediately)
|Freddie Mac - New ARM Notes and Riders, HomePossible™ Updates, Area Median Income, - Bulletin 2016-12 – Dated June 29, 2016
Freddie Mac Changes to Area Median Income Limits July 2016|
Freddie Mac issued a bulletin updating certain ARM Notes and Riders, HomePossible™ Updates and Area Median Income updates. Be sure to read these important updates for relevance to your business. (Freddie Mac Bulletin 2016-12 – Dated June 29, 2016 )
|Freddie Mac- Financed MI LTV, Restructured Mortgage, HomePossible™, Homeownership Counseling, Properties with Resale Restrictions. Bulletin 2016-11 – Dated June 15, 2016
Freddie Mac financed MI on 14 Unit Properties July 2016|
Freddie Mac has issued multiple updates for Financed MI, Restructured Mortgages, HomePossible™ Mortgage educational and counseling requirements and Properties with Resale Restrictions. Anyone that works with Freddie needs to read through this update for important changes. (Freddie Mac Bulletin 2016-11 – Dated June 15, 2016 )
|Freddie Mac Announces Release Date for Loan Advisor Suite – Launch Date July 11, 2016
Freddie Mac is changing the name of Loan Prospector to Loan Advisor. This newly created portal makes it easier for you to find and navigate through information. If you originate Freddie loans, take the trainings available as soon as possible. (Freddie Mac Announces Release Date for Loan Advisor Suite – Dated June 16, 2016 - Launch Date July 11, 2016)
|Freddie Mac – Condo & PUD Insurance – Effective 8-1-16, Streamlined Fraud Reporting – Effective April 13, 2016 - Bulletin 2016-06 (Dated April 13, 2016) [Includes Mortgage Talking Points™ - HO-6 Condo Insurance Policy Simplified!]
Freddie Mac updates Insurance Requirements for Condos and PUDs May 2016|
Condominiums and PUD insurance requirements in streamline project reviews can be a real hassle for lenders to comply with. Freddie has answered the call in this important update by changing those requirements. Be sure to read these important updates to make your job of originating these types of properties easier. (Freddie Mac Bulletin 2016-06 – Dated April 13, 2016 - Multiple Selling Guide Topics)
|Freddie Mac Outlines 3 Red Flags & 4 Tips to Fight Affinity Fraud [Download Chart/Checklist, 26 Red Flag Rules Checklist]
Freddie Mac has released some great materials to help you combat those who may be preying on a group of people in your area for the sole reason of obtaining loans the wrong way. Affinity Fraud is frequent enough that information is posted on this subject. This article outlines some of the warning signs that your borrowers should look for when being referred to someone in their church, group or neighborhood. (Freddie Mac (FHLMC) - 3 Red Flags + 4 Tips to Fight Affinity Fraud – Dated April 28, 2016)
|Freddie Loan Advisor Suite Replaces Loan Prospector. Bulletin 2016-03 (Dated February 17, 2016)
Loan Advisor Suite is the new branding for the old Loan Prospector. It’s a suite of tools to better manage all facets of doing business with Freddie Mac. Just like Fannie Mae, Freddie is updating how they do business. If you work with Freddie Mac, you will want to pay close attention to this update and the links we have provided. (Freddie Mac Bulletin 2016-03 – Dated February 17, 2016 )
|Freddie Mac – Super Conforming & 1-Unit Investment Properties – Bulletin 2016-03 [Download Updated Chart - Fannie Vs. Freddie Super Conforming and High Balance Reference Chart (effective 3-28-2016)]
Freddie Mac Super Conforming 1Unit Investment March 2016|
Freddie is catching up to Fannie Mae with this latest announcement on increased super-conforming LTV’s. Additionally, they are increasing their LTV on no cash-out refinances for 1-unit Investment Properties. Read this article for all of the details that will expand your market options. (Freddie Mac Bulletin 2016-03 – Dated February 17, 2016 )
|Freddie Mac Announcement of Reorganized Guide – Bulletin 2015-19 (Effective March 2, 2016)
When it came to accessing the present guidelines on Freddie Mac’s site, it was really a mess. Freddie Mac is updating and reorganizing their Seller/Servicer guide to make it more user friendly. Most loan officers, processors and underwriters will find themselves using the 4000 through 5000 sections for their interaction with the new guide, which is the Mortgage Eligibility and Origination and Underwriting sections. In this article we’ll show you how to use their new system. (Freddie Mac Announcement of Reorganized Guide – Announced in Guide Bulletin 2015-19 – Dated October 28, 2015)
|Freddie Mac – Updated LP Feedback Messages Chart – Release Notes (Effective 7-1-2016)
There are a lot of changes to the feedback that you receive from LP, and this article helps you understand how to interpret those messages. Pay particular attention to the recent changes on MI as they relate to the Home Possible program. There are also some asset requirement changes that you will want to pay close attention to, and revisit any old loans that may not have previously qualified for. (Freddie Mac Release Notes for Loan Prospector’s December 2015 Update – Dated December 22, 2015)
|Freddie Mac Announcement to delay implementation of Home Possible MI and Delivery Fee changes – Freddie Mac Bulletin 2015-21 [Download Chart/Checklist, HomeReady and Home Possible (updated 1/10/16)]
The big news in this article is the change to the MI requirements and Delivery Fee changes for Freddie Loans specifically related to the Home Possible program and manufactured homes. If this is your book of business be sure to look at these changes carefully for delivery fee changes and MI changes! (Freddie Mac Bulletin 2015-21 – Dated December 09, 2015 and Freddie Mac Announcement to delay implementation of Home Possible MI and Delivery Fee changes – Dated December 16, 2015)
|Freddie Mac – Borrower Funds, Occupant Borrower Contributions (Effective 12/14/15); Loan Limits (Effective 1-1-16) Bulletin 2015-20. [Download Comparison Chart - Fannie Mae vs. Freddie Mac - Non-Owner Occupant Co-Borrower Comparison Chart (Updated 12/14/15)]
Big Changes announced today on conventional loans December 2015|
Freddie’s announcement is exciting news this month, especially as it relates to an occupying borrower’s minimum contributions for LTV’s over 80%. They are also making it easier to use the full value of Retirement Funds as an asset. Other changes in this announcement have to do with loan limit changes, and you can read more in a combo announcement from Fannie, Freddie and FHFA. (Freddie Mac Bulletin 2015-20 – Dated December 02, 2015)
|Freddie Security & Business Continuity Planning – Bulletin 2015-19 (Effective 5-2-2016)
Compliance is becoming a bigger and bigger burden on all lenders, not just the big wholesalers and lenders. This means that even today’s small broker businesses will need to have in place a Business Continuity Plan and Information Security plan by May 2, 2016. Many brokers don’t believe that they need this; however, your wholesalers are responsible for ensuring that you do have compliance requirements in place. This means that if they audit you and you do not have compliance requirements in place, you risk losing your ability to do business with them. Make sure you have addressed at least the basics of this new requirement. (Freddie Mac Bulletin 2015-19 – Dated October 28, 2015)
|Freddie Mac Selling Updates – Borrower Down Payments Sources, Refi Changes, Short Sales, Credit Cards to Pay Fees, Rental of Primary Residence, Condos With Commercial Space - Bulletin 2015-16- Various Effective Dates. [Mortgage Talking PointsTM flyer, Show Me the Money! Okay Sources of Funds], [Mortgage Talking PointsTM flyer, Freddie - Rules for Buying Primary Residence without Selling Current Home] [Chart - Condo Eligibility Quick Reference Chart - Fannie/Freddie, FHA, VA and USDA] [Chart - Fannie/Freddie Comparison Chart - Non-Owner Occupant Co-Borrower Underwriting Rules]
Freddie Mac Eliminates 5 Rule October 2015|
Freddie Mac is really stepping up to the plate to take away a lot of the requirements that are annoying or don’t make sense, to make an originator’s process easier. Of big importance is the removal of the 5% borrower’s own funds requirement. This should help spur some sales. On the refinance side, the removal of the seasoning requirements on “no cash out,” along with “cash out” changes that remove the requirement for borrower length on title, will also help you increase your sales. Oh, and don’t forget the relaxed rules on turning a primary resident into a rental property. There are a lot of great updates in this release! (Freddie Mac Bulletin 2015-16 – Program Updates - Dated September 16, 2015)
|Freddie Mac News Center Announcement - Enhanced User Experience with Updates to their Guide and Bulletins (8-13-2015)
Freddie Mac is creating a better user experience when it comes to trying to find guidance on their loan requirements. This update explains how they are enhancing their system to lessen the time you spend on trying to track down information. (Freddie Mac News Center Announcement – Dated August 13, 2015 - Enhanced User Experience with Updates to their Guide and Bulletins )
|Freddie Mac Fact Sheet –Rental Income Matrix – Effective 10-26-2015 [Updated Checklist, Investment Property Guidelines - Fannie and Freddie Checklist]
Freddie Mac Rental Income Matrix Investment Property Guideline Checklist August 2015|
Freddie Mac has issued a Fact Sheet that will come in handy for those referral sources that specialize in investment property. This sheet outlines the rules based on where the rental income originates. It’s a great reference tool to keep handy for investor loan scenarios and to assist your referral sources in selling more investment property. (Freddie Mac Fact Sheet – Freddie Mac Rental Income Matrix – Dated July 2015)
|Freddie Mac Bulletin 2015-12 – Dated July 15 [Updated Chart - Investment Property Guidelines - Fannie and Freddie Checklist] and [Updated Chart - Student Loan Repayment Rules (effective 8-1-2015)]
Freddie Mac no longer requires 2year renal management history August 2015|
Freddie is clearly out to keep up with Fannie when it comes to investor loans. This month’s updates outline BIG changes to their underwriting guidelines which include removing the condition of 2 years of rental management history. They’re also increasing the number of properties a borrower can own when the subject property is an investment of a second home. (Freddie Mac Bulletin 2015-12 – Dated July 15, 2015)
|Freddie Mac Fact Sheet – Loan Prospector Documentation Matrix – Dated July 2015
Freddie Mac Fact Sheet LP Documentation Matrix August 2015|
Easy reference materials help you sound like “the” underwriting expert when dealing with your referral sources and their borrowers. This recently published Fact Sheet from Freddie Mac quickly goes through the income and asset types and provides you with the documentation you will need to acquire from the borrower. (Freddie Mac Fact Sheet – Loan Prospector Documentation Matrix – Dated July 2015)
|Freddie Loan Prospector Release Notes and Additional Updates (Effective 7-19-2015) [Download Chart/Checklist, Rules for Qualify for Home Using Retirement Income: FHA/VA/USDA/Conventional Loan Comparison Chart - Effective 7-19-2015]
Freddie is continually updating LP to promote a positive user experience. A couple of the problematic areas related to reserves have been added. They are also focused on the Feedback document received from LP to clear up the assets and reserves issue. You’ll find the examples and other updates as part of this article. (Freddie Loan Prospector Release Notes and Additional Updates for July 19, 2015 Update)
|Freddie Mac addresses IRS Rejection Messages and Reminds Lenders to Look Out for Fraud Red Flags (dated June 11, 2015)
Many lenders have been plagued with issues from IRS rejection messages as they try to gather the proper income verification for their files. Delays in closing and general frustration have added to the problems. This article highlights Freddie’s reminders on fraud and offers tips to help you get in front of the problem versus cleaning up after the problem. (Freddie Mac addresses IRS Rejection Messages and Reminds Lenders to Look Out for Fraud Red Flags – Dated June 11, 2015)
|Freddie Mac Credit & Income Eligibility Updated - Blt. 2015-7 (effective 7-20-2015)
Although this update has quite a few Servicing updates, it has important updates for originators as well. We’ve taken the relevant topics for origination from the bulletin and broken them out for you. (Freddie Mac Bulletin 2015-7 – Dated May 14, 2015)
|Freddie Announces Free Loan Prospector (effective 6/1/2015)
Loan Prospector has been updated and it is now free to its users. This is being done to encourage that the tool is used often, and provides more accurate results as the loan changes in processing. Freddie is hopeful that this incentive will result in loans that are delivered to them with the proper criteria. (Freddie Announces Free Loan Prospector Dated May 29, 2015)
|Freddie Mac - Understanding LP Determination of Reserve Requirements (Effective July 19, 2015)
This reference provides an overview on reserves, including how Loan Prospector® determines reserve requirements, and tips for entering asset and reserve information in Loan Prospector. Effective with the July release, Loan Prospector will determine the minimum amount of reserves requiring verification and return this information on the Loan Prospector Feedback Certificate. Link provided to download chart from Freddie. (FHLMC - Understanding Loan Prospector’s Determination of Reserve Requirements - Effective July 19, 2015. )
|Freddie Mac Bulletin 2015-4 – Selling Updates (Dated April 9, 2015)
Freddie Mac Commercial Space in Condos May 2015|
The latest Freddie Mac bulletin updates and expands the market potential for affordable seconds and condominiums through important guideline changes. Savvy salespeople will see some nuggets of opportunity in this release! Of note is the ability to use affordable seconds on properties beyond Home Possible and expansion of the commercial space to residential space allowed on condominiums. For operations, the LP will now calculate reserves on certain types of property, which may save you time in verifying those reserves. We’ve added the detailed Guidance for Reserves in an additional article this month, so be sure to check it out. (Freddie Mac Bulletin 2015-4 – Dated April 9, 2015 )
|Freddie Mac – SELLING AND SERVICING UPDATES – 2015-02 (Effective Feb 17, 2015)
Freddie Mac has released their latest seller and servicer bulletin. Most of the items contained in this update are servicing oriented; however, there are two important notes for origination staff. The first is the annual eligibility certification report, and the second is the FHFA Suspended Counterparty list. (Freddie Mac Bulletin 2015-02 – Dated February 17, 2015)
|Freddie Mac – Mortgage Screening Process: Red Flags for Single-Family Mortgage Fraud
There are warning signs on most files when it comes to fraud. In an effort to help lenders prevent fraud and buyback repercussions, read Freddie Mac’s paper on Red Flags that may trigger additional scrutiny. . This awareness can assist all origination personnel to recognize the signs of fraud in the early in the stages of the process. . The faster you catch a problem, the easier it will be solve. (Freddie Mac (FHLMC) Mortgage Screening Process: Red Flags for Single-Family Mortgage Fraud – Dated January 2015)
|Freddie Mac – Determining Condominium Project and Mortgage Eligibility
Freddie Mac Determining Condominium Project and Mortgage Eligibility March 2015|
Many originators shy away from offering condominium financing because they don’t feel comfortable assessing a condominium’s eligibility. Freddie Mac is trying to close that knowledge gap with their latest release that shows you how to determine whether a project is mortgage eligible. This “how to” guide makes what seems to be a complex process a little easier to understand. Armed with that knowledge you can increase your mortgage opportunities and sales volume. (Determining Condominium Project and Mortgage Eligibility – Fact Sheet )
|Loan Prospector Aligning with Guide Changes for Home Possible Advantage – Effective 1-26-15 [Download Chart – Fannie/Freddie Comparison Chart – 97% Financing Options]
Loan Prospector Aligning with Guide Changes for Home Possible Advantage January 2015|
Freddie Mac has announced additional flexibility in the “Home Possible Advantage” program by offering 97% LTV and 105% TLTV (Total Loan to Value). This first-time homebuyer program assists borrowers who may lack funds for a larger down payment mortgage. The release includes important notes as to the general requirements and training and subscribers can download a chart comparing Freddie to Fannie’s 97% LTV loan. (Loan Prospector Aligning with Guide Changes for Home Possible Advantage – Announcement Dated December 17, 2014)
|Freddie Mac Home Possible Advantage(sm) – Re-introduces the 97% Loan Product. Bulletin 2014-22 (Effective March 23, 2015)
Freddie Mac Possible Advantage 97 Loan Product December 2014|
You’ll find some slight variations between Fannie’s and Freddie’s 97% loan programs, but the main one is that a borrower does not have to be a first-time home buyer. You can originate the loans now—but can’t close until March 23, 2015! Read the differences between the two programs, including the limited cash-out refi options.
|Freddie Fact Sheet - Understanding Loan Prospector’s Determination of Total Monthly Debt for Conventional Loans (Effective Oct 19, 2014)
Freddie Mac is coming out of the dark ages with a more user-friendly interaction from lenders, so that the lender can more accurately provide for debts that may be excluded or paid off at or before closing. Download the fact sheet to understand exactly how Loan Prospector will arrive at the qualifying debt-to-income ratios and the flexibility it now allows.
|Freddie Mac Updates Various Topics – Bulletin 2014-18 – Oct. 15, 2014
So there is quite a bit more information on the actual bulletin issued by Freddie Mac, but only a small portion really carries any value to you as an originator. The most meaningful and worthwhile information to you is the improvements to the Home Possible Mortgage product line and third-party verification requirements.
|Freddie Reinstates Home Value Explorer® Messaging (Effective 11-23-2014)
Reinstating the HVE message will alert you if it’s determined that there might be an “excessive value” appraisal issue. An excessive value flag does not mean it is the end of the world. Work with your underwriter / borrower / Realtor to determine if the best comps were used to adequately assess value.
|Freddie Mac Selling Bulletin 2014-15 – AML Compliance, ARCH MI, Flood Insurance, Manufactured Homes (dated 8-14-14)
Freddie and Flood Insurance September 2014|
There is quite a bit more information in the actual bulletin issued by Freddie Mac, but only a small portion really carries any value to you as an originator. The most meaningful and worthwhile information to you is the change in the Flood Insurance requirements. This change can save the borrower hundreds of dollars annually if they do not need to cover detached, non-residential structures when the secured property is in a flood zone.
|Freddie Mac Quick Tips Video Highlights, Single-Family Seller/Servicer Guide Features released June 25, 2014
Freddie has taken the time and effort to highlight unique features that they offer in their selling guide to assist you in easily locating past, present and future guide changes. View their short video where they cover the new updates.
|Freddie Mac Selling Bulletin 2014-12 – Relief Refis, How to Count “Deferred Payments,” Large Deposits, Power of Attorney – 6-19-14
Many Borrowers Still Eligible for HARP Refinancing July 2014|
Freddie has updated many rules to mirror Fannie—including what payment amount to use for deferred student loans, open-end accounts and payoff (pay-down) of debts to qualify. They have also updated the Relief Refinance mortgage—to a max of $5000 loan proceeds to be used for related refi costs. Oh, and word has it that there are still over 600,000 borrowers eligible for a HARP refinance. You can now offer them an ARM program if they do not plan to stay in their home past 3-5 years.
|Freddie Mac Providing Training Tutorials on their Website
This website is for LO’s and Processors (who want to increase their knowledge), Underwriters (for those loan file types you don’t do very often), and Manager/Company Owners (keep your expenses lower by not having to pay for training). Promote from within. Use as weekly or monthly trainings for your new hires or present staff, and use as an aptitude assessment test at the interview stage or promotion stage to determine their overall knowledge base.
|Freddie Mac News Center Announcement – Effective June 23, 2014. [Download Charts/Checklists: Updated Student Loan Repayment Rules: FHA/VA/USDA & Conventional Comparison Chart 7-10-14 ]
Freddie Mac is doing all it can to mirror Fannie Mae in various topics. What problem could it create? It could make it harder to use one system over another when you do not get the response you had hoped for from the other AU system. You know, like when you ask mom first and she says ‘go ask dad’. You might just find yourself getting a ‘no’ from both parents.
|Freddie Mac Improves LP for better Usability (Effective June 22, 2014)
If you are an LP user, then you may find it valuable to run LP earlier in the process when you are still missing documentation, like in the case of a borrower not completing their asset section of the 1003. This update also adds some other neat checks and balances, like when an HOA fee is missing where one should have been listed and LP provides messaging that there is an inconsistency.
|Freddie Mac Selling Guide Bulletin 2014-06 – (Effective April 24, 2014)
Freddie Mac Rental Loss Insurance May 2014|
Finally, Freddie is requiring seller/servicers to notify them if anyone involved in a loan closing is being investigated for fraud or upon learning of guilty plea. Fannie also removed the requirement that borrowers maintain rental loss insurance for 2- to 4-family homes. Some other minor changes to flood insurance docs.
|Freddie Mac Introduces Self-Service Password Reset Option (Effective 2-24-2014)
You will only need to perform this function if you personally have logins to Loan Prospector. If you don’t, there is no direct impact to you. If you do, this is important to do sooner than later. Get this simple process done and out of the way so that you do not get ‘locked out’ when Freddie comes out with a mandatory adoption date.
|Freddie Mac Updates Feedback Messages – LP Enhancements (Effective 2-25-2014)
Freddie Mac Large Deposits March 2014|
The information in this update to LP Feedback messaging for Large Deposits helps a lot, including the requirement to only have to verify the actual assets needed for closing and any required reserves. This now aligns well with the requirements that Fannie Mae has on these topics.
|Freddie Mac Selling Guide Bulletin 2014-02, Reserve Requirements; Appraisal Dates & Living Trusts (Effective June 1, 2014)
Verifying Cash Reserves March 2014|
Do not get too caught up in all of this. This six-page bulletin that Freddie released explains various consolidations and provides some clarifications to the selling guide. However, the primary topic is the Reserve, which is the one with the most impact.
|Freddie Covering Its Own Behind – Response to CFPB Rules that Take Effect This Month
Here’s how I see it: Are they kidding? Freddie takes no ownership of this entire message they are distributing. Just take a look at the FAQs link I provide below for the new mortgage eligibility criteria. There is not one FAQ that is helpful whatsoever! Read the answers and you’ll see what I mean!
|Freddie Loan Prospector Lists Three New Feedback Messages for HPML (Effective January 10, 2014)
These feedback messages will impact loans that have not closed, and for the first two feedback messages, impact either your LP Open Access loans or loans that have an ARM feature. This could change your approval status on loans resubmitted to LP on or after 1/10/2014. Check your pipelines for these loans and be aware that you could lose a current Accept Risk class based on these new parameters.
|Freddie Updates Various Selling Guide Topics – Bulletin 2013-23 (dated 11-15-2013)
You’ll find 5 pages of rule updates contained in Freddie Bulletin 2013-23. Read the Interpretative comments about the ones affecting the origination side of the business and what they really mean to you and your files.
|Freddie Mac Notice – Implementation of the New CFPB Property Valuation Requirements (Effective 1-18-2014)
Implementation of the New CFPB Property Valuation Requirements December 2013|
This appraisal disclosure is a big deal: Lenders will need to update their disclosure processes to comply with this rule. For example, let’s say you have several updates to an appraisal, or the appraiser is asked to get more comps, or the underwriter requests a review appraisal. Copies of all must be sent to the borrower—within 3 days of receipt!
|New (and improved) Loan Prospector Underwriting Feedback Enhancements (dated 9-19-13)
Well, when you can be on the same knowledge level as the underwriter regarding what Freddie will or will not accept, that’s pretty cool. When you can meet your underwriter eye-to-eye on loan requirements and talk the same talk, you have the power to discuss conditions when an underwriter is over-documenting a loan file.
|Freddie Updates Various Selling Guide Topics – Bulletin 2013-18 (dated 9-24-13)
Freddie Updates Various Selling Guide Topics October 2013|
The updates in this bulletin cover large deposits, verification of assets, 401k funds as cash reserves, temporary-leave income, Relief-Refi\'s, and loan limits when financed MI insurance is added. This was issued to "clarify" some past updates from Freddie.
|Freddie Updates Loan Prospector (Effective July 20, 2013)
The updates to Freddie LP that was supposed to take place in June, was change to July. So we are reprinting the article as a reminder of the changes that have been made. Take some time to review the new feedback restrictions and the new sample LP Feedback Certificate. You can now more efficiently identify what changes must be made before you re-attempt running the loan back through LP, which may greatly reduce multiple runs through LP. This has become a Red Flag for the QC portion of the business as it usually indicates excessive attempts to ‘make the loan work’.
|Freddie Gives You a Heads-Up on Changes Loan Prospector: Fall, 2013 (No specific date given.)
It is important to begin breaking down your income now into the appropriate categories so that you are prepared for the income messaging updates scheduled for late fall 2013. This is a huge benefit to anyone originating Freddie loans and will provide the relief you have been waiting for when trying to document LP loans….. you finally have clear and concise messaging on what specifically to document your loan with for all income types.
|Freddie Updates to Selling Guide: Authorized Users, Resale Restrictions, Condo Projects, Misc. Bulletin 2013-13 (Effective July 18, 2013) [Download Mortgage Talking Points™ flyers, Freddie's List of Condo Project Types that Don't Qualify for Financing AND Chart/Checklist What Does that Mean? Condo Project Terminology]
Freddie Condo Types that Dont Qualify August 2013|
These updates should give you something to celebrate! Freddie is now putting this back in the hands of the underwriter to determine the impact of the Authorized User Account as it relates to the overall credit history of the borrower. They are also simplifying their approach for condominium eligibility review with a new diagram designed to illustrate the various condo project requirements and review types, so you will feel a benefit in condo projects that have a live-work or mixed-use ability.
|Freddie Updates – Fraud Prevention; Approved MI provider; Relief Refi; Living Trusts; Signature Requirements; Condo Reviews; HVE – Bulletin 2013-08 (May 15, 2013)
Freddie and Financing Investment Properties involving Living Trust June 2013|
Freddie’s updates consist of 6 pages of really nothing meaningful. Depending on your role in the business, you may find one or two things in here that you need to look into further. Otherwise, unless you are a direct seller and servicer, there is paper waste if you print this bulletin. (Freddie Mac Bulletin 2013-08: Updates to Seller/Servicer Guide (dated 5-15-2013)
|Freddie Updates Loan Prospector (Effective June 23, 2013)
Great update! Take some time to review the new feedback restrictions and the new sample LP Feedback Certificate. You can now more efficiently identify what changes must be made before you re-attempt running the loan back through LP, which may greatly reduce multiple runs through LP. This has become a Red Flag for the QC portion of the business as it usually indicates excessive attempts to ‘make the loan work’.
|Freddie Mac Update Loan Prospector on May 12, 2013
Really, this is almost meaningless and there is no true impact to your business due to these enhancements. I will say that the HVE update is interesting. Freddie is getting rid of the standard 20% benchmark for variance/tolerances for their HVE product and moving to a variance percentage that will be triggered by a variance percentage, loan type and the HVE confidence score.
|Freddie Revises Guidelines for Relief Refinance Mortgages and Lender Contributions – Bulletin 2013-2 (Effective April 30, 2013)
Freddie Lender Contribution Rules February 2013|
Huh???? Freddie (and Fannie) have posted “Lender Incentive” rules. They say you can offer “gift cards valued up to $500” as an incentive for people to do ”refinance” business with you. One way to think about it is like new-car incentives. However, in the mortgage business, you are marketing to people to close the loan with YOU and you’ll pay them $500. (Freddie Mac Selling Guide Bulletin 2013-2 Dated January 31, 2013 )
|Freddie Updates Loan Prospector Feedback Messages – Release Notes 12-19-12 (Effective 12-14-12)
If you are a long-time user of LP you know many of the frustrations that go into using this as a tool for originating and underwriting. The messaging now very clearly indicates when you must manually underwrite a file when an authorized user account shows up, and what steps you must take and validate if you do not downgrade to a manual underwrite. Website link to LP Feedback Message Codes provided in this article. (Loan Prospector February 10 Release Notes (Dated December 19, 2012))
|Freddie Provides Additional Option for Verbal VOE’s – Bulletin 2012-28 (Effective 12-14-12)
What is changing, and effective immediately, is that you now have the option of obtaining the verbal VOE for employed borrowers and the verification of existence of business for self-employed borrowers after the note date, but prior to the delivery date of the mortgage to Freddie. You run the risk, if you postpone getting the verbal VOE or the evidence of existence of business until after the note date, of not being able to obtain these verifications at all. (Updated Documentation Requirements Provide More Flexibility as Announced in Guide Bulletin 2012-28)
|Freddie Mac Updates Rules Related to Properties Affected by Disasters - Bulletin 2012-24 (Effective November 1, 2012)
Freddie Mac and Disaster Properties November 2012|
Freddie Mac issued Bulletin 2012-24, with their own version of “properties affected by disasters.” It’s really in two parts—a “general” update for properties that may be declared a disaster in the “future,” and then specifically for Hurricane Sandy. Link provided to check which counties and states are eligible.
|Freddie Mac Home Changes ARM Rate Caps & Home Possible® Area Median Income Guidance – Bulletin 2012-21 (Effective Nov 18, 2012 and July 1, 2013)
I do not see either of these two topics having a big impact immediately. The market is still very focused on fixed rate mortgages and will continue to be an FRM market until we see a spike in rates. No real impact for you on these topics unless you market ARM’s or originate Home Possible Mortgages.
|Freddie Updates Various Topics: Relief Refinance Mortgages; Same Servicer; and FHLMC Relief Refinance Mortgages – Open Access (Effective November 19, 2012)
Denied in the past by Freddie Mac October 2012|
The key to these changes is to really know what you “do” and “do not need” on these Freddie refinance options. The key is not to over-document these files. They are making this as streamlined as possible, so that more borrowers can qualify. (FHLMC Bulletin Number: 2012-19 Dated September 14, 2012)
|Freddie Mac introduces a cash-out option for properties acquired within 6 months of acquisition (Delayed Financing Exception). Selling Guide Section 24.6 (Effective 7-23-12)
This is great news. You now have a choice of which agency to use when looking to assist a borrower who has acquired a property within the past six months that they would like to refinance to recoup the costs of acquisition. (FHLMC Selling Guide Section 24.6 – Released and Updated 7/23/2012)
|Freddie Reduces a primary fee for HARP L:oans (Effective 5-15-12)
FHLMC is really trying to entice more lenders and aggregators to pursue the HARP program for eligible borrowers, and draw attention to themselves so that they can appear to be that ‘knight in shining armor’. In practice this may not be as widespread or available as FHLMC would like the public to think. You are competing against other lenders that have access to this delivery option through FHLMC, which could put you at a disadvantage of up to .50 basis points on your rate/price quote. (FHLMC Single Family News Bulletin – Dated May 9th, 2012)
|Communication Time Lines for Short Sales Established [Download Mortgage Talking PointsTM flyer, Fannie Mae & Freddie Mac Short Sale Servicing Timeline] (FNMA Annc. SVC 2012-7 - Effective June 25, 2012 | FHLMC Bulletin 2012-9 - Effective June 15, 2012)
FannieFreddie Short Sales May 2012|
Why is this important to you? Right now there is a backlog of homes and borrowers that could benefit from a quicker path to a short sale as a foreclosure alternative, as well as myriad processes and paperwork – but no accountability or service that the servicer is obligated to follow on a consistent basis. This will empower the borrower and the realtor that is assisting with the short sale with the expectations and knowledge to challenge the servicer when the new timelines are not met. (FNMA Annc. SVC 2012-7 - Effective June 25, 2012 | FHLMC - Bulletin 2012-9 - Effective June 15, 2012)
|Freddie Announces Changes for Mortgage Credit Certificates (MCC’s) – Bulletin 2012-08 (Part 2)
Freddie is now consistent with Fannie Mae in regard to how they handle an MCC. MCC’s are a great tool, and if you’re not familiar with them it is worth checking with your state housing agency to see if they are available in your state. In some cases, an MCC could help make a borrower eligible for a loan they may not have otherwise been able to get. (FHLMC 2012-8)
|Freddie Mac - Multiple Topics - Borrower funds updates; ALT 97; Forms 1120SF and 16SF updated and revised, postsettlement delivery fee changes; and ULDD requirements - Bulletin 2012-8 (Part 1)
While there are several changes within this one bulletin, the one that you need to be concerned with is that Freddie is revising the requirements to permit net proceeds of the trade-in of the Borrower’s previously owned residence (trade equity) and prior rental payments made by the Borrower to be credited toward the purchase price of the subject property (rent credits). (Bulletin 2012-8: Selling (03/15/12))
|Freddie Reminds of Increased Guarantee Fees – Announcement 2012-06 (Effective April 1, 2012)
As you are probably well aware, this 10bp increase in guarantee fees applies to both Fannie Mae and Freddie Mac. Unfortunately, while the payroll tax credit is so-called “temporary,” the truth is that many hard working American families have just received the first federally mandated mortgage tax in the form of a “guarantee fee.”
|Freddie Extends for ULDD Compliance to July 23, 2012. Bulletin 2012-3. Jan. 31, 2012.
Make sure you have explained to your staff your work flow for compliance with ULDD. In addition, you will want to make sure your software vendors are up to date and ready to go with the updated deadlines. No effect whatsoever on the origination side of things. (Freddie Mac 2012-3)
|Freddie Updates Land Contract Payoff; Homes Purchased with Cash-Refinance Policies and Appraisal requirements. Bulletin 2011-25 (Effective Dec 16, 2011)
[Download Chart/Checklist, Freddie Mac – Land Contract Rules: Refinance or Purchase?]
Freddie Mac Land Contract Rules January 2012|
Freddie is once again playing catch up with Fannie Mae. The biggie in this Bulletin is the clarification on land contract payoffs which helps to make things more clear as to whether to treat it as a refi or a purchase. Do you have any borrowers who can benefit from the cash-out refinance policy change? You may have passed on some deals previously that you can now get done.
|Freddie Changes a Couple of HARP Refinance Policies; HVE Disclosure, RMIC Same Servicer – Bulletin 2012-1 (Effective January 5, 2012)
Freddie Mac prior to 53109 January 2012|
In an attempt to help more borrowers become eligible under the enhanced HARP guidelines, Freddie Mac is making it easier for more people to qualify using the Relief Refinance mortgage program. Right now, this applies to “Same Servicer” only! ()FHLMC 2012-01
|Freddie Mac Updates Buying Incentives for REO’s (Effective 11-15-11 to 1-31-12). [Download Mortgage Talking PointsTM flyer, Smart Buy Incentives to Buy Freddie Mac Foreclosed Homes]
Freddie Mac REOs December 2011|
New Winter Sales Incentives. We suggest that you sign up to receive notices from Freddie when a home goes on the market in your area. That way you can post the new listing on Facebook, or even let your clients/prospects know when a new listing hits the market!
|Freddie – Home Affordable Refinance Program: What’s the Big Deal? Bulletin 2011-22 (Effective December 1, 2011)
Freddie Mac and HARP November 2011|
Freddie’s HARP guidelines contain some subtle differences (vs. Fannie). Lowered LLPA’s for Owner Occupied but not NOO. Freddie does NOT want you to solicit clients to refinance Freddie-owned loans. Be careful with loans under 80% LTV with subordinate financing. Freddie, unlike Fannie decided to put a 105% TLTV/HCLTV cap on these loans. THIS CHANGE WILL KILL LOANS THAT ARE CURRENTLY ELIGIBLE! Read Fannie HARP Article to compare! (Freddie Mac Bulletin 2011-22)
|Freddie Updates Guidance on Qualifying Income – Bulletin 2011-21 (Effective 11-4-11)
Some good news for a change for Freddie November 2011|
I almost fell off my chair when I read this! And it’s good news when verifying retirement, long-term disability, Social Security and child support income. Alimony, Child Support and Separate Maintenance has been reduced to six months and for all others, you only need to verify two months of receipt. If you had any deals that you have turned down because of the history of receipt of income, these changes may bring them back to life. (Freddie Mac Bulletin 2011-21)
|Freddie Mac HomeSteps® Smart Buy REO Properties.
Freddie Mac HomeSteps November 2011|
In some parts of the country, REO’s are a significant portion of homes sold. Let your agents know about the incentives available. Oh, and you can sign up to receive notices whenever a new foreclosure is posted so you can let your agents and database know.
|Freddie Expands Clarification on Financing Rural Property
Freddie Mac October 2011|
Freddie is trying to expand financing to rural properties. “In general, as long as the property is adequate collateral to back the mortgage transaction, based on the value and the marketability of the property, then the loan is eligible for sale to Freddie Mac.” However, the key to successfully getting these loans approved often times will ride on the quality of the appraisal. (Providing Mortgage Liquidity for Rural America – September 13, 2011)
|Freddie Makes Multiple Updates to Their Selling Guide – Bulletin 2011-15 – Self-employed assets; New Construction Arms-Length Transactions; Definition of “Owner-Occupied” and Relief Refi Open Access.
Freddie Mac September 2011|
The subordination agreement, the CPA letter( regarding assets being eliminated )and tracking down the servicer if you are doing a DU Refi or Refief Refi to see if “eligible for the refinance” are the big changes with Freddie this month. Oh, and just a reminder to check your files to make sure you’ll comply with the loan limits for closing as of 9-30-11. (Freddie Mac Bulletin 2011-15)
|Freddie REO’s HomeSteps ™ Changes Incentives Again
The incentives for paying buyer’s closing costs and a selling bonus have disappeared, but Freddie has kept a copy of incentives.
|Freddie Warns Lower Super Conforming Limits (Effective October 1, 2011)
No Time to Waste August 2011|
We have known this was coming and many are still hoping that congress will step in and extend the date past the September 30, 2011 cutoff. As of the time of publication that has not been done and you should plan on the lower limits taking effect. We will keep you posted if there is a change. But you should be communicating with your agents and borrowers alike that this is no time to drag their feet. (Single Family Update - July 18, 2011)
|Freddie Mac updates LP (Effective 7-17-2011)
Nothing new here. Mortgage Currentcy has already informed you of these changes previously but we’ve provided links to review the updates to LP on 7-17-11. Just a reminder, Fannie Mae does still provide 97% LTV financing and almost all PMI companies are insuring them again. This may be a viable alternative to an FHA loan for some of your clients. (Loan Prospector July 17 Release)
|Freddie Clarifies Underwriting Rules: Assets, Credit Card for Application Fees, Property Eligibility, Escrow for Repairs, Manufactured Homes, UDA – Bulletin 2011-10 – (Effective May 25, 2011) [Download 2 Mortgage Talking Points™ flyers, Conventional Loan Rules: Home Repairs Not Complete Prior to Closing AND It’s the Little Things That Count
Fannie & Freddie Rule Updates (Effective June, 2011)]
FannieFreddie June 2011|
A lot of updates from Freddie Mac, and I’m not going to lie, they write the absolute worst bulletins. Often times their bulletins cross reference multiple sections of their selling guide and in many cases still provide limited guidance. Fortunately for you, you subscribe to Mortgage Currentcy and we do the heavy lifting for you. Freddie updates: Assets, Credit Card for Application Fees, Property Eligibility, Escrow for Repairs, Manufactured Homes, UDA. Two Mortgage Talking Points™ flyers for you: Conventional Loan Rules: Home Repairs Not Complete Prior to Closing It\'s the Little Things That Count Fannie & Freddie Rule Updates (Effective June 2011)
|Freddie Addresses Best Practices to Cure Loan Processing Deficiencies
As simple as these things are they are the areas where Freddie continues to see the most deficiency. This release is not so much a rule as it is a series of suggestions to help limit repurchase liability.
|Freddie Extends Home Affordable Refinance Program (Extended to June 30, 2012)
No change to the core guidelines. A decrease in LLPAs that apply for high LTV loans that essentially puts us back to where they were previously. At the end of the day just an extension to June 30, 2012 and a repeal of the increased LLPA’s.
|Freddie Cut’s Max LTV/TLTV – Clarifies Sales Concessions - Bulletin 2011-4 (Effective June 1, 2011)
Freddie Mac March 2011|
Freddie says they are “helping to sustain homeownership”. Okay….so buyers will have fewer low down payment options which will help current homeowners sustain their homeownership longer as they will have fewer options for buyers. Long story short, if you want to do a 3% down conventional loan after June 1st, Fannie Mae is the only game in town. (Freddie Changes in Maximum Financing Requirements Support Sustainable Homeownership)
|Freddie Updates Eligibility and Credit Underwriting Guides for Refinances (Effective 5-1-11) Bulletin 2011-02
Freddie Mac February 2011|
If you have done a lot of Freddie Mac owned streamline refis, the train has left the station. New credit and funds verification rules. If you have streamline refis of Freddie Mac owned loans in process, make sure you get these loans closed for delivery to Freddie before the May 1, 2011 deadline. (Freddie Mac Bulletin 2011-02)
|Freddie Mac Extends Special Foreclosure Protections to Military Service Members Bulletin 2010-32 (Expires December 31, 2011)
Freddie Mac January 2011|
While this is not origination news, it is important information for all borrowers who are experiencing financial difficulties due to active duty deployment. Be sure to let your client base know how to check if they have a Freddie Mac owned loan with the link provided in this article. (Extension of Service Member Foreclosure Protection, Bulletin 2010-32, December 17, 2010)
|New Webpage from Freddie: Responsible Lending, Appraisal Quality &
Freddie appears to be focused on processes and underwriting guidance in stark contrast to Fannie, which seems more focused on data and delivery errors. If you are looking for a place to find operational advice, and content for training sessions/sales meetings about “quality control” topics - you really should check this out - The Responsible Lending Site covers pretty much everything. (Single Family News)
|Freddie’s How to Use Home Value Explorer Additional Guidance – posted on Single Family News 11-17-10
HVE Data is useful and should be used as a tool to better understand which appraisals represent a higher risk, but Freddie realized that just putting the information out there wasn’t working. This can easily be implemented on a small or large scale operation and should be part of the best practices of any size company. (LP News)
|Freddie Increases Delivery Fees – Bulletin 2010-30 (Effective 3-1-11)
When you read this, you’d think that Freddie is walled off in a room somewhere drinking the Kool-Aid with no real world contact? These grids of delivery fees are cut-and-pasted to most rate sheets – passed directly on to the consumer –and Freddie says they AREN’T responsible? Including their statement that the borrower will “hardly notice it”? Come on, get a life Freddie? (Freddie Mac Bulletin 2010-30)
|Freddie - Newly Constructed Homes Documentation Changes – Update to Bulletin 2010-7 (Effective 1-1-11)
If you have access to construction lending, take the time to learn it – as economic recovery continues, this sector of lending will grow – nothing better than an under-served community of builders to grow your business. (Freddie Mac Bulletin 2010-7 & LP News 10-15-10 )
|Freddie Updates Appraiser Independence (Effective 10-15-10), Credit Reporting & Cash Reserves (Effective 2-1-11), Bulletin 2010-23. [Download Mortgage Talking PointsTM flyer, Freddie Mac Rules for Buying Primary Residence without Selling Current Home (Updated) & Download Charts/Checklist - Fannie vs. Freddie - Waiting Periods & Requirements (Updated)]
Mortgage Talking Points flyer Rules for Buying Primary Residence without Selling Current Home November 2010|
The new rule and the sunset of HVCC doesn\'t change a thing. There are some publications out there stating that the Interim Rule doesn\'t prohibit production staff from ordering, paying for, or participating in the appraisal process directly with appraisers - but I\'m here to tell you different. Oh, and seriously review the credit changes (eff. 2-1-11) - you have some interesting new requirements. (Freddie Mac Bulletin 2010-13)
|Freddie Updates Fraud Prevention – Bulletin 2010-22 (Effective January 1, 2011)
Freddie is slowly but surely updating its own best practices for improving the quality of mortgage loans. If you are looking for solid QC policy and implementation material – Freddie is the best. Simply fantastic step-by-step guidance that doesn’t leave you feeling like you should have been kissed first. (Freddie Mac Bulletin 2010-22: Fraud Detection, Prevention & Reporting)
|Fannie Loan Upgrades Data Delivery & Launches EarlyCheck™ System on September 25, 2010
Fannie & Freddie keep making announcements telling us that they will make announcements later… especially when Fannie says that it’s “available” but you don’t have to USE it! Can’t wait for Investor and Lender requirements! (Hot Topics – EarlyCheck, UAD: Uniform Appraisal Dataset, Update ULDD: Uniform Loan Delivery Dataset, LQI Reminder )
|Freddie Delays Credit Inquiry Rule - New Effective Date 2-1-2011
Just a little refresher: For all inquires within a 120-day period (4 months) from the date of the borrower’s credit report, the lender must determine whether additional credit has been granted. (Freddie Mac Bulletin 2010-19)
|Freddie Updates and Guidance, Includes “Evaluating Credit” (Effective 2-1-11) “Principal Curtailment on Refis”, (Effective 8-16-10) “Streamline Reviews Condo Projects”(Effective 8-16-10) – Bulletin 2010-19
I think Freddie gets it -- No suggestions of “refreshing a credit report” that start a cascade of consequences and then pulling back stating we never said or intended that (like Fannie)… Just simple, prudent underwriting guidance. Bottom Line: we are responsible for complete and accurate loan information through the closing date. (Freddie Mac Bulletin 2010-19)
|Freddie Releases Their Implementation Guide for Loan Delivery Data – Bulletin 2010-15 (Effective 9-1-11)
This is Freddie’s version of their plans to implement ULDD--Don’t waste your time on this one yet—does not go into effect until September 2011. We’re sure there will be more updates and FAQs then you can say grace over! (Freddie Mac Bulletin 2010-15)
|Freddie Offers Help on Chinese Drywall Problem - Industry Letter 6-25-10 [Download Mortgage Talking PointsTM flyer, Some Relief for Chinese Drywall Problem]
Mortgage Talking PointsTM July 2010|
We normally do not address Servicing issues like forbearance, but this issue isn’t just about a Servicing relief program. Problem Drywall comprises over 3,000 homes in 37 States, the District of Columbia, American Samoa, & Puerto Rico. Ultimately, this issue potentially affects YOUR clients and YOUR Realtor and Builder’s clients. Mortgage Talking Points: Some Relief For Chinese Drywall Problem. (Industry Letter: Problem Drywall, 6-25-2010)
|Freddie Rescinds PUDs Rule (Eff. 6-15-10); Relief Refi Adding/Deleting Borrowers (Eff. 6-15-10) LO & Appraiser ID’s (7-1-10) – Bulletin 2010-13 – [Download Mortgage Talking PointsTM flyer, Planned Unit Developments: Keeping It Simple]
Mortgage Talking PointsTM July 2010|
A couple of biggies here: PUD approvals back to where they were before (don’t have to treat as a condo) and you can now add and delete borrowers—under certain conditions! (Freddie Mac Bulletin 2010-13)
|New LTVs for Rural Housing (effective June 13, 2010) and Manufactured Homes (effective April 8, 2010) – Bulletin 2010-09
This bulletin updates and clarifies some LTVs for rural housing and manufactured homes…no big deal…no surprises and unless you are selling these types of loans to Freddie, no need to read this one! (Freddie Mac Bulletin 2010-9)
|Freddie Tightens Credit Manual Underwriting - Eliminates Interest Only Programs - Bulletin 2010-7 (Effective June 13, 2010)
Freddie is continuing to raise credit score requirements on several targeted products. The elimination of ALL Interest Only loans caught me a little by surprise, but then again, given the times we are lending in, the real question is what took so long? -Prediction - Fannie will follow soon. (Freddie Mac Announcement 2010-7)
|Freddie Follows Suit and Approves New Mortgage Insurers (Effective April 1, 2010)
As expected, Freddie has approved the changes made by existing MI companies and added Essent Guaranty to the mix. Don’t expect guidelines to relax though… No changes to how loans are originated or delivered. (Single Family Advisory)
|Freddie Updates LP Credit Requirements & HVE Feedback (Effective February 28, 2010)
LP Releases have effective dates, corresponding Bulletins, etc… Suffice it to say, everything is now effective and if you are not able to comply with a rule change, you need to close that loan by April 1st. (Freddie Mac February 28 Release)
|Freddie using Loan Prospector to Improve Appraisal Quality Using Home Value Explorer® (Effective February 28, 2010)
This is intended to be a tool – use it as such, but don’t overreact. Every 20% variance does NOT require a review or second appraisal – sometimes it can be difficult to reconcile them. Watch out for delays that may result – a review or second appraisal is not a good thing. (Freddie Mac Bulletin 2010-5)
|Freddie Mac Homeownership Series Now in Spanish - [Link to Download Brochures.]
Download the brochures and keep them handy to send or email to your Spanish-speaking clients. Brochures are easy to customize with your contact info. Link to download all 9 of them!
|Freddie Joins the Chorus - Just Say NO to FHA Condo Approvals (Effective 2-1-10, Bulletin 2010-2)
As predicted last month when Fannie bailed on using FHA Condo Approvals, Freddie was not far behind. The odd thing about it – Freddie lumped in VA loans as eligible. VA was the first to come out and state that they would not accept FHA Condo approvals…but Freddie will buy ineligible VA loans???
|Freddie Enhances Home Value Explorer! Also Updates State Anti-Predatory Laws! Plus LIBOR Index Resource – Bulletin 2009-25
Most of this bulletin covers servicing issues but we found 3 things that affect loan officers & processors! Get the link for HVE for the Relief Refi Mortgages. The Anti-Predatory added to the Guide—listing 14 states considered to be HIGH-COST loans (by state statute) are not salable to Freddie (are you one of those states?). What LIBOR resource to rely on for your disclosures. (Freddie Mac Bulletin 2009-25)
|Freddie - Big Changes to Credit Requirements (Effective 12-4-09; 12-14-09; 2-15-10) Addition of Unique Identifiers (Effective 7-1-10) Bulletin 2009-27
Whew! You’ll want to read this interpretation right now! Some went into effect on 12-4-09, others - a few days from now! Highlights: Buying another home without selling current home; How rental income will be counted—or not counted; Timing of Verbal VOE extended; Self-Employed Taking Cash out of business clarified; and everyone on the planet must sign 4506T. (Freddie Mac Bulletin 2009-27)
|Freddie Updates Loan Prospector (Effective 11-22-09 and 12-13-09)
You will start getting real, meaningful messages from LP…imagine the possibilities. I am sure you’ve heeded my warnings – lots of changes…all coming to a Loan Prospector near you… Be aware of the Cash-Out change coming – LP is going to start alerting you to this early – but you had better not miss the settlement deadline of January 31, 2010! (November 22 Release & December 13 Release)
|Freddie Mac Updates to Open Access Relief Refi Program (Effective October 1, 2009)
When it first started, it was a pain to use Open Access—but it’s getting better! If you are not pursuing those loans you lost early on – don’t give up. Rates are in a good place and contacting those old leads for Freddie Relief Refis may yield some good deals. (LP September 27 Release Single Family News)
|Freddie Updates and Housekeeping - HomeStepsTM Promotion Extended Also, Exclusionary List Updated and Condos Types!
We’ve updated the Mortgage Talking PointsTM flyer for HomeSteps™ – this program is pretty popular and the extension gives you one more good reason to get in front of your referral sources!
|Freddie’s Best Practices – Finally Addresses Property Flipping Issues (Effective Immediately) - [Includes Mortgage Talking PointsTM flyer - Best Practices for Property Flips]
What Freddie has done here is to define which property flipping strategies strike a medium balance – notice I didn’t say “happy”. Not only did they give us guidance for additional due diligence, but this time, the guidance comes with a stick. We all know the players in the market that are buying and flipping – We know the players we trust and the rest we don’t know – right? I can tell you this – the ones you trust are going to be questioned in ways they likely haven’t been before. (Freddie Mac Announcement 2009-24)
|Freddie Revises Streamline Refi’s, Credit and Property Requirements – Annc. 2009-24 – Multiple Effective Dates!
The more research I did, the more I realized this was pretty major. Streamlined-refi’s have several new requirements – not so much of a surprise but still a serious lock-down of the process. Plenty of time is given for the major changes, but you are going to want to start getting familiar with them NOW. Read the synopsis: Not only did they bury you with new guidance – they moved everything so you can’t find it! (Freddie Mac Announcement 2009-24)
|Freddie Mac Updates - Equifax Acquisition of LandAm Credit
Just a little ditty – housekeeping really. LP will be updated removing LACS as a drop-down option. Freddie is recommending you establish agreements with at least two Credit Reporting Companies to ensure uninterrupted access when using LPs credit options. (Loan Prospector® News - September 17, 2009)
|Freddie Encourages (with a capital E) Use of Manual Overlay Due to LP Delay (Effective November 1, 2009)
LP implementation seems to have hit a snag. So you are encouraged, and dare I say, “expected” to use this online tool. This process looks tedious and a bit on the difficult-to-be-successful side of things. While not complicated, I can’t see this going smoothly for you from application to close. (Loan Prospector® Processing Reminders for Mortgages with Submission Dates prior to November 1, 2009)
|Freddie Mac Cleans Up and Corrects Miscellaneous Issues with Bulletin 2009-22
Dates, Dates, and more Dates to watch…be careful to monitor the dates listed for AMI and use of prior guidelines. And Agencies tend to get a little persnickety about use of old forms, so get the correct Form 91 and use it whether you have Farm Income or not.
|Freddie Creates Updated LP Matrix (Effective October 1, 2009)
The new Documentation Matrix is a full reference tool for Loan Prospector. Guidance is given on everything from documentation level to underwriting requirements. (Related to Freddie Bulletin 2009-18)
|Freddie Mac Updates List of People NOT TO DO BUSINESS WITH - Exclusionary List (Effective 8-21-09)
The Exclusionary List is Freddie’s “do not use these people for anything mortgage loan related” list. You may not for any reason employ or otherwise engage parties in any part of the mortgage process whose names appear here. Industry Letter 08/21/09: Off-cycle update to the Exclusionary List (08/21/09)
|Freddie Unveils New HomeSteps Promotion – Purchase Agreement (Exp. Date 10-30-09)
Get the word out NOW! It’s been around for about a month now but new incentives have been added to get those REOs sold! Home Buyers get up to 3.5% towards costs, a home warranty and appliance discounts from Freddie for accepted offers until October 30, 2009 (close by year-end). (HomeSteps 2009 Nationwide SmartBuy Purchase Program)
|Freddie Mac Relief Refinance Mortgages 125 LTV (Effective 10-1-09)
You will have to wait until October 1, 2009 to close your l25% LTV Freddie Relief Refis (versus Fannie’s being effective 8-3-09). Remember that all Freddie Mac Relief Refinance Mortgages are subject to LLPA\' now. The only good news is there is a cap in place for LLPAs and there is incentive for borrowers to take a shorter term to help reduce the cap even further. (Freddie Mac Bulletin 2009-20 and 2009-21)
|Freddie Clarifies and Revises Underwriting Guidelines (Effective Date 10-1-09) (Includes Freddie Best Practices Exhibit 2009-18)
The word of the day is DOCUMENT! If you can\'t document it, then you can\'t count it! The changes and “clarifications” in Bulletin 2009-18 are numerous and have been the norm for any lender with half a brain. The problem with rules and clarifications such as these is that lenders tend to go overboard and impose their own insane overlays on top of them. Includes Freddie Best Practices Exhibit 2009-18. (Freddie Mac Announcement 09-18)
|Freddie Mac Announces Further Enhancements to the Relief Refinance Program - 125% LTV (Effective October 1, 2009)
The big news here is the availability of 125% LTV refinance opportunities. This option may help many homeowners, assuming rates in October are favorable. But can I rant for a second? When are these guys going to get it? The people who need the most help are the ones that have all of the LLPA’s. I understand the need to price for risk, but come on already? (2009-07-01 Advisory Bulletin 2009-15)
|Freddie Updates to Support Super Conforming Loans - Before and After (Effective 6-14-2009)
If you work in an area where super conforming loans are eligible, make sure you know the differences between the old guide rules and the new. The new guide rules restrict LTV’s and have more appraisal requirements. Remember, many guideline changes are already effective even though LP has not been updated yet.
|Freddie Mac Previews Changes to the Relief Refinance Program
This is a great time to get your borrowers off the fence. If you have borrowers who you had to send back to their current lender to refinance, you may want to reach out to them again as you may now be able to assist them. We have found many lenders were slow to implement these programs and often times were unaware of the additional flexibilities available. (Freddie Mac Advisory 2009-06-05)
|Freddie Enhances Relief Refinance Mortgage Guidelines – Part 1 – Bulletin 2009-9 (Effective April 16, 2009)
All of the changes and enhancements from Freddie are common sense and help to make these loans a little easier to get done. Other than forcing the client to go back to the original servicer, Freddie\'s refinance options are far superior to Fannie\'s. (Freddie Mac Bulletin 2009-9 - April 16, 2009)
|Freddie Mac Temporarily Increases Super Conforming Loan Limits – Part 2 Bulletin 2009-9 (Effective May 4, 2009)
Whenever we get something--they seem to take something away. While loan limits are increased, guidelines and LTV\'s have been reduced. With rates remaining attractive, it is a great opportunity to reach out to your high balance borrowers who may benefit from these temporarily increased loan limits. (Freddie Mac Bulletin 2009-9, April 16, 2009 )
|Freddie Revises Condominium Requirements (Effective July 1, 2009)
This is one of the few times Freddie is stricter than Fannie. Read Fannie’s PERS article. Even after approved by Fannie, Freddie still wants to review! But why? (Freddie Mac Bulletin 2009-7 - March 31, 2009)
|Freddie Mac Condo Reference Chart - Freddie Mac Condo Reference Chart Included
Freddie made some major changes to their condo approvals and we have created a downloadable Freddie Mac Condo Reference Chart (current as of March, 2009).
|Freddie Mac Unveils New Relief Refinance Mortgagesm Options for Servicers (Effective 4-1-09 to 6-10-2010)
For Freddie-to-Freddie Loans—For servicers only! Talk about flexibility! If you are a loan officer who does NOT service Freddie Mac loans but the loan has been sold to Freddie, why not tell your past clients! It can only serve to help you get more referrals in the end. Fannie has their own version—which IS available to LO’s! (Freddie Mac Bulletin 2009-5)
|Freddie Revises Loan Level Price Adjustments Again - Playing One Upsmanship with Fannie?
I can go higher than you can! Amazing how the two keep “raising” prices and blaming it on falling house prices. Like higher cost of borrowing is going to help, duh! All LLPAs are cumulative. Missing an adjustment can be a very costly mistake. Remember, to check both Freddie and Fannie because there are subtle pricing differences. (01-30-09 Bulletin - Post Settlement Delivery Fees)
|Freddie Mac Clarifies Establishing Borrowers Credit Reputation & Manual Underwriting
After the refi boom, we will all be looking for ways to make deals work. Knowing how to document and put together a manually underwritten file may give you a competitive advantage. With many investors tightening their requirements for FHA, now may be a good time to get familiar with the manual underwriting criteria for Freddie. Quick Tip: A documented savings pattern for at least 12 months, counts as an acceptable non-credit related trade line. (Freddie Overview Manually Underwritten Requirements, January 30, 2009 - Pages 8&9)
|Fannie Versus Freddie: Handy Streamline Refi Comparison Quick Reference Guide
Review the new comparison chart we have provided and use it to expedite your approvals and close your loans quickly. Both Fannie and Freddie offer options that have no seasoning requirements. This can help should we see rate move down even further. Do NOT run DU on a streamline refinance. And yes, Freddie is much tougher than Fannie!
|Comparing Fannie & Freddie Qualifying Rules for Investment Properties - Including Mortgage Talking Points® Flyer "Working with Real Estate Investors - Know the Rules"
Investors are buying more properties then ever and it’s about time one of the agencies realized that investors could help with the housing crisis. Mortgage Talking Points® Flyer includes Fannie Announcement 09-02 (2-6-09) new guidelines. Fannie opened the doors for well- qualified investors to purchase property at reasonable terms. Show your real estate agents to get investors back in the game. (Freddie Mac - Fannie Mae Selling Guides)
|Home Valuation Code of Conduct (HVCC): What We Know and What We Don't Know! Effective May 1, 2009
Freddie Mac has adopted the Home Valuation Code of Conduct effective with all loan applications and all loans purchased 5-1-09. Fannie Mae wrote their own 6-page FAQ dated January 2009. Recognize that Freddie Mac does not always interpret the rules “exactly” the same way Fannie does. Here’s what we know, what we don’t know, including the good, the bad and the ugly! (Freddie Mac Bulletin, January 7, 2009: Home Valuation Code of Conduct)
|Freddie Mac Manual Underwriting Guidelines, Minimum Waiting Periods for Foreclosures, Short Sales, Deed in Lieu, and More.
Part II is manual underwriting, plain and simple. Skip it at your own risk – because nobody underwrites manually anymore. Right? Well, I beg to disagree. Whether underwriters admit it or not, most will underwrite manually if they believe in the loan file. There are more and more reasons that Lenders are forced to manually underwrite! (Freddie Mac Bulletin - October 17, 2008)
|Freddie Mac: Product, Property & Underwriting Changes Including 45% DIT; HomePossible® Updates; Appraisal Addendums & More
We’ve got two zingers here: (#1) – Freddie actually backed off on their threat to implement a 45% DTI on ALL loans. It will only apply to manually underwritten mortgages. Fantabulous! Especially for super-conforming loans! (#2) - 100% financing with Freddie is out the door for good. Wait, there’s more! This Bulletin is crammed with changes that affect you. (Freddie Mac, November 24, 2008 Bulletin)
|Freddie Mac Loan Prospector (LP) Updates - Changes Accept Plus, Super Conforming & Price/Credit
This is about what’s updated in LP; it is NOT about rule changes. But please, don’t discount it! It’s quite a big deal. Do you have any of these loans sitting in your pipeline? Not only can you have PO’d Realtors – you could lose the deal altogether. (Freddie News, November 18, 2008)
|Accept Plus Risk Classification Eliminated Entirely-Review Your Pipeline NOW!
This is just one more in a long list of Freddie\'s tightening their guidelines. My guess is that the lenders won\'t take chances and you will probably have to fund all of your Accept Plus loan files by 12-7-08 or before. This means that lenders are enforcing it NOW. (Freddie Mac Loan Prospector News, October 31, 2008)
|Freddie Has Followed Fannie with Higher Fees for High-Risk Mortgages - LTV Charts Easier to Use!
The January 2009 date is entirely misleading. Realistically, Freddie is giving absolutely NO notice; lenders must change their fees/LTVs immediately in order to deliver the closed and funded loan to Freddie by 1-2-09. PLUS the LTV Reductions – are NOT yet incorporated into LP. It’s a scary prospect, but they must be implemented manually. LTV Chart For Subscribers. (Freddie Mac Bulletin, October 17, 2008)
|Phase Out of Temporary Conforming Jumbo to Permanent Status - But With Some Variations!
1- to 4- Unit NOO Properties, 2 to 4’s for Primary Residence, and $100,000 cash back on 2 to 4’s – Oh My!! These are definitely not the same animal as the Conforming Jumbo. But, what is way cool, is that Super Conforming opens the door to a lot of other loan types, such as 1-to-4 unit investment properties, for instance. (Freddie Mac Bulletin, October 17, 2008 - Super Conforming Mortgages)
|Underwriting Changes, DTI, Minimum Indicator Score, Owns Home Buying Another, Refi Changes...
What they’ve done is make changes to just about every single aspect of their program including underwriting, eligibility, loan-to-values, fees…everything. Freddie has ALSO announced that they intend to make a bunch of changes effective 2-1-09, but so far it’s not official. Because everyone keeps hearing about them, included in this article is a Rule Synopsis with “Changes Pending, Not Official”. It really doesn’t matter much if something is official or not if your lenders are changing their rules, but I hate reading in all of the blogs when they don’t have their facts right. (Freddie Mac Bulletin - October 17, 2008)
|Freddie Follows Fannie - Market Condition Fee Doubles
What’s happening is a result of the increased foreclosures and delinquencies. With the sophistication of the technology available, high-risk loan features become more identifiable and quantifiable. Helpful Hint: Note that 15-year loans are not subject to the credit score/loan-to-value price hits. Every time you shorten the term you reduce the risk. Obviously, many of your clients can’t afford 15-year term mortgages, but think about shortening the term any time you can. It can help with loan approvals. (Freddie Mac Bulletin, August 8, 2008)
|Freddie Mac Warns LP Users Because Maximum LTV Not Updated in Auto-Underwriting System.
Oh My Gawsh! These changes were made effective June 1, and Freddie still hasn’t updated LP! What concerns me the most goes something like this: the loan officer takes a loan application and passes it on to the Processor who receives an LP approval. Assuming everything is fine and dandy, the LO moves on to the next deal as the ineligible loan is processed. The day before closing, the transaction is rejected and must be entirely restructured, if possible. Or worse, the loan is closed – and unsalable. However, Freddie wouldn’t have “reminded” everyone if there wasn’t a problem. (Freddie Mac August Single-Family News; August 2008 Issue)
|Median Income to be used for HomePossible®
Every year we hear the new “area median adjusted gross income” figures. If you don’t know what they’re about, you may want to pay attention – especially if you’re not FHA-approved! A HomePossible® Mortgage is one of the best alternatives for getting borrowers approved that are not quite as “perfect” as the other Fannie & Freddie borrowers. (Freddie Mac Bulletin, July 31, 2008)
|Fannie Mae, Freddie Mac, Maximum Loan Limits, 2009 and Beyond; End of Year Decrease - Mortgage Talking PointsTM Flyer/Email Notice Included
Are Limits Permanent? - I also keep hearing that the new limits are permanent. What\'s permanent is the methodology and percentages of the loan amount calculations. Also, thank goodness, the floor and the ceiling will never go down. Act Now - Send a written announcement to residents of the counties that you do business in that are currently at the $729,750. Include something like: "After 12-31-08, the maximum conforming mortgage loan in your area goes down and it can affect you personally! Act now to avoid higher mortgage rates!!" (H.R.3221.ENR Sec.1124.Conforming Loan Limits)
|Holding Lenders and Brokers Accountable for High Quality and Accurate Appraisals
Realize that the lender is held entirely accountable, every bit as much as the appraiser, for everything on the appraisal. It is not acceptable to ask an appraiser to run comps to come up with a preliminary value, then move onto the next, and the next, and even the next appraiser until you find the value that you want. (See related checklist: Are You In Compliance Checklist) Responsibilities for Good Appraisals(Freddie Mac Bulletin, May 29, 2008)
|Declining Market Policy Withdrawn - Replaced by Reduced LTVs
Freddie came up with this Announcement on May 29th implementing a policy with significant consequences that affects loan applications as of June 1st. If you have another Freddie chart dated 6-1-08, trash it. Then Freddie has the audacity to tell us (in a rather rude manner, I might add) that LP won\'t catch the new LTVs, and that the lenders better "conduct a manual review". And if the lender screws up...it\'s not Freddie\'s problem. Declining Markets, Declining LTVs(Freddie Mac Bulletin, May 29, 2008)
|Expanded Fannie Mae Jumbos - With Freddie Jumbo Comparisons
It\'s about time that Fannie finally came up to the plate with their jumbo products! We all know that the details can make or break a loan, so I\'m doing a lot of Fannie/Freddie comparisons. I\'m surprised by how many differences there are between the two agencies. Use the differences to your advantage and go get\'em while you can! But beware! LP approvals do not override Freddie\'s Jumbo eligibility requirements, which include credit scores and DTIs. Expanded Fannie Mae Jumbos(Fannie Mae Announcement 08-11, May 16, 2008)
|Four-Property Ownership Limit Rule - Get Your Clients to Buy or Refi Before This Goes Into Effect on August 1, 2008
They just keep making it tougher and tougher for Investor loans and recentely, 2nd home mortgage restrictions are closing in! I find it amusing that these are the exact same rules that were in effect 10-15 years ago.
|Refinance Seasoning Revised for Cash-Out and No Cash-Out: Could Affect Construction-to-Perm
Leave it to Freddie to create unique and convoluted seasoning requirements for refinances. As if seasoning isn\'t already complicated enough! Read new changes - effective 8-1-2008.
|Properties Located in Declining Markets - LTV Explained
Most lenders were reducing LTV, TLTV and HTLTV for a long time, but this makes it clear. Effective 6-1-2008. Freddie allows two exceptions, one for streamlined refinances and one for Freddie to Freddie no cash-out refinances.
|New Underwriting Transmittal Form 1077 (Form 1008) with Revised Condo Categories
The form is revised because all of the Freddie Condo requirements changed effective 3-1-08. If you\'re originating, processing or underwriting Freddie condos, you must understand the new requirements! Below is a listing of the new Freddie Condo categories and a link to where you can find a description and explanation.
|Home Possible® Education & Other Changes, 4 Freddie Programs Eliminated
The Home Possible program has changed quite a bit and it\'s worth repeating. Freddie finally updated their Home Possible Mortgage Fact Sheet (not previously available). It\'s an excellent reference for those who use this program and/or work with moderate income homebuyers.
|Oh no! Another pricing adjustment - New Fees based on LTV, FICO, Cash-out, 2-to-4 units
I will admit, it\'s the first time that I\'ve seen Freddie NOT charge a fee that they had announced. My guess is that it\'s political...but no matter, the .30% fee that would have affected over half of the loans is gone! The second bullet will have a big impact on cash-out refinances.
|Jumbo Conforming Requirements, Reasons to Use Freddie over FHA and Fannie
I don\'t quite understand why Freddie Mac didn\'t write a Bulletin or a Letter or something else. All they did was post this information on their website, and I think it\'s rather important information! The following are my concerns and comments. So you know which product to use, look for the comparisons to Fannie Mae and FHA at the end of the comments.
|FREDDIE CONDOMINIUMS, Part II, with FANNIE CONDO COMPARISONS
Lender Warranties - What "Fully Warrantable" means, New Condo Projects and Existing Condo Projects Investor/Non-Owner Occupied Condo Loans Established Projects - Fully Warrantable New Projects - Fully Warrantable Small Condo Projects; 2-to-4 Units in Project Overall Conclusion explains and compares the Fannie CPM process. Subscriber Download: Comprehensive Charts with Fannie and Freddie Condominium Requirements.
|State Anti-Predatory Lending Laws. How to get your hands on the elusive Exclusionary List. (Link provided.)
|Conclusion to Part I and Part II (Freddie Condos with Fannie Comparisons)
|Maximum LTV Reduced to 97%; Eliminated - Freddie 100 and Streamlined Purchase; Alt 97 Revised; Home Possible Revised (Download Information Sheets and Introductory Kit)
|Declining Markets: Reductions to LTV
|Fee/Pricing Increase, Credit Scores (Indicator Scores) and LTV Driven (Download new fee structure)
|Freddie Mac - Condominium Requirements Entirely Revised: New versus Established; Streamlined Reviews; Detached Units; Manufactured Housing Condos; FHA and Fannie Mae Reciprocal Reviews
|Added .25% to Offset Adverse Market Conditions.
|Lender Warranties for Condominiums and Condo Eligibility Requirements Revised
|How to Comply with Privacy Laws: Gramm-Leech-Bliley - Safeguard Act
|Increase in Loan Fees and Pricing