Answer: Freddie Mac: 5501.3: Asset eligibility and documentation requirements (12/09/18) Earnest money deposit (EMD) When an EMD for a purchase transaction is used to qualify the Borrower for the Mortgage transaction, the Seller must obtain evidence that the EMD check cleared the Borrower’s account (e.g., copy of the canceled check, asset account statement or written statement from the EMD holder verifying receipt […]

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