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Congress introduces new legislation to protect consumer data

National Mortgage Professional
Jan 24, 2006

Freddie Mac issues single-family seller/servicer guide bulletinMortgagePress.comFreddie Mac,single-family seller/servicer guide bulletin Freddie Mac has issued a single-family seller/servicer guide bulletin. The bulletin announces and discusses a number of changes to its seller/servicer requirements. Unless otherwise stated below, the following changes are effective immediately. In particular, the bulletin notifies sellers and servicers that Freddie Mac is: †Revising flood insurance coverage requirements for mortgages sold to and serviced for Freddie Mac; †Announcing the eligibility of initial-interest mortgages and limited buy-down and extended buy-down mortgages for sale through the Freddie Mac selling system; †Revising post-settlement delivery fee rates for mortgages with secondary financing by reducing the delivery fee rates for mortgages that are not initial-interest mortgages or Home Possible mortgages (effective Sept. 1, 2005), and increasing the delivery fee rate for initial-interest mortgages (effective Dec. 1, 2005); †Making various appraisal-related changes to the organization, structure and content of chapters of the seller/servicer guide that discuss general mortgage eligibility, manufactured homes, appraisal reports, inspection reports and the no-appraisal market adjustment factor. The majority of these changes are effective, immediately. Two specific changes regarding the appraisal requirements section and the manufactured homes appraisal report are effective for mortgages with appraisal reports that have effective dates on or after Jan. 1, 2006; †Providing more specific recommendations on steps sellers can take to ascertain the condition of properties located in areas that may be impacted by a disaster; †Updating language related to borrower qualification for limited buy-down and extended buy-down mortgages; †Providing revised adjustable-rate mortgage (ARM) notes and new ARM riders for use with initial-interest ARMs. Sellers must use the revised notes and riders for all initial-interest ARMs with a 10-year interest-only period, originated on or after Nov. 1, 2005; †Announcing new and revised Fannie Mae/Freddie Mac uniform instruments for Puerto Rico. These instruments must be used for mortgages, originated on or after Jan. 1, 2006; †Revising the directions for completion of the rate spread field on Form 11, Mortgage Submission Schedule, and Form 13SF, Mortgage Submission Voucher, to improve data accuracy. Freddie Mac sellers must deliver the rate spread in accordance with these revisions, on and after Oct. 10; and †Making technical revisions to several forms to provide additional space in certain cells and to require additional borrower information and documentation. Freddie Mac is also revising requirements for remitting payment for broker price opinions ordered in connection with cancellation of borrower-paid mortgage insurance. These revisions became effective on Jan. 1, 2005. For more information, visit www.freddiemac.com.
Published
Jan 24, 2006
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