Freddie Mac Bulletin 2010-5
March 2nd, 2010
Freddie Mac has issued Single-Family Seller/Servicer Guide (Guide) Bulletin 2010-5
With Single-Family Seller/Servicer Guide (Guide) Bulletin 2010-5 we are announcing several changes to our requirements to help improve the quality of appraisals for mortgages we purchase, strengthen our business processes, and enhance information available to you to originate and service mortgages. Review today’s Guide Bulletin to get complete details on the changes outlined below.
Originate and Underwrite
We are making the following changes to our requirements for originating and underwriting mortgages intended for sale to Freddie Mac:
- Updating the Guide to allow Sellers to use Home Value Explorer® (HVE) point value estimates returned by Loan Prospector® when reviewing appraised property values during the loan origination process. As communicated in our February 12 Loan Prospector News e-mail, beginning February 28, Loan Prospector will provide HVE information on the Loan Prospector Feedback Certificate, free of charge.
- Reorganizing Guide requirements in Section 22.10 for living trusts and Illinois land trusts.
Sell and Deliver
We are making the following changes to our requirements for selling and delivering mortgages to Freddie Mac:
- Requiring Sellers to retain a copy of the entire note in the mortgage file for post- funding quality control review effective for mortgages sold on and after February 26, 2010.
- Updating the Guide to explicitly state that note endorsements via power of attorney are not permitted.
Servicing
We’re also making the following updates to our servicing requirements:
- Increasing the allowable amount for title expenses in New Hampshire and Rhode Island.
- Updating our designated counsel/trustee list for California, Georgia and North Carolina.
- Updating contact information for Freddie Mac’s Default Asset Management department.
Get more information
To view the Bulletin in its entirety, please click here
About Safeguard
Safeguard Properties is the largest privately held field services company in the country. Located in Cleveland, Ohio and founded in 1990 by Robert Klein, Safeguard has grown from a regional preservation company with a few employees and a handful of contractors performing services in the Midwest, to a national company with over 700 employees. Safeguard is supported by a nationwide network of subcontractors able to perform any requested superintendence, preservation, and maintenance functions, as well as numerous ancillary services in the U.S., the Virgin Islands, and Puerto Rico.