Processing Tip
The credit freeze has made underwriting more particular than ever. Here are a few pointers to help you get your loan approved the first time. Loans that loose their Accept status when they are underwritten usually loose this because the underwriter calculates the income differently than you did. Many times if the underwriter knew how you calculated the borrowers income they would accept it. If I was processing a loan I would always include the calculation of income in my loan file. Make sure you know the guide lines regarding the income calculation. If you want an exception from the guidelines be sure and state the reason you feel the borrower deserves this exception. Example: overtime usually always requires a two year history. Your borrower has only been on the current job 12 months. However they had overtime in the previous job. In this scenario include a VOE of both jobs documenting a two year history. Don’t assume because an employer requires over time that they underwriter will accept that as a reason to have less than two years.
I also find this IRS web site in determining what income is tax deductable or how it should be reported to be helpful - IRS Frequently Asked Questions . Attached is an income worksheet that you could use to calculate income and include in your loan file
Shirley Nault has been a mortgage professional for over 20 years. Visit her other mortgage web sites go to www.naultfhatips.blogspot.com or www.mtgview.blogspot.com
Wednesday, October 29, 2008
Friday, October 17, 2008
Freddie Buelltin Oct 3rd, 2008 no more stated income
Freddie Mac Announced …Today's News ... This Single-Family Advisory e-mail provides you with important information on a series of upcoming changes to our pricing and credit requirements.
First, we are providing a preview of new changes that we will finalize in an early November Single-Family Seller/Servicer Guide (Guide) Bulletin and will make effective for Freddie Mac settlements on and after February 2, 2009. These changes strengthen underwriting standards for borrower eligibility and provide additional safeguards against layered risk to support sustainable homeownership opportunities, including:
Eliminating the purchase of mortgages originated with stated income and/or stated assets
Establishing minimum Indicator Scores and maximum debt-to-income ratio requirements for most mortgages we purchase—whether manually underwritten or assessed through an automated underwriting system
Second, we are publishing a Guide Bulletin today that provides detailed requirements for the changes we previewed in our October 3 Single-Family Advisory e-mail. These changes are effective for Freddie Mac settlements on and after January 2, 2009, and reflect our focus on providing pricing and credit terms that are prudent and largely applicable in all market conditions.
Finally, today's Guide Bulletin also includes additional and not previously announced updates to our credit requirements for borrowers with significant derogatory credit information, and other credit changes for certain mortgages with higher risk characteristics. These changes are also effective for Freddie Mac settlements on and after January 2, 2009.
In aggregate, the changes we are previewing in this e-mail and those we have published in today's Guide Bulletin address underwriting standards that promote long-term homeownership for borrowers and liquidity for Sellers, while maintaining a sustainable secondary market business model.
Preview of Upcoming Changes to Credit RequirementsToday, we are previewing the following changes to our credit requirements that will be effective for Freddie Mac settlements on and after February 2, 2009. We will finalize these credit changes in an early November Guide Bulletin where we will:
Eliminate purchases of all mortgages originated with stated income and/or stated assets, including borrower selected programs, lender-branded and marketed programs, and system-selected programs such as Loan Prospector® Accept Plus.
Establish a maximum debt-to-income ratio of 45 percent for all mortgages we purchase, except for Streamlined Refinance Mortgages.
Revise requirements for minimum Indicator Scores by:
Establishing minimum Indicator Score requirements for manually underwritten mortgages secured by 1-unit primary residences as follows (Home Possible® Mortgages excluded):
620 for LTV/TLTV/HTLTV ratios less than or equal to 75 percent.
660 for LTV/TLTV/HTLTV ratios greater than 75 percent.
Establishing a minimum Indicator Score of 620 for all mortgages unless otherwise specified for a particular mortgage product in our Guide. Loan Prospector A-minus mortgages are also excluded from this requirement.
Revising minimum Indicator Scores for Home Possible Mortgages and lender-branded affordable mortgages. Details for this change will be provided in the early November Guide Bulletin.
If the borrower does not have a usable credit score, Sellers must underwrite the mortgage according to the requirements in Guide Chapter 37.
Eliminate purchases of 40-year fixed-rate mortgages except for Home Possible Mortgages and other lender-branded affordable products secured by 1-unit properties.
Reduce the maximum LTV ratio requirements for Home Possible Mortgages and other lender-branded affordable mortgage products secured by 1-unit primary residences to:
97 percent for mortgages assessed by Loan Prospector and other approved automated underwriting systems.
95 percent for manually underwritten mortgages.
We will continue to allow TLTV ratios greater than 97 percent and up to 105 percent for eligible Home Possible Mortgages and lender-branded affordable mortgages if the subordinate financing is an Affordable Second® and the borrower has a minimum Indicator Score of 700.
Delivery Fee Rate and Credit Requirements in Today's Bulletin
With today's Guide Bulletin, we are providing final requirements for the delivery fee rate increases and credit changes we previewed in early October and are announcing several additional changes to our credit requirements. It is important that you review today's Guide Bulletin in detail to prepare for these changes, effective for mortgages with Freddie Mac settlements on and after January 2, 2009.
Credit and Pricing Requirements Previewed on October 3:
Eliminate the previously announced 25 basis point increase to the Market Condition delivery fee, scheduled to go into effect on November 7, 2008.
Provide detailed pricing and credit requirements for mortgages with higher conforming loan limits in certain high-cost areas, which we've termed “super conforming” mortgages.
Update delivery fee structures and fee rates for Initial Interest® Mortgages and mortgages with secondary financing, and revise the Number of Units delivery fees to better align our pricing with the risks inherent in these products.
Change requirements for certain mortgages, including, among others, manually underwritten mortgages, Streamlined Refinance Mortgages, mortgages sold to us more than 120 days after the note date, and mortgages secured by investment properties, 2-unit properties, and second homes.
Additional Modifications to Super Conforming Mortgage Requirements in Today's Guide Bulletin:
Reduce maximum LTV/TLTV/HTLTV ratio requirements for certain super conforming mortgages. View these updates, as well as other modifications to super conforming mortgage requirements on our Web site.
Updates to Borrower Credit Reputation Requirements in Today's Guide Bulletin:
Allow authorized user tradelines to be included in determining a borrower's credit reputation only under certain circumstances as detailed in today's Guide Bulletin.
Require that a borrower's derogatory credit information be considered significant if there is a short payoff related to a delinquent mortgage obligation within the last seven years.
Extend the required recovery period needed to re-establish an acceptable credit reputation for prior foreclosures and multiple bankruptcies, whether for extenuating circumstances or financial mismanagement.
Eliminate the requirement to calculate or evaluate the debt-to-housing gap ratio when determining a borrower's capacity to meet monthly obligations.
Additional Revisions to Credit Requirements in Today's Guide Bulletin:
Add new requirements for the purchase of a new primary residence when the sale of the existing primary residence has not yet closed or the existing primary residence is being converted to a second home or investment property.
Eliminate purchases of seasoned mortgages through our flow sales paths.
Eliminate purchases of Seasoned Mortgages for Newly Constructed Homes products through our flow sales paths. For these mortgages to be eligible for delivery through our flow sales paths, the settlement date or delivery date, as applicable, must be on or before the last day of the 18-month credit/construction/settlement period.
Reaffirm that refinance mortgages must be documented with a new note and new security instrument or with a new note and a modification of the existing security instrument. If there is no new security instrument, the refinance mortgage must be delivered to Freddie Mac as a Seller-owned Modified Mortgage.
Eliminate purchases of Alternative Stated Income Mortgages, and remove references to these mortgages from the Guide as a precursor to changes across all stated income and/or stated asset products, which we previewed above and will finalize in an early November Guide Bulletin.
Updates to Delivery Requirements in Today's Guide Bulletin:
Introduce a new Special Characteristic Code D99 that exempts Freddie Mac-owned no cash-out refinance mortgages secured by second homes and 2-unit primary residences when the new mortgage is not paying off subordinate financing from the LTV/TLTV/HTLTV ratio reductions included in today's Guide Bulletin.
Pre-Funding Best Practices in Today's Guide Bulletin:
Recommend the use of Home Value Calibrator®, a tool that Freddie Mac uses in its quality control process, or a similar tool, to help assess the likelihood that an appraised value is inflated.
Get More InformationFor additional details on these changes:
Read our October 17 Guide Bulletin.
See a summary of all of our recent pricing and credit changes.
Review our pricing and credit requirements for super conforming mortgages, including recent modifications to these requirements
Shirley Nault has been a mortgage professional for over 20 years. Visit her other mortgage web sites go to www.naultfhatips.blogspot.com or www.mtgview.blogspot.com
First, we are providing a preview of new changes that we will finalize in an early November Single-Family Seller/Servicer Guide (Guide) Bulletin and will make effective for Freddie Mac settlements on and after February 2, 2009. These changes strengthen underwriting standards for borrower eligibility and provide additional safeguards against layered risk to support sustainable homeownership opportunities, including:
Eliminating the purchase of mortgages originated with stated income and/or stated assets
Establishing minimum Indicator Scores and maximum debt-to-income ratio requirements for most mortgages we purchase—whether manually underwritten or assessed through an automated underwriting system
Second, we are publishing a Guide Bulletin today that provides detailed requirements for the changes we previewed in our October 3 Single-Family Advisory e-mail. These changes are effective for Freddie Mac settlements on and after January 2, 2009, and reflect our focus on providing pricing and credit terms that are prudent and largely applicable in all market conditions.
Finally, today's Guide Bulletin also includes additional and not previously announced updates to our credit requirements for borrowers with significant derogatory credit information, and other credit changes for certain mortgages with higher risk characteristics. These changes are also effective for Freddie Mac settlements on and after January 2, 2009.
In aggregate, the changes we are previewing in this e-mail and those we have published in today's Guide Bulletin address underwriting standards that promote long-term homeownership for borrowers and liquidity for Sellers, while maintaining a sustainable secondary market business model.
Preview of Upcoming Changes to Credit RequirementsToday, we are previewing the following changes to our credit requirements that will be effective for Freddie Mac settlements on and after February 2, 2009. We will finalize these credit changes in an early November Guide Bulletin where we will:
Eliminate purchases of all mortgages originated with stated income and/or stated assets, including borrower selected programs, lender-branded and marketed programs, and system-selected programs such as Loan Prospector® Accept Plus.
Establish a maximum debt-to-income ratio of 45 percent for all mortgages we purchase, except for Streamlined Refinance Mortgages.
Revise requirements for minimum Indicator Scores by:
Establishing minimum Indicator Score requirements for manually underwritten mortgages secured by 1-unit primary residences as follows (Home Possible® Mortgages excluded):
620 for LTV/TLTV/HTLTV ratios less than or equal to 75 percent.
660 for LTV/TLTV/HTLTV ratios greater than 75 percent.
Establishing a minimum Indicator Score of 620 for all mortgages unless otherwise specified for a particular mortgage product in our Guide. Loan Prospector A-minus mortgages are also excluded from this requirement.
Revising minimum Indicator Scores for Home Possible Mortgages and lender-branded affordable mortgages. Details for this change will be provided in the early November Guide Bulletin.
If the borrower does not have a usable credit score, Sellers must underwrite the mortgage according to the requirements in Guide Chapter 37.
Eliminate purchases of 40-year fixed-rate mortgages except for Home Possible Mortgages and other lender-branded affordable products secured by 1-unit properties.
Reduce the maximum LTV ratio requirements for Home Possible Mortgages and other lender-branded affordable mortgage products secured by 1-unit primary residences to:
97 percent for mortgages assessed by Loan Prospector and other approved automated underwriting systems.
95 percent for manually underwritten mortgages.
We will continue to allow TLTV ratios greater than 97 percent and up to 105 percent for eligible Home Possible Mortgages and lender-branded affordable mortgages if the subordinate financing is an Affordable Second® and the borrower has a minimum Indicator Score of 700.
Delivery Fee Rate and Credit Requirements in Today's Bulletin
With today's Guide Bulletin, we are providing final requirements for the delivery fee rate increases and credit changes we previewed in early October and are announcing several additional changes to our credit requirements. It is important that you review today's Guide Bulletin in detail to prepare for these changes, effective for mortgages with Freddie Mac settlements on and after January 2, 2009.
Credit and Pricing Requirements Previewed on October 3:
Eliminate the previously announced 25 basis point increase to the Market Condition delivery fee, scheduled to go into effect on November 7, 2008.
Provide detailed pricing and credit requirements for mortgages with higher conforming loan limits in certain high-cost areas, which we've termed “super conforming” mortgages.
Update delivery fee structures and fee rates for Initial Interest® Mortgages and mortgages with secondary financing, and revise the Number of Units delivery fees to better align our pricing with the risks inherent in these products.
Change requirements for certain mortgages, including, among others, manually underwritten mortgages, Streamlined Refinance Mortgages, mortgages sold to us more than 120 days after the note date, and mortgages secured by investment properties, 2-unit properties, and second homes.
Additional Modifications to Super Conforming Mortgage Requirements in Today's Guide Bulletin:
Reduce maximum LTV/TLTV/HTLTV ratio requirements for certain super conforming mortgages. View these updates, as well as other modifications to super conforming mortgage requirements on our Web site.
Updates to Borrower Credit Reputation Requirements in Today's Guide Bulletin:
Allow authorized user tradelines to be included in determining a borrower's credit reputation only under certain circumstances as detailed in today's Guide Bulletin.
Require that a borrower's derogatory credit information be considered significant if there is a short payoff related to a delinquent mortgage obligation within the last seven years.
Extend the required recovery period needed to re-establish an acceptable credit reputation for prior foreclosures and multiple bankruptcies, whether for extenuating circumstances or financial mismanagement.
Eliminate the requirement to calculate or evaluate the debt-to-housing gap ratio when determining a borrower's capacity to meet monthly obligations.
Additional Revisions to Credit Requirements in Today's Guide Bulletin:
Add new requirements for the purchase of a new primary residence when the sale of the existing primary residence has not yet closed or the existing primary residence is being converted to a second home or investment property.
Eliminate purchases of seasoned mortgages through our flow sales paths.
Eliminate purchases of Seasoned Mortgages for Newly Constructed Homes products through our flow sales paths. For these mortgages to be eligible for delivery through our flow sales paths, the settlement date or delivery date, as applicable, must be on or before the last day of the 18-month credit/construction/settlement period.
Reaffirm that refinance mortgages must be documented with a new note and new security instrument or with a new note and a modification of the existing security instrument. If there is no new security instrument, the refinance mortgage must be delivered to Freddie Mac as a Seller-owned Modified Mortgage.
Eliminate purchases of Alternative Stated Income Mortgages, and remove references to these mortgages from the Guide as a precursor to changes across all stated income and/or stated asset products, which we previewed above and will finalize in an early November Guide Bulletin.
Updates to Delivery Requirements in Today's Guide Bulletin:
Introduce a new Special Characteristic Code D99 that exempts Freddie Mac-owned no cash-out refinance mortgages secured by second homes and 2-unit primary residences when the new mortgage is not paying off subordinate financing from the LTV/TLTV/HTLTV ratio reductions included in today's Guide Bulletin.
Pre-Funding Best Practices in Today's Guide Bulletin:
Recommend the use of Home Value Calibrator®, a tool that Freddie Mac uses in its quality control process, or a similar tool, to help assess the likelihood that an appraised value is inflated.
Get More InformationFor additional details on these changes:
Read our October 17 Guide Bulletin.
See a summary of all of our recent pricing and credit changes.
Review our pricing and credit requirements for super conforming mortgages, including recent modifications to these requirements
Shirley Nault has been a mortgage professional for over 20 years. Visit her other mortgage web sites go to www.naultfhatips.blogspot.com or www.mtgview.blogspot.com
Fannie Mae issues Permanent High Cost Area Loan Limit Bulletin
Fannie Mae issues new bulletin Permanent High Cost Area Loan Limits Eligibility Matrix Desktop Underwriter
Shirley Nault has been a mortgage professional for over 20 years. Visit her other mortgage web sites go to www.naultfhatips.blogspot.com or www.mtgview.blogspot.com
Shirley Nault has been a mortgage professional for over 20 years. Visit her other mortgage web sites go to www.naultfhatips.blogspot.com or www.mtgview.blogspot.com
Monday, September 29, 2008
Use the tools avilable
Understanding DU and LP can make a difference whether you get a loan approved. Please notice the links on my blog under "Conventional Lending and DU Tips" on left hand side "Helpful web sites" . There are a number of tools available. Take time to get familiar with this links and how they can help you.
Shirley Nault has been a mortgage professional for over 20 years. Visit her other mortgage web sites go to www.naultfhatips.blogspot.com or www.mtgview.blogspot.com
Shirley Nault has been a mortgage professional for over 20 years. Visit her other mortgage web sites go to www.naultfhatips.blogspot.com or www.mtgview.blogspot.com
Friday, June 20, 2008
DU 7. Tip
Here are two more items I notice that have changed in regards to DU 7
1-The level of risk associated with each amortization type is as follows, starting with those loan types representing the least amount of risk:
• Fully amortizing fixed-rate mortgages;
• Fully amortizing five-year, seven-year, and ten-year adjustable-rate mortgages;
• Six-month, one-year, and three-year ARMs as well as fixed-rate interest-only mortgages; and
• Interest-only ARMs and balloon
2. DU will continue to use the amortization term of the loan in its risk assessment for fixed rate mortgages, but will no longer look at the loan term in combination with LTV.\
Shirley Nault has been a mortgage professional for over 20 years. Visit her other mortgage web sites go to www.naultfhatips.blogspot.com or www.mtgview.blogspot.com
1-The level of risk associated with each amortization type is as follows, starting with those loan types representing the least amount of risk:
• Fully amortizing fixed-rate mortgages;
• Fully amortizing five-year, seven-year, and ten-year adjustable-rate mortgages;
• Six-month, one-year, and three-year ARMs as well as fixed-rate interest-only mortgages; and
• Interest-only ARMs and balloon
2. DU will continue to use the amortization term of the loan in its risk assessment for fixed rate mortgages, but will no longer look at the loan term in combination with LTV.\
Shirley Nault has been a mortgage professional for over 20 years. Visit her other mortgage web sites go to www.naultfhatips.blogspot.com or www.mtgview.blogspot.com
Thursday, June 19, 2008
DU 7 Tips
Fannie Mae News (continued)
DU 7 has made changes each day I have been pointing out two things I noticed different from DU 5 version to the current.
1- Purchase transactions continue to represent less risk than refinance transactions. When evaluating refinance transactions, a limited cash-out refinance transaction represents less risk than a cash-out refinance transaction, and lower LTV/CLTV refinance transactions will be viewed as representing less risk than higher LTV/CLTV refinance transactions. DU will no longer analyze the UPB increase when assessing the risk of a refinance transaction, but will use the purpose of refinance entered on the loan application, when the loan purpose is refinance. On construction-to-permanent transactions, DU will continue to determine the purpose of refinance based on the amount of cash theborrower is receiving at closing.
2-DU will continue to use the LTV and CLTV in its risk assessment; however, the existence of mortgage insurance will no longer be considered a mitigating factor
Shirley Nault has been a mortgage professional for over 20 years. Visit her other mortgage web sites go to www.naultfhatips.blogspot.com or www.mtgview.blogspot.com
DU 7 has made changes each day I have been pointing out two things I noticed different from DU 5 version to the current.
1- Purchase transactions continue to represent less risk than refinance transactions. When evaluating refinance transactions, a limited cash-out refinance transaction represents less risk than a cash-out refinance transaction, and lower LTV/CLTV refinance transactions will be viewed as representing less risk than higher LTV/CLTV refinance transactions. DU will no longer analyze the UPB increase when assessing the risk of a refinance transaction, but will use the purpose of refinance entered on the loan application, when the loan purpose is refinance. On construction-to-permanent transactions, DU will continue to determine the purpose of refinance based on the amount of cash theborrower is receiving at closing.
2-DU will continue to use the LTV and CLTV in its risk assessment; however, the existence of mortgage insurance will no longer be considered a mitigating factor
Shirley Nault has been a mortgage professional for over 20 years. Visit her other mortgage web sites go to www.naultfhatips.blogspot.com or www.mtgview.blogspot.com
Wednesday, June 18, 2008
Freddie Mac News
You are reading key updates from Freddie Mac Today's News...
With the June 17 Single-Family Seller/Servicer Guide (Guide) Bulletin, we continue to provide you with additional information about our requirements as you manage your origination and servicing operations to meet the needs of borrowers in today’s market. The Bulletin announces the retirement of our temporary selling requirements for mortgages affected by Hurricanes Katrina and Rita, and includes updated Guide exhibits to incorporate new state laws and authorized changes applicable to Uniform Instruments.
For Servicers, the Bulletin includes important information about increases to our foreclosure time lines in Maryland and Massachusetts that stemmed from recent changes in foreclosure law.
You’ll find complete details on these changes in today’s Guide Bulletin available on FreddieMac.com. It is important that you’re familiar with all changes announced in the Bulletin, including the following changes we are making to our:
Selling requirements:
Announcing that our temporary selling requirements for mortgages affected by Hurricanes Katrina and Rita will not be extended, and reminding Sellers that our temporary special collateral requirements for these mortgages remain in effect until further notice
Revising Guide Exhibits 4 and 5 to incorporate new state laws and authorized changes that are applicable to the Uniform Instruments listed in these exhibits
Reminding Sellers that they must provide information regarding the source and amount of secondary financing for all mortgages with secondary financing when completing Forms 11 and 13SF at delivery
Reinforcing the requirement that the mortgage file contain all relevant title policy endorsements
Adding a reference to Texas Constitution Article XVI Section 50, which describes the determination of fair market value for Texas Equity Section 50(a)(6) Mortgages
Selling and servicing requirements:
Updating existing Seller/Servicer obligations to comply with all applicable laws and regulations by adding a specific reference to compliance with The Bank Secrecy Act, the Money Laundering Control Act and Title III of the USA PATRIOT Act
Servicing requirements:
Extending our allowable foreclosure time lines in Maryland and Massachusetts in response to recent changes in foreclosure law, and to help Servicers provide assistance to borrowers facing financial hardships.
Providing additional guidance regarding reimbursement of condominium, homeowners association (HOA) and PUD special assessments
Revising and moving instructions to Servicers regarding their obligation to notify Freddie Mac in the event a disaster affects their operations
Revising the Guide to reflect that all property valuation requests must be submitted to us via our BPOdirect® Web site
Removing Section 81.4, Preparation of documents for delivery of second mortgages, as we do not currently purchase second mortgages
Updating the Guide to reflect the new address for BPO cost reimbursements and REO redemption proceeds, which resulted from the JP Morgan Chase acquisition of Bank One
Updating the designated counsel/trustee list to remove Stern, Lavinthal, Frankenberg & Norgaard, L.L.C. of New Jersey that ceased accepting new referrals under the Designated Counsel Program referrals as of May 1, 2008
We encourage you to review the entire Guide Bulletin to become familiar with all changes and updates to the Guide. Read more
Shirley Nault has been a mortgage professional for over 20 years. Visit her other mortgage web sites go to www.naultfhatips.blogspot.com or www.mtgview.blogspot.com
With the June 17 Single-Family Seller/Servicer Guide (Guide) Bulletin, we continue to provide you with additional information about our requirements as you manage your origination and servicing operations to meet the needs of borrowers in today’s market. The Bulletin announces the retirement of our temporary selling requirements for mortgages affected by Hurricanes Katrina and Rita, and includes updated Guide exhibits to incorporate new state laws and authorized changes applicable to Uniform Instruments.
For Servicers, the Bulletin includes important information about increases to our foreclosure time lines in Maryland and Massachusetts that stemmed from recent changes in foreclosure law.
You’ll find complete details on these changes in today’s Guide Bulletin available on FreddieMac.com. It is important that you’re familiar with all changes announced in the Bulletin, including the following changes we are making to our:
Selling requirements:
Announcing that our temporary selling requirements for mortgages affected by Hurricanes Katrina and Rita will not be extended, and reminding Sellers that our temporary special collateral requirements for these mortgages remain in effect until further notice
Revising Guide Exhibits 4 and 5 to incorporate new state laws and authorized changes that are applicable to the Uniform Instruments listed in these exhibits
Reminding Sellers that they must provide information regarding the source and amount of secondary financing for all mortgages with secondary financing when completing Forms 11 and 13SF at delivery
Reinforcing the requirement that the mortgage file contain all relevant title policy endorsements
Adding a reference to Texas Constitution Article XVI Section 50, which describes the determination of fair market value for Texas Equity Section 50(a)(6) Mortgages
Selling and servicing requirements:
Updating existing Seller/Servicer obligations to comply with all applicable laws and regulations by adding a specific reference to compliance with The Bank Secrecy Act, the Money Laundering Control Act and Title III of the USA PATRIOT Act
Servicing requirements:
Extending our allowable foreclosure time lines in Maryland and Massachusetts in response to recent changes in foreclosure law, and to help Servicers provide assistance to borrowers facing financial hardships.
Providing additional guidance regarding reimbursement of condominium, homeowners association (HOA) and PUD special assessments
Revising and moving instructions to Servicers regarding their obligation to notify Freddie Mac in the event a disaster affects their operations
Revising the Guide to reflect that all property valuation requests must be submitted to us via our BPOdirect® Web site
Removing Section 81.4, Preparation of documents for delivery of second mortgages, as we do not currently purchase second mortgages
Updating the Guide to reflect the new address for BPO cost reimbursements and REO redemption proceeds, which resulted from the JP Morgan Chase acquisition of Bank One
Updating the designated counsel/trustee list to remove Stern, Lavinthal, Frankenberg & Norgaard, L.L.C. of New Jersey that ceased accepting new referrals under the Designated Counsel Program referrals as of May 1, 2008
We encourage you to review the entire Guide Bulletin to become familiar with all changes and updates to the Guide. Read more
Shirley Nault has been a mortgage professional for over 20 years. Visit her other mortgage web sites go to www.naultfhatips.blogspot.com or www.mtgview.blogspot.com
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