Requirement Changes for Living Trusts and Land Trusts
On May 15, 2013, Single-Family Seller/Servicer Guide Bulletin 2013-8 announced requirement changes for Living Trusts and Land Trusts, including:
- Living trusts. Effective for mortgages with note dates on or after September 1, 2013, eligible occupancy types will be expanded to include investment properties, and modifying our signature requirements. However, loan documents may be executed using our revised signature requirements immediately.
- Land trusts. Effective September 1, 2013, mortgages on properties for which the legal and equitable title is held by a land trust will no longer be eligible for purchase under the Guide. Sellers must have a negotiated term of business to sell Freddie Mac such mortgages.
Tools and Resources
- Freddie Mac Contacts for Document Custody – Contact us directly or use our on-line form if you have questions and comments
- Document Custody Procedures Handbook – Find guidelines that will help you meet our requirements for document custody processes
- Implementation Guide for Selling System Export - Document Custodians – Provides the export formats for the ULDD named fields in the selling system
- Certification Functionality for Document Custodians Using the ULDD tutorial
- Training and Resources