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A Single Path: Simplifying the Final Delivery Process

April 1, 2014

Freddie Mac is simplifying its final delivery process by creating one single delivery path. The changes are intended to give you more flexibility in managing your purchase funding date and save you time.

This change will be effective May 1, 2014 as part of the next scheduled Freddie Mac Guide Bulletin, and will apply to commitments issued (and early rate-lock applications received) on and after May 1, 2014.

What’s Changing

  • A single delivery path will replace the previous standard and expedited delivery paths.
  • Core and non-core documents must be delivered in separate folders by the mandatory
    delivery date.
  • Final Delivery Instructions (what to deliver) will be removed from the Freddie Mac Seller/Servicer Guide and will be posted on the Purchase Resource Center with Tables of Contents for core and non-core documents. Instructions related to the Seller’s obligations (how to deliver) will remain in Chapter 32 of the Freddie Mac Seller/Servicer Guide.
  • Sellers will select a funding date from five days after delivery to the Mandatory Funding Date, which is now a defined term.
  • The fee schedule for accelerated funding options will be revised.
  • The late delivery fee as a per diem per the note terms will be more clearly defined.
  • With these changes, there will be a separate Table of Contents for Bond Closing Transcripts and Final Delivery Instructions for Forward Commitments.

Preview Resources

We have posted the following resources to the Purchase Resource Center so that you can preview the changes before their May 1, 2014 effective date:

Training

To assist you with the transition to the new delivery process, we recommend you and your legal counsel attend one of the following training sessions:

Date & TimeRegistration
Apr. 29, 2:00 – 3:00 PM EST Webinar registration
Dial In: (888) 456-0319, PC: 7287681
May 14, 2:00 – 3:00 PM EST Webinar registration
Dial In: (888) 456-0319, PC: 7287681

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