February 2008 Selling System Enhancements

Future delivery requirements: New SCCs to identify third-party originated mortgages 

In our February 20 Single-Family Seller/Servicer Guide Bulletin [PDF 165K] we announced we are making changes to our delivery requirements in effort to gather more information about the mortgages you sell to us. Beginning August 4, 2008 you will be required to identify if your loan is a Correspondent Third-Party Originated Mortgage (TPO) Mortgage or a Mortgage Broker TPO Mortgage using one of the following new SCCs:

• SCC 211 = Correspondent TPO Mortgage
• SCC 212 = Mortgage Broker TPO Mortgage

These two new SCCs will replace SCC 002 (Wholesale Home Mortgage).

Additional information regarding our future delivery requirements:

• We’re providing you an opportunity to prepare for any operational changes you may incur. Until further notice, you must continue to identify your mortgages using SCC 002. We will notify you at a later date if you may begin using the new SCCs 211 and 212 before August 4, 2008.
• You will continue to identify your Retail Mortgages using SCC 018. There will be no changes to our requirements for delivering a Retail Mortgage using SCC 018. In addition, you will continue to identify your Retail Mortgages with SCC 018 even when our new requirements take effect August 4, 2008.
• We are updating the definition of a Correspondent, Mortgage Broker, and Retail Mortgage to provide you with more guidance. You will see these new and revised definitions only in the upcoming March 1, 2008 version of the Guide Glossary. However, these definitions will not be effective until August 4, 2008.