March 2007 Selling System Enhancements

New Renovation Mortgage SCC in the Selling System

In our February Single Family Seller/Servicer Guide Bulletin, we announced availability of a new Special Characteristics Code (SCC) for Renovation Mortgages, a component of our Mortgages for Newly Constructed Homes offering. Effective immediately, you should begin selling your Renovation Mortgages using SCC D69 in the selling system; however, this SCC will not be required until July 1, 2007.

Important Information About Using SCC D69

• In order to comply with all of the delivery requirements for Renovation Mortgages, when you deliver SCC D69 you must also deliver SCC D51 (Construction Conversion/Renovation Mortgages- Site Built).

You will receive a 'critical edit' if you deliver a Renovation Mortgage with SCC D69 but without SCC D51. As of July 1, 2007, per our Guide requirements, you must deliver both SCC D69 and SCC D51 together for Renovation Mortgages.