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Guide Bulletin 2009-14 reminds Seller/Servicers of certain requirement changes and process improvements; Important information on Section 404 borrower notificationJune 17, 2009, Single-Family Advisory E-mail

With today’s Single-Family Seller/Servicer Guide (Guide) Bulletin 2009-14, we are reminding Sellers and Servicers of several Freddie Mac requirement changes and process improvements, including the activation of the Net Price functionality, for all Sellers, for loans sold for cash through our selling system. We are also updating Guide forms and exhibits to help streamline certain processes for our customers.

In addition to the updates in today’s Guide Bulletin, we are also informing you that on Friday, June 19, 2009, we will begin notifying borrowers by letter when their mortgage loan is assigned, sold or transferred to Freddie Mac or to a trust for which Freddie Mac serves as trustee. This notification is for informational purposes only and is consistent with Section 404 of the Helping Families Save Their Homes Act of 2009, which was enacted on May 20, 2009. You are not required to take any action on behalf of Freddie Mac and do not need to notify borrowers of a transfer in ownership to Freddie Mac when you deliver mortgages to us.

Updates in Today’s Guide Bulletin

You’ll find complete details on the following changes in today’s Guide Bulletin available on FreddieMac.com:

• Activation of Net Price functionality for all mortgages sold for cash through the selling system. We’re beginning a multi-phase effort to improve loan delivery and pricing capabilities for all Freddie Mac Sellers using the selling system. As part of this effort, and as previously communicated in February, effective July 1, 2009, the Net Price functionality will be activated for all Sellers who sell loans for cash using the selling system.
• For the selling system servicing-released sales process. To reduce the obstacles for Servicers trying to complete a transfer of servicing, effective October 1, 2009, we are allowing Servicers to charge a Seller a late document fee if certain documents for a mortgage sold servicing-released are not delivered within six months of the sale date, instead of 12 months.

With today’s Bulletin, we are also making the following changes:

• Revising our requirements regarding calculation of the repurchase price to provide that Freddie Mac may capture premiums and buyup proceeds for repurchases that adversely impact a PC investor.
• Updating Form 483, Wire Transfer Authorization, and Form 987E, Wire Transfer Authorization for a Cash Warehouse Delivery, to require that the Seller/Servicer provide an e-mail address for the Seller/Servicer’s authorized officer in the signature block.
• Updating the list of Uniform Instruments and authorized changes to Uniform Instruments to incorporate instruments required for mortgages modified under the Home Affordable Modification program.
• For Servicers, revising expense limits and creating an expense code for extermination.
• Reinforcing the requirement that the Servicer – not the designated counsel firm – must prepare the foreclosure sale bid on all mortgages with mortgage insurance coverage.

We encourage you to review the entire Bulletin t o become familiar with all updates to the Guide.