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Bulletin 2010-5 Updates the Guide with Loan Prospector HVE Enhancement and Other Selling/Servicing Changes

February 26, 2010

Back to Single-Family News Center

With Single-Family Seller/Servicer Guide (Guide) Bulletin 2010-5 we are announcing several changes to our requirements to help improve the quality of appraisal for mortgages we purchase, strengthen our business processes, and enhance information available to you to originate and service mortgages. Review today's Guide Bulletin to get complete details on the changes outlined below.

Originate and Underwrite

We are making the following changes to our requirements for originating and underwriting mortgages intended for sale to Freddie Mac:

• Updating the Guide to allow Sellers to use Home Value Explorer® (HVE) point value estimates returned by Loan Prospector® when reviewing appraised property values during the loan origination process.  As communicated in our February 12 Loan Prospector News e-mail, beginning February 28, Loan Prospector will provide HVE information on the Loan Prospector Feedback Certificate, free of charge.
• Reorganizing Guide requirements in Section 22.10 for living trusts and Illinois land trusts.

Sell and Deliver

We are making the following changes to our requirements for selling and delivering mortgages to Freddie Mac:

• Requiring Sellers to retain a copy of the entire note in the mortgage file for post-funding quality control review effective for mortgages sold on and after February 26, 2010.
• Updating the Guide to explicitly state that note endorsements via power of attorney are not permitted.

Servicing

We're also making the following updates to our servicing requirements:

• Increasing the allowable amount for title expenses in New Hampshire and Rhode Island.
• Updating our Designated Counsel/Trustee list for California, Georgia and North Carolina.
• Updating contact information for Freddie Mac's Default Asset Management department.

Get More Information

• Review Guide Bulletin 2010-5
• Read our article, HVE Point Value Estimate Available in Loan Prospector
• Register for the webinar, HVE Point Value Estimate - Loan Prospector Feedback