Clarification of Expiration Date and New Delivery Deadline for Relief Refinance Mortgages
November 19, 2012
We are revising the eligibility requirements for our Freddie Mac Relief Refinance MortgagesSM offering to base the expiration date of the offering on “Application Received Date” instead of the note date of the mortgage. This change is made possible with the implementation of the Uniform Loan Delivery Dataset (ULDD) and the collection of “Application Received Date” as a data point. We are also announcing a September 30, 2014, deadline for delivering Relief Refinance Mortgages.
As a result of this change, Relief Refinance Mortgages – Same Servicer and Relief Refinance Mortgages – Open Access, must have Application Received Dates on or before December 31, 2013. All Relief Refinance Mortgages must be delivered to Freddie Mac on or before September 30, 2014.
Using the “Application Received Date” should make it easier for you to manage your pipeline against the expiration date of the offering. With this change, you’ll be able to originate Relief Refinance Mortgages through the end of 2013 and assist more eligible borrowers to refinance with our offering. This includes mortgages originated under the Home Affordable Refinance Program.
The Single-Family Seller/Servicer Guide (Guide) will be updated to reflect this revised eligibility requirement in a future Guide Bulletin.