Master Commitment Dropdown Field to be Updated on Selling System
March 4, 2014
On February 24, 2014, we updated the selling system to add details to the Master Commitment dropdown field located on the Take Out Cash Contract/Loan Purchase Contract Terms screens. The new information displays the Master Commitment effective date, expiration date, and the remaining balance.
After the update had been made, we became aware that sometimes customers were seeing inaccurate information. To ensure Sellers do not see inaccurate information, we will be removing the effective date, expiration date, and the remaining balance in the Master Commitment dropdown field for cash contracts. We will post a notice on the selling system welcome page when this information has been removed.
We apologize for any inconvenience this may cause. At this time we do not have plans to add these details back to the Master Commitment dropdown field for cash contracts.
If you need access to this information please follow the standard process and contact your deal and contract manager, or call 800-FREDDIE and select Option 3.
As a reminder, several selling system enhancements became active yesterday, including relocating the Cash Adjustor for Relief Refinance MortgagesSM to more convenient screens and enabling you to export Servicing Buyer loan numbers for loans sold through the Servicing Released Sales Process. For details, read our Single-Family News Center article.