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New Selling System Data Quality Critical Feedback Messages

June 18, 2014

We continue to enhance our tools to provide you with greater certainty that the loans you deliver to us meet our purchase requirements. As part of a series of selling system enhancements during the next several months, beginning July 21, 2014, the Freddie Mac selling system will begin returning critical edits related to the following delivery data.

Loan-to-value (LTV)

If you deliver incomplete data for loans with secondary financing, you will receive one or more critical LTV edits. The critical feedback messages ensure that the following requirements are met:

  • The Seller-delivered base LTV equals the Freddie Mac calculated base LTV.
  • The Seller-delivered LTV equals the Freddie Mac calculated LTV.
  • The Seller-delivered combined LTV equals the Freddie Mac calculated combined LTV.
  • The Seller-delivered home equity combined LTV equals the Freddie Mac calculated home equity combined LTV.

Funds Needed to Close and Secondary Financing Loan Information

  • If the Down Payment Type or the Closing Cost Funds Type is secondary financing closed end or secondary financing home equity line of credit (HELOC), then the "Secondary Financing/Related Loan Information" section must contain the applicable corresponding secondary financing data. For example, if the Closing Cost Funds Type is secondary financing HELOC, related loan information for a HELOC must be provided.

Property address

  • The address listed in the "Subject Property Address" section must be a physical street address that matches the address on the appraisal if an appraisal was used to determine the value of the subject property. You may continue to provide a P.O. Box address in the "Borrower Mailing Address" section when the borrower’s mailing address is different from the "Subject Property Address."

Reminder

If your loan has secondary financing, remember to deliver the appropriate secondary financing data and include the secondary financing in your delivered values calculations.

If you have any questions, please contact 800-FREDDIE and select Option 3.

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