Selling System Update: Delivery Data Edits for LTV Delayed Until August
July 24, 2014
On June 18, 2014, we announced new selling system delivery data critical and warning edit messages to be implemented on July 21. The loan-to-value (LTV) comparison edits were not implemented and will be delayed until August 18.
For loan settlements beginning on August 18, you may receive one or more LTV edits to ensure that the following requirements are met:
- 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.
Loans with LTVs having > 1% variance will receive a critical edit; loans with LTVs having < 1% variance will receive a warning edit.
In addition, the following LTV comparison that we had originally planned will not be implemented at this time:
- The Seller-delivered base LTV equals the Freddie Mac calculated base LTV.
Critical edits announced on June 18 relating to Funds Needed to Close and Secondary Financing Loan Information (Down Payment Type, Closing Costs Funds Type), and Subject Property Address were successfully implemented. These edits apply to mortgages with settlement dates on and after July 21, 2014.
See our June 18 Single-Family News Center article for details.
If you have questions, please contact 800-FREDDIE and select Option 3.