Guide Bulletin 2014-24 Announces New Representation and Warranty Tracking Application and Other Requirement Updates
December 15, 2014
Today’s Single-Family Seller/Servicer Guide (Guide) Bulletin 2014-24 announces selling and servicing updates that may impact the way you do business with Freddie Mac. Key changes are summarized below.
- Freddie Mac Loan Coverage AdvisorSM launches on January 12, 2015.
- This new web-based application calculates, tracks, and publishes the selling representation and warranty relief status for every loan you sell to us.
- Get access by submitting Guide Form 906, Loan Coverage Advisor Authorized User Role Form.
- Visit our Loan Coverage Advisor Web page to learn more about the features and benefits.
NOTE: We are discontinuing the temporary process of sending the Selling Representation and Warranty Relief Date Report to our Seller/Servicers in early 2015. Once you obtain access to Loan Coverage Advisor, you can easily pull this report from Loan Coverage Advisor at your own convenience.
- Receipt and Treatment of Confidential Information. We are clarifying that mortgage insurers and other vendors are service providers with whom you may share confidential information. Your legal counsel must determine that the sharing of confidential information with service providers is legally required or necessary.
- Organizational Changes to Forms, Exhibits, and the Glossary. We are making it easier to access Guide forms and exhibits in AllRegs®. In early 2015, we are pulling all selling and servicing forms into one comprehensive “Forms” folder and all exhibits into one “Exhibits” folder. The Guide glossary will also be split into three sections.
- 2015 Loan Limits. The Guide has been updated to reflect the 2015 base conforming loan limits and the high-cost area loan limits announced on November 24, 2014.
- ULDD Updates. We are publishing the fourth quarter 2014 Uniform Loan Delivery Dataset (ULDD) Addendum that includes, among other updates, the new valid value of “Home Possible Advantage” for ULDD Data Point Loan Program Identifier for Freddie Mac Home Possible Advantage MortgagesSM. Please review the addendum in its entirety to determine if there are impacts to your systems or processes and for applicable effective dates.
Please read the Bulletin for detailed information on these and other Guide updates.
For More Information
- Review Guide Bulletin 2014-24.
- Visit our Loan Coverage Advisor Web page.
- Contact your Freddie Mac representative.
Check out our Summary of Upcoming Requirement Changes document. This valuable resource provides you with a comprehensive list of upcoming requirement changes by effective date.