Temporary Selling Requirements Related to California Wildfires
October 25, 2017
Freddie Mac is committed to helping borrowers impacted by the California wildfires get the assistance they need. In support of this commitment, we’re providing you with underwriting guidance and flexibilities to assist you in originating and selling impacted mortgages to Freddie Mac.
With Single-Family Seller/Servicer Guide (Guide) Bulletin 2017-24 we're extending the temporary selling requirements previously announced in Guide Bulletins 2017-16, 2017-19 and 2017-2021 to mortgages secured by properties located in Eligible Disaster Areas impacted by wildfires in California. The temporary requirements are related to:
- Age of documentation requirements
- Special collateral requirements and guidance
- Property inspection fees
- System updates
However, except for the reimbursement of property inspection fees, these temporary requirements will not apply to mortgages secured by properties in Orange County due to the isolated nature of the impact of the wildfires in this county. If you originated a mortgage that is secured by a property in Orange County that is impacted by the wildfires, you should contact your Freddie Mac representative or call the Customer Support Contact Center (800-FREDDIE).
Thank you for the work you're doing to assist borrowers in coping with natural disaster-related hardships.