New Loan Selling Advisor Critical Edits
January 30, 2018
Today, we're announcing new Loan Selling Advisor® critical edits, effective June 1, 2018.
Project Dwelling Unit Count Required for Condominium Unit Mortgages
Beginning February 26, 2018, you'll receive a new warning edit if the Project Dwelling Unit Count (Sort ID 45) for a condominium unit mortgage doesn't match the same field on the appraisal submitted through the Uniform Collateral Data Portal.
This warning edit will become critical on June 1.
For your convenience, we're also updating Loan Selling Advisor to display the Project Dwelling Unit Count from the appraisal, after the loan has been evaluated.
Homeownership Education for Affordable Mortgages
As detailed in Single-Family Seller/Servicer Guide Sections 4501.12 and 5103.6, when all borrowers on a purchase transaction affordable mortgage are first-time homebuyers, at least one borrower must complete a homeownership education program.
Sellers must also deliver the corresponding Counseling Confirmation Type (Sort IDs 576/577) and Counseling Format Type (Sort ID 578) for participating borrower(s).
Beginning June 1, you'll receive critical edits if these requirements aren't met.
For More Information
- Visit Freddie Mac's Learning Center for more on our training programs and reference tools.
- Contact your Freddie Mac representative.