Updates for Cash Executions
August 31, 2018
In early Q4 2018, we're making the following updates to support cash executions in Loan Selling Advisor®. We'll announce the effective date for these changes in an upcoming Single-Family Seller/Servicer Guide Bulletin.
Cash Payups for Mortgages with Specified Attributes
Adding the following six new valid values to the existing “Cash Specified Pool Type” field drop-down to incorporate the cash specified payups that are manually executed today through the Cash Desk, and in early Q4, will be available within Loan Selling Advisor when taking out a cash contract.
- Max LLB <= $200K
- State = NY
- FICO < 700
- Super Conforming
You no longer need to follow the manual spot bid process to receive these payups and you won't need to deliver Investor Feature Identifiers (IFIs) to get payups for these specified pool types.
- Eliminating the need to deliver IFIs for cash-specified payups.
- No additional IFIs will be created for the new valid values added to the "Cash Specified Pool Type" field drop-down.
- Eligibility for all cash specified payups will automatically be determined based on contract parameters and the mortgage data delivered.
- IFIs H64-H68 will no longer be required to receive the low loan balance cash specified payups.
- Until the IFIs are retired, they will not be evaluated for warnings or critical edits if you deliver them.
- Updating the language in the cash specified payup link on the Cash Price Sheet.
- Removing the 'Special Eligibility for Manual Specified Trades' information as they will be automated within Loan Selling Advisor.
- Our daily update of the cash specified payup tables will not change.
Importing Loans For Cash Contracts
We're making our import loan functionality more efficient when delivering cash contracts by:
- Adding a new optional field for Investor Contract Identifier in the loan data import template, which can include both cash and/or guarantor contracts.
- Allowing loans for multiple cash contracts to be imported in a single file.
- Allowing loans to be allocated to multiple cash contracts based on the Investor Contract Identifier in the import file.
NOTE: Fixed-rate and adjustable-rate mortgages cannot be commingled in the same file due to different data requirements.
For More Information
- Visit Freddie Mac's Learning Center for more on our training programs and reference tools.
- Contact your Freddie Mac representative.