Five Brothers

Freddie Mac Bulletin 2013-13: Selling


Bulletin Number 2013-23

November 15, 2013

 

TO: Freddie Mac Sellers and Servicers

SUBJECTS: This Single-Family Seller/Servicer Guide (“Guide”) Bulletin updates and revises our selling and servicing requirements, including:

  • Withdrawing the requirement for Seller/Servicers to train third-party vendors about fraud-related matters announced in Bulletin 2013-18
  • Announcing the availability of Quality Control Information Manager (QCIM)
  • Reminding Seller/Servicers of certain requirements for Mortgages secured by properties with an outstanding Property Assessed Clean Energy (PACE) or PACE-like obligation (either referred to as a PACE obligation)
  • Providing additional details about compliance with applicable laws

 

This Bulletin also updates and revises our selling requirements, including:

  • Updating payment history verification requirements for Manually Underwritten Mortgages
  • Announcing that the eligibility requirements applicable to Higher-Priced Mortgage Loans (HPMLs) that were announced in Bulletin 2013-16 in response to the Consumer Financial Protection Bureau (CFPB) final rule implementing the ability to repay provisions are applicable to higher-priced covered transactions (as defined in the CFPB final rule) and not solely to HPMLs
  • Updating certain requirements for Freddie Mac Relief Refinance MortgagesSM
  • Updating our requirements for verifying tax information for Borrowers with income derived from sources in Puerto Rico, Guam and the U.S. Virgin Islands
  • Clarifying signature requirements for Security Instruments

 

In addition to the changes listed above, we are making further updates to our selling requirements, as described in the “Additional Guide Updates” section of this Bulletin.

 

 

EFFECTIVE DATE

All of the changes announced in this Bulletin are effective immediately unless otherwise noted.

 

 

SELLING/SERVICING REQUIREMENTS

Fraud training

In Bulletins 2013-18 and 2013-20, we announced and extended the implementation deadline for new fraud training requirements for third-party vendors. In order to fully assess Seller/Servicer feedback and to refine the details of this requirement, we are withdrawing the requirement until further notice.

 

Guide Sections 7.2 and 57.2, each titled Prevention and Detection, have been updated to reflect this change.

 

 

Quality Control Information Manager (QCIM)

Freddie Mac is announcing the availability of QCIM, a secure web-based application that enables Seller/Servicers to manage performing and non-performing Mortgages through the quality control (QC) process. QCIM provides Seller/Servicers with direct and timely access to the status of QC loan file requests and all Freddie Mac repurchase and other remedy requests.

 

With the availability of QCIM, we are adding Section 2.26, Quality Control Information Manager, and Guide Exhibit 38, Quality Control Information Manager Agreement. The exhibit outlines the Seller/Servicer’s responsibilities while using QCIM and supersedes any other QCIM terms of use document signed by the Seller/Servicer. Each Seller/Servicer using QCIM, by virtue of such use, will be deemed to have agreed to the terms and conditions set forth in Exhibit 38.

 

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