Update: Effective Dates for Underwriting Requirements Announced in July 10 Guide Bulletin 2009-18October 9, 2009
As announced in our October 9 Single-Family Seller/Servicer (Guide) Bulletin 2009-24, Freddie Mac is further extending the effective dates for the July 10 Guide Bulletin 2009-18 credit changes from the effective dates we announced in our September 25 Single-Family Advisory e-mail to now be effective for all mortgages with application dates on or after December 14, 2009, and Freddie Mac settlement dates on or after April 1, 2010.
We are extending the effective dates for these changes related to borrower income, capacity, assets, and required documentation in order to provide you more time to implement these changes and ensure that Loan Prospector® is updated prior to the effective dates. Loan Prospector will be updated on December 14, 2009, to support the changes to our credit requirements announced in Guide Bulletin 2009-18. Additional information on implementing these requirements in Loan Prospector will be provided soon.
We encourage you to begin underwriting mortgages with the underwriting requirements announced in Guide Bulletin 2009-18 prior to the new effective date to strengthen your origination process and enhance the quality of mortgages you deliver to Freddie Mac. For assistance, we suggest you access the Loan Prospector Processing Reminders for Mortgages With Submission Dates Prior to December 14, 2009 online tool. This tool provides the necessary information to apply the manual overlays and manage the existing Loan Prospector feedback messages.
For more information
- Review October 9, 2009 Single-Family Seller/Servicer Guide Bulletin 2009-24
- Review July 10, 2009 Single-Family Seller/Servicer Guide Bulletin 2009-18
Training Resources
- Freddie Mac Learning Center Underwriting Training and Education Resources
- Loan Prospector Processing Reminders for Mortgages With Submission Dates Prior to December 14, 2009
- Loan Prospector Documentation Matrix (For Mortgage Applications on or After December 14, 2009 and Freddie Mac Settlements on or After April 1, 2010)
- Loan Prospector Documentation Matrix (For Mortgage Applications on or Before December 13, 2009 and Freddie Mac Settlements on or Before March 31, 2010)