Freddie Mac has updated its appraisal requirements on some jumbo loans and made revisions to its underwriting forms. In addition, the company clarified how much real estate brokers can be paid on short-sale transactions.
In Bulletin No. 2009-22 issued today, the secondary lender said appraisals for super-conforming mortgages will require Form 1032, One-Unit Residential Appraisal Field Review Report, when either the loan-to-value, TLTV or HTLTV exceeds 75 percent and the value is at least $1 million.
The McLean, Va.-based firm advised sellers that super-conforming loans can’t be pooled in mini-Gold PC Pools.
Updates to the Uniform Underwriting and Transmittal Summary include revisions to Form 1077 to include revised project classification codes for loans delivered to Fannie Mae. But Freddie will continue to accept the old version indefinitely.
The 2009 median income estimates from the Federal Housing Finance Agency must be used on all loans delivered on or after Nov. 1. However, Freddie said sellers are allowed to use the 2009 estimates immediately. Loan Prospector and the Affordable Income & Property Eligibility tool have already been updated with the 2009 estimates.
Freddie clarified its guidelines to reflect that Initial Interest Mortgages still don’t qualify as Texas Equity Section 50(a)(6) Mortgages.
Servicers were advised not to renegotiate a real estate broker’s commission on a short payoff as a condition of accepting an offer. Brokers, however, are limited to 6 percent commission in those cases.
All of the revisions are effective on Nov. 1.
