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Correspondent

Renovation Lending

Specialty Lending

Rural Housing

 
 

News & Announcements

2018      [click to view]

March

Update to Freedom Mortgage Exclusionary List
Please note that we have updated the Freedom Mortgage Exclusionary List. Please refer to the posted list in ALLRegs for complete details and contact your Regional Manager with any questions.

Collateral process streamlined for reverse bailee process
Effective immediately for Sellers registering loan warehouse with Bank of America and Wells Fargo, Freedom Mortgage will no longer require the use of the Warehouse Bank Notification Form and will not use the reverse bailee process. Sellers must provide new shipping instructions for collateral (including Rural Housing) to Deutsche Bank, the acting custodian for these two warehouse banks: Deutsche Bank National Trust Comp, Attn: Team Freedom/ Correspondent Lend, 1761 E. Saint Andrew Place, Document Custody, Santa Ana CA 92705-4934. Telephone: 714-247-6045.

Enhancements to Fannie Mae HomeStyle program
Recent changes to the Homestyle Renovation mortgage allow a borrower to purchase a property or refinance an existing loan – and include funds in the loan amount to cover repairs, remodeling, renovations or energy improvements to the property. (Effective with Desktop Underwriter new loan casefiles submitted on or after the weekend of March 17, 2018.)

Fannie Mae Selling Guide Updates
Effective immediately, Sellers must ensure that the most current version of IRS Form 4506-T is executed at application and closing. The form must be fully completed prior to the borrower’s signature, with the ‘read attestation clause’ box marked. 2017 tax return transcripts are required for loans closing on or after June 15, 2018. For more info, [Click Here]

IRS Form 4506-T and tax transcripts update
Effective immediately, Sellers must ensure that the most current version of IRS Form 4506-T is executed at application and closing. The form must be fully completed prior to the borrower’s signature, with the ‘read attestation clause’ box marked. 2017 tax return transcripts are required for loans closing on or after June 15, 2018. For more info, [Click Here]

Desktop Underwriter/Desktop Originator Version 10.2 Updates
For new loan casefiles submitted to DU on or after March 17, 2018, please note changes regarding: 1.) The HomeStyle Renovation Mortgage program [CA18-025], 2). Property Inspection Waiver (PIW) messaging changes for properties with a recent appraisal and investment properties, 3.) Condominium project eligibility review messaging, as well as other updates to DU Version 10.2. Contact your Regional Manager with questions.

Annual Seller recertification processing April 2018
Sellers approved prior to July 1, 2017, must complete the full recertification process; required recertification documentation is detailed in Comergence and must be uploaded to Comergence directly. Sellers approved after June 30, 2017, and whose fiscal year was after June 30, 2017, must submit annual audited financial statements and most recent interim financial statements (signed by CEO or CFO) and upload directly to Comergence.

Freddie Mac’s New Integrated Mortgage Insurance℠ (IMAGIN℠) Available Now
IMAGIN℠ is another form of front-end mortgage insurance and will complement Borrower-Paid Mortgage Insurance (BPMI) and Lender-Paid Mortgage Insurance (LPMI). IMAGIN℠ offers a more streamlined underwriting process and potentially lower costs, along with greater eligibility for buyers. Effective with Freddie Mac Only best efforts locks and mandatory commitments taken on and after March 12, 2018. To learn more, please contact your Freedom Mortgage Corporation Correspondent and Renovation Lending Regional Manager.

Reminder – Closing Disclosure USDA MIC# Rules
All USDA Single Family Housing Guaranteed loan transactions require the USDA Mortgage Insurance Certificate (MIC #) number appear in the “Loan Information” section on Page 1 of the Closing Disclosure, per CFPB requirements. The agency guarantee is required for the loan to be eligible for sale to Freedom Mortgage Corporation, so the MIC# is a required field.

February

Reminder – Closing Disclosure USDA MIC# Rules
We’re pleased to announce that as a result of your feedback, Sellers will receive a single purchase advice for all commitments being purchased, as well as the loan level pricing breakdown. Revised advice includes the addition of Commitment Number(s), Loan Status, Commitment Par Rate and Trade Date, along with the removal of fields that did not assist your review and approval of the advices.

Changes to USDA Loan Level Price Adjustment (LLPA)
USDA Loan Level Price Adjustment (LLPA) changes for credit score have been announced – and are effective for all locks and re-locks on or after March 5, 2018. These include a new credit score tier between 680 to 719 and improved LLPA’s for credit scores between 620 and 659. For the full new credit score LLPA table click here [PDF].

January

Rural Housing – Doing Business with Freedom Mortgage
As one of the top Rural Housing lenders in the U.S, we offer the advantage of a team with extensive experience supporting originators using the USDA Guaranteed Rural Housing (GRH) program. Freedom Mortgage also provides a job aid for smooth Loan Registration and File Submission [Click here]

USDA temporarily suspending IRS tax transcript requirements
(RH18-03 Delegated) Effective as of December 21, 2017, the Single Family Housing Guaranteed Loan Program has suspended requiring Internal Revenue Service (IRS) Form 4506-T for all adult household members – until further notice. Lenders must continue to perform their due diligence to review income and assets documentation obtained for the household.

USDA temporarily suspending IRS tax transcript requirements
(RH18-04 Non-Delegated) Effective as of December 21, 2017, the Single Family Housing Guaranteed Loan Program has suspended requiring Internal Revenue Service (IRS) Form 4506-T for all adult household members – until further notice. For non-delegated loans underwritten by Freedom Mortgage Rural Housing tax return(s) and tax transcript(s) covering at least the most recent one-year tax period will be required for any income source requiring tax returns, including, but not limited to, self-employed borrowers, commission employees, 1099, etc.

Update to USDA Job Aid – corrected Assignment of Mortgage Address
NOTE TO SELLERS: Freedom Mortgage Rural Housing has updated the Doing Business with Freedom Mortgage – Processing USDA Loans job aid with a corrected Assignment of Mortgage address, as follows:
Freedom Mortgage Corporation, a Corporation organized under the laws of New Jersey
907 Pleasant Valley Ave
Mount Laurel, NJ 08054

2017      [click to view]

November

5/5 ARM Now Available for Fannie Mae Products
The Fannie Mae product suite of Freedom Mortgage Correspondent Lending has been expanded to include the Fannie Mae Conforming and Fannie Mae High Balance 5/5 Adjustable Rate Mortgage. Eligible properties include 1-4 unit primary residences, second homes and 1-4 unit investment properties.

September

Uniform Closing Dataset Requirements in Effect
Fannie Mae (FNMA) and Freddie Mac (FHLMC) will require a successful submission of the Borrower’s Uniform Closing Dataset (UCD) XML for all loans delivered to them with Note dates on or after September 25, 2017. Freedom Mortgage Corporation requires the transfer/assignment of ownership of the UCD results. Please ensure the FNMA One-Time Relationship has been established with Freedom Mortgage Corporation via the FNMA Website. Please call your sales associate if you have questions

March

Correspondent Lending Re-Certification Process
The re-certification process for Correspondent Lending begins in April 2017. Notification will deliver from Comergence on April 15. The deadline to submit the required re-certification documentation is May 31, 2017.

February

Freedom Mortgage Correspondent Lending now allows the purchase of Higher Priced Mortgage Loans (HPML).
Freedom Mortgage Correspondent Lending now allows the purchase of HPML with all Fannie Mae, Freddie Mac, FHA and VA loan products in accordance with Regulation Z, Section 1026.35. This change is effective with Best Efforts locks and Mandatory Commitments taken on and after February 15, 2017. For more detail, please review CA 17-021.

Freedom Mortgage Correspondent Lending now allows the purchase of Higher Priced Mortgage Loans (HPML).
Freedom Mortgage Correspondent Lending now allows the purchase of HPML with all Fannie Mae, Freddie Mac, FHA and VA loan products in accordance with Regulation Z, Section 1026.35. This change is effective with Best Efforts locks and Mandatory Commitments taken on and after February 15, 2017. For more detail, please review CA 17-021.

January

Freedom Mortgage Correspondent Lending is pleased to announce recent changes to policy guidelines as follows:

  • Effective January 30, 2017, a PUD Questionnaire will no longer be required for attached PUD transactions (See CA 17-011 for details).
  • New Tax Transcript policies go in effect January 30, 2017, related to Current Year Tax Transcript Unavailability and IRS Rejection of Tax Transcripts (See CA 17-012 for details).