MortgageCurrentcy Subscriber Library

Description:

This Guide Bulletin announces:

• CHOICERenovation® Mortgages – November 1, 2021 .

➢ The addition of CHOICEReno eXPressSM Mortgages

➢ Updates to contractor requirements for renovations purchased from a home improvement store

➢ Updates to the eligible uses of Mortgage proceeds to include the payoff of short-term financing that was used to finance prior renovations

➢ The addition of a special occupancy requirement for certain CHOICERenovation Mortgages

➢ Clarifications related to properties with certain quality and condition ratings securing certain CHOICERenovation Mortgages

• Cash Specified Payup – October 12, 2021

➢ Improvements to the Cash Specified Payup process

• Qualified Mortgage Guide updates – Effective for Mortgages with Application Received Dates on or after July 1, 2021, and all Mortgages with Settlement Dates after August 31, 2021

➢ Guide updates related to Qualified Mortgages as announced in Bulletins 2021-19 and 2021-13

• Cash-out refinance

➢ Updated requirements for cash-out refinance transactions when none of the Borrowers have been on the title for at least six months prior to the Note Date

• Guide Plus Additional Provisions

➢ Revised e-mail domains from which notifications related to Guide Plus Additional Provisions will be sent

• Additional updates

➢ Further updates as described in the Additional updates section of this Bulletin

Document type:

  • Agency Bulletin/Form

Agency:

Freddie Mac

Download:

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