What are the contract terms for Freddie Mac?

This segment has content common to both Sellers and Servicers and includes general contract terms (Series 1000 through 3000). This segment includes requirements applicable to originating, underwriting, and selling eligible Mortgages (Series 4000 through 6000).

What are the credit requirements for Freddie Mac?

This segment includes requirements applicable to Servicing Freddie Mac Mortgages (Series 7000 through 9000). Adverse credit information in and of itself does not mean the Borrower’s credit reputation is unacceptable.

Why is my Freddie Mac single family loan late?

For example, a Borrower’s credit history shows a 30-day late payment on a single charge account ten months ago. The Borrower has several other charge accounts, an installment loan and a Mortgage, all showing timely payments. The Seller may decide not to obtain a letter of explanation.

Which is more weight 30 day late nonhousing or Freddie Mac late payment?

For example, Freddie Mac considers a 30-day late housing payment to have more weight than a 30-day late nonhousing payment, and a collection account to have more weight than a 30-day late payment on a revolving account.

This segment has content common to both Sellers and Servicers and includes general contract terms (Series 1000 through 3000). This segment includes requirements applicable to originating, underwriting, and selling eligible Mortgages (Series 4000 through 6000).

Do you have to have mortgage insurance with Freddie Mac?

Mortgage Insurance Requirements The standard required or custom mortgage insurance (MI) coverage levels for Home Possible mortgages are as follows: Seller must obtain Freddie Mac’s approval to sell mortgages with annual or monthly premium lender-paid mortgage insurance to Freddie Mac. If custom MI is chosen, the custom MI fee applies

When does a credit score not qualify for Freddie Mac?

In addition, if the Borrower’s credit history includes significant adverse or derogatory credit within the most recent two years, even if it was caused by extenuating circumstances, the Borrower’s credit reputation cannot be considered acceptable.

For example, a Borrower’s credit history shows a 30-day late payment on a single charge account ten months ago. The Borrower has several other charge accounts, an installment loan and a Mortgage, all showing timely payments. The Seller may decide not to obtain a letter of explanation.