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Updates to Form 996E Process for Loans Allocated to Cash Contracts

Effective March 29, Form 996E Warehouse Provider Release and Transfer process for cash contracts now includes an automated build of Form 996E once you build Form 1034E Custodial Certification Schedule.

This means, you’ll no longer need to select each warehouse lender individually when manually building this form. Now, as soon as you build the Form 1034E, the system will immediately build each Form 996E by warehouse lender.

If you prefer to continue to build Form 996E manually, you can still do so; however, you should build Form 996E prior to building Form 1034E.

Additionally, we’re updating our Create/View Certification Forms: Search screen to include two additional attributes: “loan created date” and “996E created date”.

These enhancements will help save time in your process through automation and greater specificity; you’ll spend less time processing and searching for information.

Check out these learning resources for additional details on how the process works:

Once Form 996E is built, you can view the ID on the Loan Pipeline screen and view/edit on the Create View Certification Forms screen. There will be a disclaimer on Form 1034E Build screens advising that the automated build of Form 996E is available for cash contracts only at this time.

To confirm Form 996E is built, you can access the Loan Pipeline screen and view the column titled 996E created date. 

A New FAST® Delivery User Interface Tool

We’re replacing the Secure File Transfer Protocol (SFTP) with the Freddie Automated Servicing Transfer (FAST®) delivery user interface (UI), which simplifies the transfer of loan files from Sellers to Servicers and helps minimize errors and misdirected loan files. FAST delivery UI improves the document delivery process in Freddie Mac’s Servicing-Released programs. For Sellers, it maintains the transfer requirements, delivers files accordingly and ensures a secure transfer that protects borrower information. It also enables us to perform several “checks” of your document file.

The new UI will test your file upload to ensure the following:

  • Loan is saved as a ZIP file and is not corrupt or contains subfolders.
  • Correct naming convention used.
  • Correct servicing buyer selected.
  • Loan has already been funded by Freddie Mac.

The FAST delivery UI also provides real-time error messages so you can easily correct and re-submit your file and receive a real-time confirmation that the file was successfully submitted. Plus, there are no process changes. You can continue to image documents and save files as you do today, and you can access the tool using your SFTP login credentials.

Check out the FAST UI tutorial for more information.

Access FAST delivery UI today and upload your next file through this new web-based portal.

Coming Soon

Enhanced Guarantor Rate Sheet Now Displays Pricing Day and Pricing Identifier

In a March 11 news article, we announced we’d be enhancing the guarantor rate sheet to make it easier to access your guarantor pricing information in Loan Selling Advisor.

Beginning April 26, you’ll be able to view, print and export pricing identifier and pricing day information from the guarantor rate sheet:

  • Pricing identifier will now be displayed on the rate sheet results main screen and all related pop-up screens within each of the existing guarantor rate sheet sections.
  • We’re adding a new pricing day section to the rate sheet results main screen.

Between April 26 and April 30, your pricing identifier terms contract will also be updated to remove the pricing day information as it will now be displayed directly on the guarantor rate sheet results main screen.

To learn more about these changes, check out our updated Guarantor Pricing and Contracting webpage for updated technical specifications or our guarantor rate sheet job aid.

Guarantor Settlement Date Calendar Update

Guarantor settlement date calendars are issued semiannually and include the Daily Automated Clearing House (ACH) quarterly calendars. However, this is about to change. We’re in the process of separating the content and creating two calendars, with distinct web links. Beginning this April, clients will have access to a Settlement Date Calendar (for a rolling 9- to 12-month period) and a Daily ACH Calendar (for a 9- to 12-month period). Stay tuned for more information.