Check Out Recent and Upcoming Changes in Loan Selling Advisor®
Check out some of the recent and upcoming enhancements in Loan Selling Advisor® that will make it easier for you to deliver loans to us with greater confidence that they meet our requirements:
Coming to Loan Advisor: Freddie Automated Servicing Transfer (FAST®)
On February 28, 2022, FAST will become a service in Freddie Mac Loan Advisor®. Your current FAST login credentials will be disabled, and you’ll log into FAST via the Loan Advisor portal. With FAST, you can upload files related to your servicing-released sales and minimize delivery errors, saving time and simplifying servicing transfers. Your system administrators must pre-register users in Freddie Mac Access Manager starting January 31. Access Manager is our self-service platform allowing single sign-on access to all Freddie Mac tools.
If you currently access FAST through our SFTP interface, your user access will not be impacted by this change.
Questions? Call the Customer Support Contact Center (800-FREDDIE). Choose option 1, then 1, then 1.
Cash-Released XChange® and XChange CenterSM: Set and Manage Preference
You now have access to XChange Center, our platform that lets you set and manage your servicing buyer and pricing preferences for the loans you sell to Freddie Mac through Loan Selling Advisor®. Special note: Any changes to your servicing buyer and/or pricing preferences may impact your Cash-Released XChange outcome; if you use a hedge advisor, we recommend that you communicate any preference changes to them.
Not yet using XChange Center?
U.S. Bank: A New Document Custodian
U.S. Bank joins Bank of NY Mellon (BNYM) as your newest document custodian option. When you sell through Cash-Released XChange, you can choose either custodian to certify your notes.
Prefer to continue using BNYM? Take no action. Want to use U.S. Bank? Follow these steps:
- Execute Form 1035 with U.S. Bank. (See Exhibit 43 for contact details.)
- U.S. Bank will submit the executed Form 1035 to Freddie Mac’s Institutional Eligibility team.
Submit your request to Freddie Mac’s Servicing-Released Executions team. (Please include your Seller/Servicer number.)
Uniform Loan Delivery Dataset (ULDD) Phase 4a Specification Update
Check out our latest job aid, Get Ready for ULDD Phase 4a and start your planning efforts. You’ll need to begin collecting the new affordable lending, Duty to Serve and Housing Finance Agency data points, if applicable, for loans with application received dates on or after January 1, 2023 and delivered on or after May 22, 2023. Please note that some of the new delivery requirements are required before the mandate date (including Community Land Trust and some mortgage insurance (MI) company name updates). To learn more about them, refer to Loan Delivery Updates for ULDD.
Freddie Mac Home Possible® Loans Not Meeting the AMI Requirement
The Freddie Mac Seller/Servicer Guide (Guide) states that for a loan to qualify as a Freddie Mac Home Possible loan, the borrower’s income cannot exceed 80% of the area median income (AMI) for the location of the mortgaged premises. We’ve identified some loans that have been delivered that do not meet this requirement. We will be updating Loan Selling Advisor to help prevent the sale of these ineligible loans. We’ll communicate more about these updates in the coming months.
New and Updated Loan Selling Advisor Training Resources
- Tips for Using the Daily ACH Schedule. This video is designed for Guarantor/MultiLender clients and describes the Daily ACH Settlement Schedule and how to use the ACH calendar.
- Loan Selling Advisor Cash Selling and Delivery Process Flow for cash executions. This interactive PDF indentifies the steps to complete timely funding/settlement of Cash Contracts.
- How to Access Loan Selling Advisor Training. This 5-minute video shows you how to use our PDF to access Loan Selling Advisor training and resources. Just click the links to launch training.
- Get Ready for ULDD Phase 4a job aid. Start your planning efforts for ULDD Phase 4a. You’ll need to begin collecting the new affordable lending, Duty to Serve and Housing Finance Agency data points, if applicable, for loans with application received dates on or after January 1, 2023 and delivered on or after May 22, 2023.