Loan Selling Advisor’s June 2023 Enhancements Simplify Loan Delivery
The Loan Selling Advisor® June 2023 enhancements are out…let’s make your loan delivery process efficient and easy.
NOW LIVE
ULDD Phase 4a Mandate NOW LIVE
On May 22, Uniform Loan Delivery Dataset (ULDD) Phase 4a requirements for loans with Application Received Dates on or after January 1, 2023, and delivery dates on or after May 22, 2023 went into effect. All ULDD Phase 4a testing can be completed in our Production Baseline UAT Client Test Environment (CTE). Please reach out to your Freddie Mac representative for loan samples and to get access to the test environment.
For more information, refer to the ULDD Webpage and subsequent announcement, Supporting Documentation Updates.
Initial Principal and Interest Payment Amount Conditionality Update
Effective September 1, 2023 (but you can implement it now), we updated the conditionality for ULDD Data Point Initial Principal and Interest Payment Amount (Sort ID 515.1) with the Phase 4a mandate. This data point will be required for purchase transaction loans when the HELOC Indicator (Sort ID 513) is “false” and the Loan Affordable Indicator (Sort ID 513.1) is “true.” It will not be required for delivery on every related loan as the conditionality is currently stated.
ULDD Appendix A/D will be updated at a future date.
For more information, refer to the Guide Bulletin 2023-9 and impacted Guide Section 6302.34.
New Cash-Specified Payups for Best Efforts Execution June 5, 2023 NOW LIVE
On May 19, we announced new cash-specified payup characteristics for 30-, 20-, 15- and 10-year fixed rate mortgages would be available for Best Efforts Contracts on June 5.
The following new cash-specified payups are available beginning today, when you generate a cash rate sheet or take out a cash contract in Loan Selling Advisor and/or when you submit a request through our Cash Pricing application programming interface (API). This expansion provides additional flexibility for you, when you sell for cash using Freddie Mac’s Best Efforts execution.
| Specified Payup Type | 30-Year Fixed Rate | 20-Year Fixed Rate | 15-Year Fixed Rate | 10-Year Fixed Rate |
|---|---|---|---|---|
| State FL | ☑ | ☑ | ||
| State TX | ☑ | ☑ | ||
| State NY | ☑ | ☑ | ||
| Investment | ☑ | ☑ | ☑ | |
| Second Home | ☑ | |||
| Green | ☑ | ☑ | ☑ | ☑ |
| Home Possible | ☑ | ☑ | ☑ | ☑ |
| FICO < 700 | ☑ |
Read more details in the May 19 article, in the Developer Portal and on our website. Have more questions on these upcoming pricing enhancements or other Loan Selling Advisor execution options? Email: [email protected], call our Customer Support Contact Center (800-FREDDIE) or contact your Freddie Mac representative.
We Need Your Feedback: Loan Selling Advisor Q2 Client Survey NOW LIVE
We know you're busy, but we need your input to help make Loan Selling Advisor better for you and your team.
Click here to take the Loan Selling Advisor Q2 Client Survey. It will only take a few minutes to tell us what you like, where your pain points are and what things you would like to see added to enhance your Loan Selling Advisor experience. Your responses will be completely anonymous unless you request a follow-up.
This survey will remain open until Friday, June 9. We appreciate your candid feedback as it will help us to continue to modernize Loan Selling Advisor together.
COMING SOON
Upcoming Maintenance for Freddie Mac Technology Tools
On May 2, we communicated several upcoming extended maintenance windows for Loan Selling Advisor®, XChange CenterSM and the Selling APIs as part of our ongoing efforts to improve the resilience of the tools you rely on. As we continue our business resiliency efforts throughout the Summer, we want to remind you that the next extended maintenance window will start on Friday 9 PM, June 23 through Sunday, June 25.
You may also always refer to our Technology System Status page for the most up-to-date information about the status of our technology tools. We encourage you to bookmark this page for future reference.
If you have any questions, please contact your Freddie Mac representative or the Customer Support Contact Center (800-FREDDIE).
Affordable Lending Opportunities with the 2023 AMI Limits
The 2023 area median income (AMI) limits are effective on June 8, 2023. With the updated AMI limits, you’ll be able to offer even more flexibility and affordable lending opportunities to your clients. The new AMI limits apply as follows:
- Home Possible® Eligibility: income must be less than or equal to 80% of the AMI for the location of the mortgaged premises.
- Refi Possible® Eligibility: income must be less than or equal to 100% of the AMI for the location of the mortgaged premises.
- HFA Advantage® Eligibility: lenders who participate in an HFA program should consult the HFA’s website for income eligibility and associated pricing of their HFA Advantage offerings.
- Credit Fee Cap: upfront credit fees for certain borrowers and affordable mortgage products are capped depending on the AMI% as described in Guide Exhibit 19A.
Review our May 30 article for more information.
New Loan Delivery Rules Enforcing Existing Guide Requirements for First Lien Mortgages with Affordable Seconds
Effective July 5, Loan Selling Advisor will have new critical edits to enforce the existing requirements for first lien mortgage eligibility in Guide Section 4204.2, Affordable Seconds®. If you have delivered loans that are out of compliance with these requirements, you should submit a loan-level origination data correction request using the Post Fund Data Correction tool.