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Availability of Seller’s QC Records FAQ

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  1. Does the QC-related change announced in Guide Bulletin 2021-25 mean that Freddie Mac will be performing a postfunding QC review on loans already reviewed through the Seller’s QC?

    Yes. This will be an additional sample for Freddie Mac to perform a QC review on loans that you have reviewed through your QC.

  2. Why is Freddie Mac performing a postfunding QC review on loans already reviewed through the Seller’s QC?

    The QC results on this additional sample may provide Sellers with actionable results that they can apply to help ensure that the Seller’s QC determination that a loan is of investment quality aligns with Freddie Mac’s assessment.

  3. How will Sellers be notified that Freddie Mac is performing a postfunding QC review on loans already reviewed through the Seller’s QC?

    Freddie Mac may request a list of loans previously reviewed by the Seller’s QC as well as certain loan-level details. Freddie Mac will email this request to the Seller’s QC contact from the following email address:  [email protected]

  4. How will Sellers provide the list of loans previously reviewed by the Seller’s QC?

    Sellers should email the loan-level list to [email protected]. Further instructions will be provided when Freddie Mac requests the loan list from the Seller’s QC.

  5. What data must be provided on the list of loans previously reviewed by the Seller’s QC?

    A template has been created indicating the data required. The loan-list should not include any other information than the data indicated on the template. This template will be provided with Freddie Mac’s email notification to the Seller. 

  6. Which Seller QC reviews should be included on the list of loans?

    Only include results for full scope post-closing reviews. Do not include reviews that focus on a component, such as a targeted review focused specifically on income calculations, or preclosing reviews.

  7. Who can we contact for questions about how to provide the list of loans that our QC reviewed?

    Please reach out to your Freddie Mac Quality Control Manager or Director. Both your Freddie Mac Quality Control Manager and Director will be copied on the email request to you in case you are unsure who to contact.

  8. How many additional loans will undergo this review?

    We cannot provide an exact number of additional loans. Some loans in our targeted samples may be replaced by loans requested under this sample (loans previously reviewed by a Seller’s QC).

  9. How much time will Sellers have to provide loan files that are requested for this sample.

    Sellers are expected to provide loan files selected for this sample within the same timeframes we require for all our other samples we request for Freddie Mac QC review. If the loan file is not provided within 30 days of the first loan file request, a second loan file request will be sent allowing an additional 15 days to provide the loan file.

  10. Will loans in this sample be eligible for representation and warranty relief?

    Yes, upon a satisfactory conclusion of a Freddie Mac QC review per Guide Section 1301.11, these loans will be eligible for representation and warrant relief.

  11. Will the results of these loan reviews impact my performing loan (PL) not acceptable quality (NAQ) rate?

    No. The random PL base sample determines the PL NAQ rate.

  12. Will Freddie Mac follow the current missing document process or will a repurchase be issued if documentation is missing?

    We will follow our missing document process for this additional sample to give lenders a second opportunity to provide any documents critical to the review.

  13. Will Quality Control Advisor® reflect results of these reviews?

    Yes, loan-level review details will be available in Quality Control Advisor. Lenders will be able to upload loan files, missing documents, and appeals, as well as address repurchase requests just as they currently do for other loans undergoing postfunding QC reviews.

    These loans will not have a separate Sample Type within Quality Control Advisor. They will be grouped with other PL Target loans.