InfoBytes Blog
Freddie Mac guide features new chapter on disaster relief
On October 17, Freddie Mac released Guide Bulletin 2018-18, which announces selling updates, including a new chapter on properties affected by disasters. Effective November 19, the Freddie Mac Selling Guide will now include Chapter 4407, Properties Affected by Disasters, which outlines requirements and provides certain flexibilities for the origination of mortgages secured by properties impacted by disasters. The chapter also introduces a “major disaster plan,” which, if implemented by Freddie Mac, would allow for flexibilities in both documentation requirements and in value estimates for Freddie Mac Relief Refinance Mortgages.
The Bulletin also covers, among other things, (i) updates to the Loan Collateral Adviser for mortgages secured by condominium units; and (ii) updates to the requirements for Condominium Projects.