Posted To: MND NewsWire

Fannie Mae and Freddie Mac (the GSEs) are trying to sort out ways to implement several major changes imposed on them from outside sources. Freddie Mac recently issued updates to its Seller/Servicing Guide to comply with the Revised General Qualified Mortgage Rule announced by the Consumer Financial Protection Agency (CFPB). This rule was promulgated to replace the so-called GSE Patch which is due to expire soon. The complete of Seller/Servicer Guide changes are available here . However, Freddie Mac reminds lenders that, while CFPB has delayed implementation of its Revised Rule until October 1, 2022, most loans originated under the GSE Patch will not be eligible for sale to Freddie Mac if they have application dates on or after July 1, 2021 or settlement dates after August 31, 2021 unless they…(read more)

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Source: Mortgage News Daily