New Freddie Mac Bulletin Addresses Several Title Insurance Issues
December 14, 2004
Bulletin 2004-5 (dated 12/14/04)
- Increasing the maximum original loan amounts for Home Mortgages eligible for sale to Freddie Mac
- Expanding functionality of the Freddie Mac Selling System (Selling System) by adding fixed-rate Guarantor program capabilities
- Updating the Single-Family Seller/Servicer Guide (Guide) to provide revised income limits for Affordable Gold® Mortgages and to refer to an “Underserved Area” instead of a “Concentrated Area” to describe those limits. We are also providing instructions on how to determine income eligibility.
- Updating Guide language to reflect the retirement of the Gold Cash Xtra® (GCX) software system
- Providing Sellers with direction on how to include title policy endorsements when using an American Land Title Association (ALTA) short form title policy
- Providing Guide replacement pages supporting the revisions to our requirements in response to the passage of antipredatory lending legislation in Massachusetts, as announced in our October 1 Industry Letter
- Revising contact information on the Form 987, Wire Transfer Authorization for a Cash Warehouse Delivery, and the Form 996, Warehouse Lender Release of Security Interest
- Revising Exhibit 57, 1–4 Unit Property Approved Expense Amounts, to increase allowable fees for title work in Utah
Contact ALTA at 202-296-3671 or email@example.com.