Freddie Mac Extends Deadline for Use of ALTA® 2006 Loan Policy
|June 7, 2007|
Freddie Mac has extended the date for the mandatory use of the ALTA 2006 Loan Policy, from June 17, 2007 (as was referenced in the April 25, 2007 Single-Family Seller/Servicer Guide Bulletin) to January 1, 2008. Freddie Mac made the change after learning of delays in operational system development to accommodate the ALTA 2006 Loan Policy in both mortgage banking and title insurance distribution systems.
Freddie Mac strongly encourages title and lender organizations to begin using the new policy now to take advantage of its expanded covered risks, fewer exclusions from coverage, and ease of interpretation. ALTA made suggestions along the lines Freddie Mac has announced after hearing about the delays referenced above.