Freddie Mac Bulletin on Hurricane Florence
Freddie Mac recently issued a Sellers and Servicers Guide Bulletin that temporarily revised their selling requirements in the wake of Hurricane Florence. The Bulletin also “[r]eminds Servicers that the temporary reimbursement process for property inspections of Mortgaged Premises located in an Eligible Disaster Area is applicable to all property inspections conducted on and after August 29, 2017.”
The temporary selling requirements address:
- Age of documentation requirements;
- Special collateral requirements and guidance;
- Seller reimbursement for property inspections;
- Cash contracts; and
- Freddie Mac Relief Refinance Mortgages.
The Bulletin also includes a reminder on temporary servicer reimbursement process for property inspections, including requirements relating to exterior property inspections after a disaster and property inspections conducted for insurance loss settlements.
