This is a single-family/residential course.
Freddie Mac Manually Underwritten Loans presents underwriting requirements and risk evaluation principles for manually underwritten mortgages that will be sold to Freddie Mac.
Participants will examine standard Freddie Mac guidelines for manually underwriting:
- Loan applications never submitted to Loan Product Advisor (LPA)
- Loan applications submitted to LPA and receiving an LPA recommendation of Caution, but not eligible as an A-minus mortgage
- Loan applications submitted to LPA receiving an evaluation status of invalid, ineligible, or incomplete
Freddie Mac is a regulated entity that was created in 1970 and owned by the FHLBank System to expand the secondary market for mortgages in the United States. In response to the savings and loan crisis of the late 1980s, Congress enacted the Financial Institutions Reform, Recovery,. The new, user friendly Seller/Servicer Guide will make it significantly easier for you and your team to find, understand and share critical information.
This course begins with an overview of Freddie Mac's risk assessment philosophy. It then addresses evaluation of the 'three Cs' -- credit, capacity, and collateral. Next, the course reviews Freddie Mac's guidelines for evaluating layered risk and multiple borrowers. Toward the end of the course, loan recommendation and loan documentation requirements are described. The course ends with Freddie Mac manual underwriting case studies.
Through loan scenarios and case study work, participants will further enhance their underwriting skills. While this lesson specifically presents Freddie Mac's manual underwriting process, the philosophies introduced apply to general manual underwriting practices.
Topics:
- Historically, Freddie Mac's approach to software development had been process-centric in its software development lifecycle, which generated what the industry refers to as 'toil,' or manual and repetitive tasks that deter efficiency among developers.
- Freddie Mac Form 91 Freddie Mac Income Calculation Form 91 –Sellers are required to analyze self employed borrowers using Freddie Mac Form 91 or a similar form.Updates include removal of Rental income, 2106 expenses, 4797 and 6252 –The form should be maintained in the loan file.
- Freddie Mac Document Custody Procedures Handbook Document Custodial Operations & Requirements March 2019 2 Chapter 1 Introduction For Freddie Mac to purchase Mortgages, a Seller must deliver the Notes, assignments, and related documents to you for review, certification, and post-purchase maintenance.
Seat time approximately one (1) hour.
Copyright 2019.
This is a single-family/residential course.
Freddie Mac Manually Underwritten Loans presents underwriting requirements and risk evaluation principles for manually underwritten mortgages that will be sold to Freddie Mac.
Participants will examine standard Freddie Mac guidelines for manually underwriting:
- Loan applications never submitted to Loan Product Advisor (LPA)
- Loan applications submitted to LPA and receiving an LPA recommendation of Caution, but not eligible as an A-minus mortgage
- Loan applications submitted to LPA receiving an evaluation status of invalid, ineligible, or incomplete
This course begins with an overview of Freddie Mac's risk assessment philosophy. It then addresses evaluation of the 'three Cs' -- credit, capacity, and collateral. Next, the course reviews Freddie Mac's guidelines for evaluating layered risk and multiple borrowers. Toward the end of the course, loan recommendation and loan documentation requirements are described. The course ends with Freddie Mac manual underwriting case studies.
Through loan scenarios and case study work, participants will further enhance their underwriting skills. While this lesson specifically presents Freddie Mac's manual underwriting process, the philosophies introduced apply to general manual underwriting practices.
Va Manual Underwriting
Topics:
Freddie Mac Manual Underwriting Eagle Echo Download
Seat time approximately one (1) hour.
Copyright 2019.