Freddie Mac requires that mortgages sold to us are in a first lien position on the property and remain so for the life of the loan. A property subject to a lien that has, or may take a priority position is not eligible for sale to Freddie Mac.
Freddie Mac is pleased to play a key role in sustaining homeownership and supporting the federal Making Home Affordable Program, announced on March 4, 2009. As a Freddie Mac Seller/Servicer, you play a vital role in implementing this program and assisting borrowers who have Freddie Mac-owned mortgages with.
This includes Property Assessed Clean Energy (PACE) obligations that may result in a first lien priority at delinquency. A PACE obligation refers to any energy retrofit loan that is: • Used to finance energy conservation improvements, and • Repaid through a property tax assessment.
Homeowners may have obtained a PACE loan to finance home energy improvement without being aware that the PACE loan was not allowed because their mortgage was sold to Freddie Mac. If you have borrowers that took out a PACE obligation after the mortgage was sold to us, we offer opportunities, referenced in our Single-Family Seller Servicer Guide (Guide), to help them to pay off the PACE obligation and ensure their mortgage complies with Freddie Mac requirements. No Cash-out Refinance A borrower may pay off a PACE obligation with proceeds from a no-cash out refinance transaction, provided the following requirements are met: • The new refinance mortgage must be originated according to the requirements of a no cash-out refinance transaction outlined in Guide Section 4301.4. • The mortgage being refinanced must be owned in whole or in part or securitized by Freddie Mac. • The PACE obligation must be paid in full. • The mortgage file must include evidence that the PACE obligation being paid off would result in or provides for first lien priority.
• Special delivery instructions for such a no-cash out transaction found in Guide Section 6302.16(b)(ii). Cash-out Refinance If the proceeds of a cash-out refinance transaction are used to pay off a PACE obligation, the following requirements apply: • The new refinance mortgage must be originated according to the requirements of a cash out refinance found in Guide Section 4301.5. • The PACE obligation must be paid in full. It is important to note that Freddie Mac will purchase mortgages secured by properties with a PACE or PACE-like obligation, provided the PACE obligation is, and will remain, in a truly subordinate lien position. Some energy retrofit programs provide for a lien that is subordinate to the mortgage. We encourage you to consult with your legal counsel to determine which states have energy retrofit programs that do not require first lien priority.
Whether you're originating a mortgage for a purchase or refinance transaction, it is critical to have processes in place to identify property issues, such as a lien that provides for, or may result in, priority position. For More Information •. • Guide Section 4301.8 • MyHome Energy Efficient Financing.
• The federal government. • Fannie Mae. • Freddie Mac. The program is complicated because the federal government has a top-level set of rules; Fannie Mae and Freddie Mac have their own separate sets of rules; and lenders, loan servicers and mortgage insurers generally have their own rules as well. Borrowers may well wonder where to begin. Here’s our guide to help you navigate through this labyrinth of rules.
RATE SEARCH: Federal government Home Affordable Refinance rules Objective: The federal government’s Home Affordable Refinance program is intended to help creditworthy homeowners whose homes have decreased in value refinance their mortgages to obtain lower interest rates or payments, lock in a fixed interest rate or eliminate onerous loan terms to improve their long-term stability as homeowners. • The program applies only to loans that are owned or guaranteed by Fannie Mae or Freddie Mac, the two secondary-market mortgage corporations that currently are operated under federal government conservatorships.
• The borrower must be an owner-occupant of a detached house, condominium, duplex, triplex or four-unit residential property. (Fannie Mae’s and Freddie Mac’s rules may allow exceptions to this rule.) • The borrower must not have made a loan payment more than 30 days late in the last 12 months or missed a payment if the loan was originated fewer than 12 months ago. (Borrowers who are delinquent or have made a payment more than 30 days late during the prior 12 months may qualify for the Home Affordable Modification program.) • The new first mortgage cannot exceed 125 percent of the current market value of the property. (As of June, the loan-to-value was changed to 125 percent to make more homeowners eligible.) • If the borrower has a second loan, that loan isn’t counted toward the 125 percent limit. The second loan must remain subordinate to the new first mortgage.
Microsoft word is different on MAC compare to Windows OS. If you are Windows user and moved to MAC OS like me then you will have new learning, as things are different in this world. Lately, I was looking to insert a cover page in Microsoft word but couldn’t find it straightforward so I thought to put. Unfortunatly I do not like the new cover sheets given by Word 2016 for Mac at all. Thus, I created my own based on an old one from Word 2010 as a Choose CoverPage and click on Insert. The cover page is added to the beginning of your document. To streamline this further, you can give the entry a. How to save my own cover page in word for mac 2016. A nicely designed cover page is quick and easy using Word title page templates. Here's how to create quality cover pages and Word for the Mac saves you this time with predesigned title page template styles from which you can choose, and that For Word 2016 (part of Office 365): Click the Insert tab. Add a cover page to your document by choosing from Word’s gallery of preformatted cover pages. After that, replace the sample text with your own to give it a personal touch. To see how your cover page will look, on the View menu, select Print Layout or Web Layout.