On March 23, 2020, Freddie Mac published Bulletin 2020-5 regarding temporary measures for selling requirements in relation to Coronavirus COVID-19 to address sellers’ questions and concerns. Freddie Mac is working together with Fannie Mae under the guidance of the Federal Housing Finance Agency (FHFA) to introduce these temporary measures to assist lenders in continuing to lend in a prudent and responsible manner. Bulletin 2020-5 covers the following items and will updated and republished as new guidance becomes available:

  • Temporary guidance related to our credit underwriting requirements
  • Temporary guidance related to our property valuation requirements
  • Expansion of our automated collateral evaluation eligibility
  • An extension to the deadline for certain annual reporting requirements

Bulletin 2020-5 also provides reminders regarding:

  • Use of Electronic Records and Signatures
  • Title insurance
  • Seller/Servicer business continuity plan requirements and information about Freddie Mac’s business continuity plan

These temporary measures are effective immediately for all loans currently in process and will remain in place for loans with application dates on or before May 17, 2020.

Bulletin 2020-5