Finally, Freddie Mac to allow e-signatures

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Real Estate Agent with Coldwell Banker Brokers of the Valley, Yountville Napa Valley

Freddie Mac to allow e-signatures, other changes


Freddie Mac has released a new servicer bulletin announcing changes to its underwriting requirements that expand the use of electronic signatures and reduce duplicative borrower information verification.

The bulletin announces the following changes:

  • Allowing electronic signatures for certain loan application documents. Servicers may begin using electronic versions of certain initial loan documents for the origination processes as outlined in the Servicer Guide.  With this change, servicers will be able to take advantage of the operational efficiencies and quicker processing that electronic transactions provide.
  • Eliminating certain Social Security Number (SSN) validation requirements.  To reduce redundancy in the postclosing quality control (QC) review process, servicers are no longer required to validate each borrower’s SSN if the servicer validated it during loan origination or the preclosing QC review.  However, if a mortgage broker or correspondent performed the SSN validation, the servicer is still required to validate the SSN during the postclosing QC review.
  • Removing the list of third-party employment/income verification service providers.  To provide servicers with more flexibility in verifying employment and/or income, Freddie Mac has removed the list of acceptable verification service providers from the Guide.  Income and/or employment verifications obtained from third-party sources remain acceptable, provided these verifications meet the Servicer Guide’s requirements
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Rainmaker
597,112
Yolanda Cordova-Gilbert
David Weekley Homes - Katy, TX
David Weekley Homes in Cinco Ranch

Curtis,

         Another great blog with great information. I have hit the suggest button and hope you are having a wonderful week in the Valley. We tried a great winery named Alpa Omega great wines! It's free too!

June 06, 2012 11:19 AM #1
Ambassador
1,238,856
Kathleen Daniels
KD Realty - 408.972.1822 - San Jose, CA
San Jose Homes for Sale - Probate Specialist

Curtis, These changes are a step in the right direction.  When we reach the point of change when all servicers accepted electronic signatures on short sale docs ... I will be in short sale heaven!!!

June 06, 2012 11:25 AM #2
Rainmaker
526,299
Curtis Van Carter
Coldwell Banker Brokers of the Valley, Yountville Napa Valley - Yountville, CA
Napa Valley's Broker Extraordinaire in Yountville

Thank you both for your kind words and thanks for the Suggest. cheers cvc

June 06, 2012 11:26 AM #3
Rainmaker
1,047,445
Robert (Bob) Gilbert
Berkshire Hathaway HomeServices Anderson Properties - Katy, TX
Your Katy TX Real Estate Expert

Curtis,

Thanks for the Freddie Mac update as this is useful information. Take acre and have agreat evening.

June 06, 2012 03:55 PM #4
Rainmaker
526,299
Curtis Van Carter
Coldwell Banker Brokers of the Valley, Yountville Napa Valley - Yountville, CA
Napa Valley's Broker Extraordinaire in Yountville

Bob

Thanks and I will, cheers cvc

June 08, 2012 11:56 AM #5
Rainmaker
126,453
Courtney Brown, Realtor (S) Vice President
Island Sotheby's International Realty - Lahaina, HI
Specializing in Kapalua & Maui Resort Real Estate

Thought you'd like to know your blog is cited as a virtual field trip reference in my online ce course.

June 19, 2014 03:08 PM #6
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Rainmaker
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Curtis Van Carter

Napa Valley's Broker Extraordinaire in Yountville
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