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.
The use of Guide forms by Freddie Mac-approved Sellers and Servicers is subject to the terms and conditions of the Purchase Documents, as that term is defined in the Guide. Uniform Instruments Opens in a new window. 9.5.3 Fannie Mae/Freddie Mac Form 2055: Exterior-Only Inspection Report. 81 9.5.4 Fannie Mae 1073/Freddie Mac Form 465: Individual Condominium Report81 Sample. Fannie Mae and Freddie Mac: Understanding Your Options. 10.See the Freddie Mac Loan Product Advisor Documentation Matrix for more details. Freddie Mac: Repayment, Deferment or Forbearance (Effective for loans with Settlement dates on or after November 1, 2018) –.If the monthly payment amount is greater than zero, use the monthly.
Participants will examine standard Freddie Mac guidelines for manually underwriting:
What Is Manual 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.
Topics:
Freddie Mac Manual Underwriting Eagle Echo User
Seat time approximately one (1) hour.
Manual Underwriting Banks
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