Agency Underwriting Guideline Updates
Freddie Mac Bulletin 2020-43
Condominium and Co-op Projects
- Updates to Condominium Hotels and similar types of transient housing
- Updates to the Glossary definition of 2- to 4-Unit Condominium Project
- Requirement updates for Exempt from Review
- Updates to the Glossary definition of Master Association
- Clarification relating to retention of project-related documents
- Updates to minimum number of cooperative units
- Cooperative corporation master insurance deductibles
Clarified requirements for properties with solar panels when the solar panels are leased, financed, or owned.
These changes align with the previously announced Fannie Mae Selling Guide announcement and are located in Chapter 1D Property Types for complete requirements.
Power of Attorney
Freddie Mac now requires the use of a power of attorney to be used under the following circumstances:
- There is an emergency event (e.g., medical emergency, natural disaster, etc.) preventing the borrower from executing the requisite documents in person, by electronic signature or through other alternative electronic means; or
- Applicable law requires the use of a POA.
See Chapter 9A Power of Attorney for complete details
Fannie Mae SEL-2020-07
- Retirement, government annuity, and pension income and employment-related assets as income
- Sale of personal assets: updated documentation requirements
- Clarified the treatment of pro-rated tax credits
See the following chapters in the Underwriting Guide for complete requirements:
- Retirement, government annuity, and pension and employment-related assets as income: Chapter 1E Employment and Income
- Sale of personal assets: Chapters 1B Transactions and 1G Assets