Freddie Mac Streamlines A-Minus Pricing Process20 February 2005
The changes will enable lenders to use the Loan Prospector Level returned on the Loan Prospector Feedback Certificate to determine their A-minus fees since the Loan Prospector Level is identical to the fee rate used to calculate the A-minus postsettlement delivery fee that will appear on the monthly invoice. In addition to providing greater certainty, the new post-delivery A-minus fee assessment process will significantly cut the time lenders’ spend reconciling fees for loans sold to Freddie Mac.
The changes are schedule to take effect May 1 and are included in the February 17 Single Family Seller/Servicer Guide Bulletin.
"By making it easier for mortgage originators to take advantage of Freddie Mac’s A-minus mortgage products these changes underscore Freddie Mac’s determination to meet our customers’ needs" said Dave Stevens, Freddie Mac senior vice president of mortgage sourcing. "Today’s announcement will help our lenders serve more borrowers and broaden their competitive position in today’s post-refinance boom market,"
Freddie Mac is a stockholder-owned corporation established by Congress in 1970 to support homeownership and rental housing. Freddie Mac purchases single-family and multifamily residential mortgages and mortgage-related securities, which it finances primarily by issuing mortgage pass through securities and debt instruments in the capital markets. Over the years, Freddie Mac has opened doors for one in six homebuyers and more than two million renters in America.
Source: i-Newswire
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