New regulations regarding financing package
Now we are past the November 1st timeline, one of the new Freddie Mac guidelines for servicers is that if the seller of the property has a credit score under 620 the financial package need not be reviewed. Yet I am being asked to supply HSBC with every financial statement the seller has even though we know the seller's credit score is shot. Are they not required to abide by these rules and are they only suggestions for the servicers? I can't find the phone number for Freddie Mac to ask. Can somebody give it to me?
Replies to This Discussion
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Permalink Reply by Paul Kuriatnyk on
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Hello Christina, Here is the number to Freddie Mac:800-373-3343 and select option #2
I have run into some of the same issues you are talking about. Many of the servicers are still uneducated on the guideline changes, or at least the people answering the phones are.
Website: http://www.freddiemac.com/avoidforeclosure/working_with_lender.html
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Permalink Reply by Christina Waymreen on
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I called Freddie Mac. According to the person who answered "required to" does not necessarily mean they have to and every bank has made their own changes to the rules. Now, this is from one person in Freddie Mac who might be making this up as well. I guess I will have to take it one day at a time. Fannie Mae and Freddie Mac have not done us any favors.
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Permalink Reply by joe beauchamp on
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I always press the issues when I come up against something like this. Usually dealing with low level people given very little responsibility and control and strict rules - always err on the side of killing deals and they'll be happy. So, I often get correction by forcing them to bring it up with their supervisor. Supervisors can be the same way - bureaucracy uber alles.
If these don't get them to open their letters from the investor, then I go off to the (useless) Freddie Mac's or escalation at BofA via twitter, etc.
When lucky, the 1st step or 2nd is enough.
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When I again asked the supervisor of HSBC, she stated that if the seller had within the last six months requested a HAMP and been refused then they would have used the low credit rating guideline. I still don't see any of this in the Freddie Mac Guidelines. I will go along for now until they start to request a contribution to get the short sale done. In the meantime, I will call Freddie Mac. This was supposed to get better but who are we kidding.
By the way, thanks Paul and Joe. Good advise.
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