Fannie Mae and Freddie Mac (the GSEs) are trying to
sort out ways to implement several major changes imposed on them from outside
sources. Freddie Mac recently issued updates to its Seller/Servicing Guide
to comply with the Revised General Qualified Mortgage Rule announced by the Consumer
Financial Protection Agency (CFPB). This rule was promulgated to replace the so-called
GSE Patch which is due to expire soon.
The complete of Seller/Servicer Guide changes
are available here.
However, Freddie Mac reminds lenders that, while CFPB has delayed implementation
of its Revised Rule until October 1, 2022, most loans originated under the GSE
Patch will not be eligible for sale to Freddie Mac if they have application
dates on or after July 1, 2021 or settlement dates after August 31, 2021 unless they also meet the
requirements of the Revised General QM Rule. The exception will be single
closing construction financing with Application Received Dates prior to July 1,
2021. These loans will be eligible to sale to Freddie Mac without meeting the
Revised General QM Rule.