Freddie Mac Single-Family Seller/Servicer Guide 4302.3 — Eligibility requirements for the Mortgage being refinanced
Freddie Mac Single-Family Seller/Servicer Guide section 4302.3 — Eligibility requirements for the Mortgage being refinanced. Full verbatim section text, substring-verified against snapshot 5869ee9e606cd4ae.
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Verbatim provisions from Freddie Mac Single-Family Seller/Servicer Guide 4302.3 — Eligibility requirements for the Mortgage being refinanced — each quote is a verified substring of the regulator-published source snapshot, not retyped. Quoted for reference; this is not legal advice. The operational layer (P&P updates, prompts) lives in the regulation update kits.
Freddie Mac Single-Family Seller/Servicer Guide 4302.3 — Eligibility requirements for the Mortgage being refinanced
Eligibility requirements for the Mortgage being refinanced under the Refi Possible® offering Topic Eligibility requirements for Mortgage being refinanced General eligibility requirements The Mortgage being refinanced must: ■ Be a First Lien, conventional Mortgage currently owned by Freddie Mac, in whole or in part, or securitized by Freddie Mac ■ Be seasoned for at least 12 months (i.e., the Note Date of the Mortgage being refinanced must be at least 12 months prior to the Note Date of the Refi Possible Mortgage) Ineligible Mortgages The Mortgage being refinanced must not be: ■ A Freddie Mac Relief Refinance MortgageSM ■ A Freddie Mac Enhanced Relief Refinance® Mortgage ■ A Refi Possible Mortgage ■ A Mortgage subject to an outstanding repurchase request ■ A Mortgage subject to recourse, indemnification, or another credit enhancement other than mortgage insurance unless requirements in Section 4302.6 are met Payment history The Mortgage being refinanced must have a payment history that indicates all of the following: ■ The Mortgage has not been 30 days delinquent in the most recent six months ■ The Mortgage has not been 30 days delinquent more than once in the most recent 12 months ■ The Mortgage has not been 60 or more days delinquent in the most recent 12 months The credit report can be relied on for determination of payment history through the date the Mortgage tradeline was last reported. The Seller is responsible for the payment history between the date the Mortgage tradeline was last reported and the Note Date. If the Borrower has missed payments due to COVID-19 forbearance and those payments have been resolved according to the temporary eligibility requirements in Bulletin 2020-17, those missed payments are not considered delinquencies for the purpose of meeting the payment history requirements. Eligibility requirements for the Mortgage being refinanced under the Refi Possible® offering Topic Eligibility requirements for Mortgage being refinanced Loan Product Advisor® assessment Loan Product Advisor will assess whether the Mortgage being refinanced complies with the above eligibility requirements with the following exceptions: ■ The Seller is responsible for ensuring the Mortgage is seasoned at least 12 months as of the Note Date of the Refi Possible Mortgage, and ■ The Seller must consider the payment history after the date the Mortgage tradeline is last reported on the credit report and through the Note Date when determining whether the payment history requirements have been met
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Source of record: https://claudeforcompliance.com/regs/fhlmc-4302-3/
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