FHLMC Single-Family Seller/Servicer Guide Chapter 5201 — Credit Assessment with Loan Product Advisor

fhlmc-5201

FHLMC Single-Family Guide §5201.1 governs Credit Assessment via Loan Product Advisor (LPA) for Accept Mortgages. Operative requirements include the four documentation components for Accept Mortgage credit reputation (URLA, credit reports, Last Feedback Certificate, underwriting summary); for Mortgages where not all Borrowers have a usable Credit Score, at-least-one-Borrower-with- usable-score; for the 50%+ income case, 12-month payment-reference duration, no 30+ day housing delinquencies in last 12 months, and no collections/judgments/tax liens in last 24 months.

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source:
  type: regulation
  id: fhlmc-5201
  authority: FHLMC Single-Family Seller/Servicer Guide Chapter 5201 — Credit Assessment with Loan Product Advisor
  description: |
    FHLMC Single-Family Guide §5201.1 governs Credit Assessment via
    Loan Product Advisor (LPA) for Accept Mortgages. Operative
    requirements include the four documentation components for Accept
    Mortgage credit reputation (URLA, credit reports, Last Feedback
    Certificate, underwriting summary); for Mortgages where not all
    Borrowers have a usable Credit Score, at-least-one-Borrower-with-
    usable-score; for the 50%+ income case, 12-month payment-reference
    duration, no 30+ day housing delinquencies in last 12 months, and
    no collections/judgments/tax liens in last 24 months.
obligations:
  - id: fhlmc-5201-accept-mortgage-credit-documentation
    canonical_id: fhlmc-5201-accept-mortgage-credit-documentation
    section: FHLMC Single-Family Guide §5201.1(a) — Accept Mortgage credit reputation documentation set
    description: |
      To document the credit reputation for Loan Product Advisor Accept
      Mortgages, [LENDER] (Seller) shall use the following: (1) the
      Uniform Residential Loan Application (URLA / Form 65); (2) the
      credit reports per §5203.1; (3) the Last Feedback Certificate;
      and (4) an underwriting summary (e.g., Form 1077 Uniform
      Underwriting and Transmittal Summary). Direct verification of
      mortgage debt, rental payments, and other debts not on the
      credit reports is typically NOT required for Accept Mortgages.
    type: do
    audit_question: 'For every Accept Mortgage [LENDER] delivered to FHLMC, can [LENDER] produce all four documentation components in the Mortgage file: URLA, credit reports, Last Feedback Certificate, and an underwriting summary (e.g., Form 1077)?'
    program_review: Does the program ensure every LPA Accept Mortgage carries all four credit-reputation documents (URLA, §5203.1 credit reports, Last Feedback Certificate, underwriting summary e.g. Form 1077)?
    file_review: Pull Accept Mortgage files; confirm presence of all four documentation components.
    judgment: false
    feeds: []
    workflow_phase: loan_origination
    owner_role: underwriting_manager
    secondary_owner_role: loan_processor
    cadence: per-accept-mortgage
    consequence: Missing any of the four Accept Mortgage credit-documentation components is a Selling Guide breach + R&W exposure.
    tags:
      - round-d
      - regulator-direct
      - fhlmc
      - selling-guide
      - lpa
      - accept-mortgage
      - credit-documentation
      - promoted
    primary_source:
      tier: 1
      authority: FHLMC Single-Family Guide §5201.1(a) — Documenting Borrower's credit reputation
      source_class: fhlmc-guide
      source_url: https://guide.freddiemac.com/app/guide/
      snapshot_id: fbba421721d90cb1
      fetched_at: '2026-05-25T14:09:48Z'
      content_hash: sha256:placeholder-snapshot-content-hash-from-source-json
      paragraph_quote: |
        To document the credit reputation for Loan Product Advisor Accept Mortgages, the Seller must use the following:
      drafter_attestation: |
        Copied verbatim from snapshot fbba421721d90cb1. §5201.1(a) Accept-
        Mortgage-documentation-set operative chapeau. Four enumerated
        components (URLA, credit reports, Last Feedback Certificate, Form
        1077) paraphrased in description.
    promoted_at: '2026-05-25T19:59:22+00:00'
    promoted_from: fhlmc-5201-roundd-v1.yaml
  - id: fhlmc-5201-at-least-one-borrower-usable-credit-score
    canonical_id: fhlmc-5201-at-least-one-borrower-usable-credit-score
    section: FHLMC Single-Family Guide §5201.1(c)(i) — At least one Borrower must have a usable Credit Score
    description: |
      For LPA-assessed Mortgages where not all Borrowers have a usable
      Credit Score, [LENDER] (Seller) shall ensure that at least one
      Borrower has a usable Credit Score, as determined by Loan Product
      Advisor. This minimum-credit-score-Borrower rule prevents
      reliance on entirely-no-score files in mixed-score scenarios.
    type: do
    audit_question: For every LPA-assessed Mortgage where at least one Borrower lacked a usable Credit Score, can [LENDER] evidence that LPA confirmed at least one OTHER Borrower had a usable Credit Score?
    program_review: Does the program ensure that, in mixed-score LPA-assessed Mortgages, LPA confirmed at least one Borrower has a usable Credit Score?
    file_review: Spot-check mixed-score files; confirm the LPA determination that one Borrower had a usable Credit Score.
    judgment: false
    feeds: []
    workflow_phase: loan_origination
    owner_role: underwriting_manager
    secondary_owner_role: chief_credit_officer
    cadence: per-mixed-score-mortgage
    consequence: Mortgages where no Borrower has a usable Credit Score must follow the separate no-score-Borrower rules in §5201.1(c)(ii), not the mixed-score path; misclassification is a Selling Guide breach.
    tags:
      - round-d
      - regulator-direct
      - fhlmc
      - selling-guide
      - lpa
      - credit-score-eligibility
      - mixed-score
      - promoted
    primary_source:
      tier: 1
      authority: FHLMC Single-Family Guide §5201.1(c)(i)
      source_class: fhlmc-guide
      source_url: https://guide.freddiemac.com/app/guide/
      snapshot_id: fbba421721d90cb1
      fetched_at: '2026-05-25T14:09:48Z'
      content_hash: sha256:placeholder-snapshot-content-hash-from-source-json
      paragraph_quote: |
        At least one Borrower must have a usable Credit Score, as determined by Loan Product Advisor
      drafter_attestation: |
        Copied verbatim from snapshot fbba421721d90cb1. §5201.1(c)(i) at-
        least-one-usable-credit-score operative requirement.
    promoted_at: '2026-05-25T19:59:22+00:00'
    promoted_from: fhlmc-5201-roundd-v1.yaml
  - id: fhlmc-5201-payment-reference-12-month-minimum
    canonical_id: fhlmc-5201-payment-reference-12-month-minimum
    section: FHLMC Single-Family Guide §5201.1(c)(i) — Payment references must have existed for at least the most recent 12 months
    description: |
      When [LENDER] (Seller) uses payment references for a Borrower
      without a usable Credit Score (where that Borrower contributes
      50% or more of total monthly income on a non-Refi-Possible
      Mortgage), each payment reference must have existed for at least
      the most recent 12 months. Sub-12-month payment references
      cannot satisfy the no-credit-score documentation rule.
    type: do
    audit_question: For every Mortgage where a no-Credit-Score Borrower used payment references, can [LENDER] evidence each payment reference had at least 12 months of payment history as of the application date?
    program_review: Does the program ensure that, where a no-Credit-Score Borrower contributing ≥50% of income on a non-Refi-Possible Mortgage uses payment references, each reference has existed for at least the most recent 12 months?
    file_review: For no-Credit-Score files using payment references, confirm each reference has ≥12 months of history as of application date.
    judgment: false
    feeds: []
    workflow_phase: loan_origination
    owner_role: underwriting_manager
    secondary_owner_role: loan_processor
    cadence: per-no-credit-score-borrower
    consequence: Under-12-month payment references cannot substantiate credit reputation under §5201.1(c)(i); Selling Guide breach + R&W exposure.
    tags:
      - round-d
      - regulator-direct
      - fhlmc
      - selling-guide
      - lpa
      - payment-references
      - 12-month-minimum
      - promoted
    primary_source:
      tier: 1
      authority: FHLMC Single-Family Guide §5201.1(c)(i)
      source_class: fhlmc-guide
      source_url: https://guide.freddiemac.com/app/guide/
      snapshot_id: fbba421721d90cb1
      fetched_at: '2026-05-25T14:09:48Z'
      content_hash: sha256:placeholder-snapshot-content-hash-from-source-json
      paragraph_quote: |
        Each payment reference must have existed for at least the most recent 12 months
      drafter_attestation: |
        Copied verbatim from snapshot fbba421721d90cb1. §5201.1(c)(i)
        payment-reference-12-month-minimum operative requirement.
    promoted_at: '2026-05-25T19:59:22+00:00'
    promoted_from: fhlmc-5201-roundd-v1.yaml
  - id: fhlmc-5201-no-housing-30-day-delinquencies-last-12-months
    canonical_id: fhlmc-5201-no-housing-30-day-delinquencies-last-12-months
    section: 'FHLMC Single-Family Guide §5201.1(c)(i) — Housing payment histories: no 30+ day delinquencies in last 12 months'
    description: |
      For Borrowers without a usable Credit Score whose payment
      references include a housing payment history, [LENDER] (Seller)
      shall verify all such housing payment histories have NO 30-day
      or greater Delinquencies in the most recent 12 months. If more
      than one no-Credit-Score Borrower has a housing payment history,
      all such histories must be verified for the most recent 12 months
      (or shorter if the history is shorter).
    type: do
    audit_question: For every no-Credit-Score Borrower whose payment references included housing history, can [LENDER] evidence verification confirming no 30+ day delinquencies in the most recent 12 months across ALL such Borrowers' housing histories?
    program_review: Does the program ensure all housing payment histories for no-Credit-Score Borrowers are verified to show no 30+ day delinquencies in the most recent 12 months (or shorter if shorter), across all such Borrowers?
    file_review: Confirm the verification of housing histories shows no 30+ day delinquency in the most recent 12 months for every no-Credit-Score Borrower.
    judgment: false
    feeds: []
    workflow_phase: loan_origination
    owner_role: underwriting_manager
    secondary_owner_role: loan_processor
    cadence: per-no-credit-score-borrower
    consequence: Any 30+ day housing delinquency disqualifies the Mortgage under §5201.1(c)(i); Selling Guide breach if delivered anyway.
    tags:
      - round-d
      - regulator-direct
      - fhlmc
      - selling-guide
      - lpa
      - housing-payment-history
      - no-30-day-delinquency
      - promoted
    primary_source:
      tier: 1
      authority: FHLMC Single-Family Guide §5201.1(c)(i)
      source_class: fhlmc-guide
      source_url: https://guide.freddiemac.com/app/guide/
      snapshot_id: fbba421721d90cb1
      fetched_at: '2026-05-25T14:09:48Z'
      content_hash: sha256:placeholder-snapshot-content-hash-from-source-json
      paragraph_quote: |
        no 30-day or greater Delinquencies in the most recent 12 months
      drafter_attestation: |
        Copied verbatim from snapshot fbba421721d90cb1. §5201.1(c)(i)
        housing-payment-no-30-day-del operative requirement. Multi-
        Borrower verification logic paraphrased in description.
    promoted_at: '2026-05-25T19:59:23+00:00'
    promoted_from: fhlmc-5201-roundd-v1.yaml
  - id: fhlmc-5201-no-collections-judgments-tax-liens-24-months
    canonical_id: fhlmc-5201-no-collections-judgments-tax-liens-24-months
    section: 'FHLMC Single-Family Guide §5201.1(c)(i) — No-Credit-Score Borrowers: no collections/judgments/tax liens last 24 months'
    description: |
      [LENDER] (Seller) shall verify that each Borrower without a
      usable Credit Score has NO collections (other than medical),
      judgments, or tax liens filed in the most recent 24 months. The
      medical-collections carve-out reflects FHLMC's longstanding
      treatment of medical debt as distinct from non-medical debt.
    type: do
    audit_question: For every no-Credit-Score Borrower, can [LENDER] evidence verification (via public-records search, credit-report supplement, or other documentation) confirming no non-medical collections, judgments, or tax liens were filed in the most recent 24 months?
    program_review: Does the program ensure each no-Credit-Score Borrower is verified to have no non-medical collections, judgments, or tax liens filed in the most recent 24 months (medical-collections carve-out)?
    file_review: Confirm the public-records/credit-supplement verification shows no non-medical collections, judgments, or tax liens in the last 24 months.
    judgment: false
    feeds: []
    workflow_phase: loan_origination
    owner_role: underwriting_manager
    secondary_owner_role: chief_credit_officer
    cadence: per-no-credit-score-borrower
    consequence: Any non-medical collection/judgment/tax-lien in last 24 months disqualifies the Mortgage under §5201.1(c)(i); Selling Guide breach if delivered.
    tags:
      - round-d
      - regulator-direct
      - fhlmc
      - selling-guide
      - lpa
      - collections-judgments-liens
      - 24-month-lookback
      - medical-carveout
      - promoted
    primary_source:
      tier: 1
      authority: FHLMC Single-Family Guide §5201.1(c)(i)
      source_class: fhlmc-guide
      source_url: https://guide.freddiemac.com/app/guide/
      snapshot_id: fbba421721d90cb1
      fetched_at: '2026-05-25T14:09:48Z'
      content_hash: sha256:placeholder-snapshot-content-hash-from-source-json
      paragraph_quote: |
        Each Borrower without a usable Credit Score must have no collections (other than medical), judgments or tax liens filed in the most recent 24 months
      drafter_attestation: |
        Copied verbatim from snapshot fbba421721d90cb1. §5201.1(c)(i)
        no-collections-judgments-tax-liens-24-months operative requirement.
    promoted_at: '2026-05-25T19:59:23+00:00'
    promoted_from: fhlmc-5201-roundd-v1.yaml
_promotion_history:
  - promoted_at: '2026-05-25T19:59:23+00:00'
    candidate_path: obligations\_remediation\round-d-investor-guides\fhlmc-5201-roundd-v1.yaml
    candidates_promoted: 5
    candidates_skipped_existing: 0

Verbatim regulatory text (5)

Verbatim provisions from FHLMC Single-Family Seller/Servicer Guide Chapter 5201 — Credit Assessment with Loan Product Advisor — 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.

FHLMC Single-Family Guide §5201.1(a) — Accept Mortgage credit reputation documentation set

To document the credit reputation for Loan Product Advisor Accept Mortgages, the Seller must use the following:

Source: FHLMC Single-Family Guide §5201.1(a) — Documenting Borrower's credit reputation · source URL · snapshot fbba421721d90cb1

FHLMC Single-Family Guide §5201.1(c)(i) — At least one Borrower must have a usable Credit Score

At least one Borrower must have a usable Credit Score, as determined by Loan Product Advisor

Source: FHLMC Single-Family Guide §5201.1(c)(i) · source URL · snapshot fbba421721d90cb1

FHLMC Single-Family Guide §5201.1(c)(i) — Payment references must have existed for at least the most recent 12 months

Each payment reference must have existed for at least the most recent 12 months

Source: FHLMC Single-Family Guide §5201.1(c)(i) · source URL · snapshot fbba421721d90cb1

FHLMC Single-Family Guide §5201.1(c)(i) — Housing payment histories: no 30+ day delinquencies in last 12 months

no 30-day or greater Delinquencies in the most recent 12 months

Source: FHLMC Single-Family Guide §5201.1(c)(i) · source URL · snapshot fbba421721d90cb1

FHLMC Single-Family Guide §5201.1(c)(i) — No-Credit-Score Borrowers: no collections/judgments/tax liens last 24 months

Each Borrower without a usable Credit Score must have no collections (other than medical), judgments or tax liens filed in the most recent 24 months

Source: FHLMC Single-Family Guide §5201.1(c)(i) · source URL · snapshot fbba421721d90cb1