Freddie Mac Single-Family Seller/Servicer Guide 6101.3 — Purchase and settlement of fixed-rate Cash Contracts
Freddie Mac Single-Family Seller/Servicer Guide section 6101.3 — Purchase and settlement of fixed-rate Cash Contracts. Full verbatim section text, substring-verified against snapshot 5869ee9e606cd4ae.
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Verbatim provisions from Freddie Mac Single-Family Seller/Servicer Guide 6101.3 — Purchase and settlement of fixed-rate Cash Contracts — 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 6101.3 — Purchase and settlement of fixed-rate Cash Contracts
This section contains requirements related to: ■ Funding Date ■ Funding amount ■ Interest paid to the Servicer in connection with Mortgage funding (a) Funding Date By the close of business on the Purchase Contract Expiration Date, the Seller must have completed all the requirements for the sale of the Mortgages to Freddie Mac. Sellers may request a specific Funding Date for each of the Mortgages sold under a Mandatory Cash or Best Efforts Contract or may elect to have funding occur as soon as practicable after the requirements for sale of the Mortgages to Freddie Mac have been met (“ASAP funding”). (b) Funding amount As each Mortgage funds, Freddie Mac will pay the Seller the amount calculated by multiplying the price specified in the cash Purchase Contract by the UPB of the Mortgage. If a Mortgage is subject to Credit Fees or credits for Credit Fees, Freddie Mac will: ■ Net the fee or credit amounts against the amount paid to the Seller ■ Reflect any subsequent change to Credit Fees and credits for Credit Fees on the Seller’s monthly invoice (c) Interest paid to the Servicer in connection with Mortgage funding In connection with the Mortgage funding, Freddie Mac will determine the amount of interest to pay the Servicer on each Mortgage by computing the interest on the UPB of the Mortgage from the first day of the Funding Date month through the day before the Funding Date using the Accounting Net Yield (ANY). Thereafter, Freddie Mac will compensate the Servicer in an amount equal to the Servicing Spread for each Mortgage and authorizes the Servicer to retain the Servicing Spread out of the interest payments made by the Borrower, and the Servicer will remit the ANY to Freddie Mac.
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Source of record: https://claudeforcompliance.com/regs/fhlmc-6101-3/
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