Freddie Mac Single-Family Seller/Servicer Guide 8505.1 — Introduction
Freddie Mac Single-Family Seller/Servicer Guide section 8505.1 — Introduction. Full verbatim section text, substring-verified against snapshot 4c94f67729042dd6.
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Freddie Mac Single-Family Seller/Servicer Guide 8505.1 — Introduction
This section contains information related to: ■ Introduction ■ Key terms and definitions used in this chapter ■ Tracking Lender Title Assessment Mortgages ■ Additional Servicing requirements applicable to Lender Title Assessment Mortgages (a) Introduction This Chapter 8505 provides special Servicing requirements for Lender Title Assessment Mortgages. Lender Title Assessment Mortgages require Freddie Mac’s written approval before selling such Mortgages to Freddie Mac and are delivered pursuant to the Lender Title Assessment Selling Provision. Servicers must service such Mortgages in accordance with this Chapter 8505 and, unless otherwise provided herein, with the Servicing requirements in other chapters of the Guide, as they may apply. (b) Key terms and definitions used in this chapter Servicers of a Lender Title Assessment Mortgage must be familiar with the following key terms and definitions: Key terms and definitions L Lender Title Assessment Mortgage A Mortgage that has been delivered pursuant to the Lender Title Assessment Mortgage Selling Provision Lender Title Assessment Selling Provision A negotiated provision that permits a Seller to sell to Freddie Mac a Lender Title Assessment Mortgage Key terms and definitions R Responsible Party A Seller/Servicer that is liable, either solely or jointly with another party, for Title-Related Liabilities. Responsible Parties include, but are not limited to, the following: ■ A Seller/Servicer of a Lender Title Assessment Mortgage that has retained both (i) the Mortgage Servicing Contract Rights and (ii) Title-Related Liabilities for said Mortgage ■ A Seller/Servicer of a Lender Title Assessment Mortgage that has sold the Mortgage Servicing Contract Rights but retained the TitleRelated Liabilities for said Mortgage ■ A Seller/Servicer of a Lender Title Assessment Mortgage that has both (i) acquired the Mortgage Servicing Contract Rights and (ii) accepted the Title-Related Liabilities for said Mortgage ■ Any other Seller/Servicer that is liable for the Title-Related Liabilities that does not meet the criteria in any of the preceding examples T Title-Related Liabilities Sale and origination representations, covenants and warranties relating to title Title Defect A defect, lien or encumbrance that could render the Lender Title Assessment Mortgage unenforceable as a First Lien or impair clear title through foreclosure (c) Tracking Lender Title Assessment Mortgages Servicers of Lender Title Assessment Mortgages must implement policies, procedures and systems to identify and track Lender Title Assessment Mortgages to ensure that such Mortgages are serviced in accordance with the Servicing requirements of the Guide and this chapter. Lender Title Assessment Mortgages are delivered to Freddie Mac with a ULDD Data Point Investor Feature Identifier specified in the Lender Title Assessment Selling Provision. Servicers may use this ULDD Data Point to facilitate their identification and tracking of such Mortgages but are not required to do so. (d) Additional Servicing requirements applicable to Lender Title Assessment Mortgages The Servicing requirements of this chapter are applicable only to the Servicing of Lender Title Assessment Mortgages. If any Servicing requirement in this chapter is inconsistent with a Servicing requirement set forth elsewhere in the Guide (except for requirements to comply with applicable law, which supersede any other Servicing requirement in the Guide), the Servicer must comply with the Servicing requirement set forth in this chapter with respect to any Lender Title Assessment Mortgage. Servicers must not apply any of the requirements set forth in this chapter to a Mortgage that is not designated a Lender Title Assessment Mortgage; rather, Servicers should continue Servicing such Mortgages in accordance with all other Servicing requirements of the Guide and other applicable Purchase Documents.
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Source of record: https://claudeforcompliance.com/regs/fhlmc-8505-1/
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