FREDDIE MAC RELEASES NEW GUIDELINES FOR REFINANCING ELIGIBILITY

http://www.dsnews.com/articles/freddie-mac-releases-new-guidelines-for-refinancing-and-underwriting-2011-01-19

Freddie Mac released a new seller/servicer guide this week with revised rules regarding mortgage refinance and underwriting requirements. For loans with settlement dates on or after May 1, 2011, Freddie Mac will require verification of funds for all refinance mortgages. The GSE is also eliminating streamlined refinances for mortgages it owns and has updated refinance requirements for mortgages secured by properties subject to Property Assessed Clean Energy (PACE) obligations.

http://www.freddiemac.com/sell/guide/bulletins/pdf/bll1102.pdf