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SCC Requirements for Delivering the Freddie Mac Relief Refinance Mortgage

With Single-Family Seller/Servicer Guide (Guide) Bulletin 2009-5 (issued March 4), we provided detailed requirements for our Relief Refinance Mortgages, in support of the Making Home Affordable Program. This offering’s simplified refinance requirements for first-lien conventional mortgages currently owned or securitized by Freddie Mac will make it easier for borrowers to refinance into mortgages that better position them for long-term homeownership success.

Relief Refinance Mortgages are eligible for sale through the selling system, effective for Freddie Mac settlements on or after April 1, 2009.

The following new special characteristics codes (SCCs) must be provided when delivering these mortgages:

• SCC H06 – for all Relief Refinance Mortgages
• SCC H03 – for Relief Refinance Mortgages in which a Home Value Explorer® point value estimate was used to establish the value of the mortgaged property 

In addition:

• For all Relief Refinance Mortgages with loan-to-value (LTV) ratios greater than 80 percent and Freddie Mac settlement dates before May 1, 2009, you must also input “097” in the “MI Code” field on Form 11, Mortgage Submission Schedule or Form 13SF, Mortgage Submission Voucher, as applicable. When mortgage insurance is being transferred from an existing mortgage, you must enter the MI Certificate Number and existing percent of coverage being transferred from the existing mortgage.

• For Relief Refinance Mortgages with LTV ratios greater than 80 percent with Freddie Mac settlement dates on or after May 1, 2009, if mortgage insurance is required you will enter the MI Code that identifies the Freddie Mac-approved mortgage insurer in the “MI Code” field on Form 11, Mortgage Submission Schedule or Form 13SF, Mortgage Submission Voucher, as applicable, with other mortgage insurance data.