Follow these steps to become activated to sell to Freddie Mac and
gear up to leverage our products, services, and technology.
The forms marked in bold must be completed and returned to us one week
(seven business days) prior to your first loan delivery. All forms are in Adobe
Acrobat PDF Format.
Getting Started Checklist
Begin With Our Single-Family Seller/Servicer Guide (Guide)
The Guide contains all of our selling and servicing requirements
that you agree to abide by when doing business with Freddie Mac. We periodically publish updates to these requirements in the form of Guide Bulletins and Industry Letters. You can access the official electronic version of the Guide for free on AllRegs.
Mortgage Credit Requirements
It is important that you have a thorough understanding of Freddie Mac's mortgage
credit requirements and what constitutes an eligible mortgage for sale to
Freddie Mac. Please review
Freddie
Mac's Mortgage Credit Requirements Overview brochure[PDF 5.4M].
Funding Requirements
Wire Instructions: Return the Wire Transfer
AuthorizationForm
483[PDF 36K]
at least three business days before making your first
loan delivery. This authorizes us to wire funds directly into
your company's bank account for loans that you have sold to us.
Financial Custodial Accounts
If you intend to service loans for Freddie Mac, fill out the appropriate
forms to establish your financial custodial accounts. Submit
Forms
1057SF[PDF 111K]
and
1058SF[PDF 111K] if custodial accounts are at another institution;
Forms
1059SF[PDF 102K]
and
1060SF[PDF 97K]
if the accounts are in-house. Along with this agreement, you
must also submit signature cards with correct titling (required per Guide
Section 77.11), Draft Letter of Authorization (Guide Exhibit 58) and either
a blank, voided check or MICR encoding sheet.
Custodial Agreements for Document Custodians
Determine what entity you want to certify and hold the notes for mortgages you sell to us. If you plan to use Freddie Mac's Document Custodial Services, you do not need to complete any forms. Fill out Form 1035[PDF 45K], Custodial Agreement, if you wish to act as a self-custodian or use a third-party custodian. Once you've submitted all required documentation, obtained approval of your request, and received a copy of Form 1035 executed by all parties including you, the custodian, and Freddie Mac, you may deliver notes to that custodian. Per Guide Chapter 18, a Seller may deliver notes to Freddie Mac's Document Custodial Services at any time, even if they normally use a custodian.
Freddie Mac requires that third-party and self-custodians adhere to specific requirements that are described in detail in the Document Custody Procedure Handbook.
Important note: If you plan to use a third-party custodian or act as a self-custodian to hold Freddie Mac Notes, you must obtain prior approval form Freddie Mac's Custodian Eligibility area.
Automated Clearinghouse (ACH) Payment Method
Get set up to have your Seller, GoldWorks®, Loan Prospector®, and Servicer bills paid using ACH Form
1132[PDF 35K]
and have funds drafted automatically from your designated accounts.
Access to Pricing
Get up to speed on postsettlement delivery fees, which apply to certain mortgages
that, because of the type of mortgage product, loan purpose, property type,
or other higher risk attributes, are subject to delivery fees. Postsettlement
delivery fees are shown in Guide
Exhibit 19[PDF 380K].
Technology Set Up
At the core of doing business with Freddie Mac are technologies designed
to help you manage your transactions easily and efficiently. If you use one
of our web-based solutions to price, underwrite, deliver or service your mortgages,
you'll find technology tools integrated along the way. One of the first ways
to ensure you can get the most out of the technology solutions we have to
offer is to review the hardware and software currently used within your organization
and its compatibility with Freddie Mac's technology tools.
Once you have completed your hardware and software review and made the necessary
changes, you will want to assess your systems to determine how to best integrate
these tools into your business process. While conducting your assessment,
remember to complete the set-up and sign-up process for each of the tools
you'll be using.
Loan Prospector®:
Loan Prospector, Freddie Mac's automated underwriting service, is the preferred
way for you to assess the loans you sell to us. To get started, sign up online
at www.LoanProspector.com/signup. To find helpful hints, best practices, training options
and more, go to www.LoanProspector.com.
Freddie Mac's Web-based Selling
System: Selling loans to Freddie Mac has never been easier. Our web-based
selling system is your end-to-end solution for cash sales and securities swaps.
Pricing, commitment, certification and funding can all be performed on our
selling system. Contact your Freddie Mac representative to sign up for the
selling system. You can find out more at www.FreddieMac.com/sell/secmktg/sellingloans.htm.
Work with your Freddie Mac representative to obtain access to additional
options for your cash sales:
Best-efforts and mandatory commitments
Servicing-released and servicing-retained cash commitments
MIDANET® for the PC: You’ll need to use MIDANET for the PC for
your servicing and reporting. You'll automatically receive this free software
and information to install one MIDANET site within your organization. Please
contact your Freddie Mac representative if you do not receive this package.
Don't forget to install your MIDANET program within two business days of receipt.
Call (800) FREDDIE if you need assistance. MIDANET requires a dial-up modem
connection for each PC that will be used for reporting. This capability should
be in place prior to installing the software.
Schedule Training
For new Seller/Servicers, Freddie Mac offers recommended training courses
your organization should take to be prepared to sell and/or service loans.
Please begin the registration process within three business days of receipt
of this document so you can reserve a spot in each of the appropriate courses.
Go to www.FreddieMac.com/learn/nc.html.
For new Seller/Servicers, we offer courses on:
Underwriting
Selling and delivery
Servicing
And more!
Place a Commitment and Deliver Quality Loans to Freddie Mac!
