Servicing Released Premium Adjustment Guide

Transcription

1 Through the Freddie Mac Cash-Released XChange SM execution, formerly known as the Servicing Released Sales Process (SRSP), Sellers sell to Freddie Mac and concurrently transfer the mortgage servicing rights to a preapproved Servicing Buyer(s). In exchange for the servicing rights, the Servicing Buyer(s) pays a servicing released premium (SRP), which is based on certain loan parameters and various loan attributes. In Loan Selling Advisor SM, Sellers receive an all-in price that includes the SRP (paid by the Servicing Buyer) and the Freddie Mac cash price. The SRP is subject to price adjustments (which vary among the Servicing Buyers) that are based on certain loan-level and/or contract-level attributes. This reference will help you identify data fields that may affect the SRP, including the following topics: Identify attributes subject to SRP price adjustments Optional Additional Servicing Released Information contract fields Identify attributes subject to SRP price adjustments The chart below will help you identify attributes that may be subject to SRP price adjustments. This list is not an allinclusive list. The following attributes are included in the SRP price, but are not included in the chart below because they are not Servicing Buyer loan-level price adjustments Loan Product (30yr, 20yr, 15yr) Loan Acquisition Unpaid Principal Balance Amount (UPB) Loans with an Automated Underwriting Recommendation Description of Caution for Loan Product Advisor loans or with a Loan Manual Underwriting Indicator of True (Manually underwritten) Escrow Coverage (Escrow Item Type and Escrow Monthly Payment Amount) State Code (Property state) Interest Rate Percent Range The chart below is separated into two sections. The first section lists only the contract field names of attributes that are available at the contract-level and are found on the Loan Purchase Contract Terms page (in Loan Selling Advisor SM ). The second section identifies the contract and loan data point names of attributes that are available on both the contract page and loan page which must be populated in order to receive better price certainty when the contract is created. Section 1 Contract Level Attributes Contract Field Name Value SRP Adjustment Cross Sell Rights Seller Retained properties located in in the states of CT, MD, NY or RI. Seller Released -10bps to -25bps No Adjustment to Base SRP Section 2 Contract and Loan Level Attributes SRP Adjustment Texas Equity Loan Purpose Type Refinance 315-2bps to +7.5bps Refinance Cash Out Determination Type Cash Out 294 July

2 Odd first payment due date Manufactured Homes Leasehold Properties Home Possible Refinance Program Identifier Scheduled First Payment Date Construction Method Type Property Estate Type Contract Product* (Must complete at contract-level) Texas Equity Any two-digit day value that is not the first day of the month Manufactured properties located in in the states of CT, MD, NY or RI. Leasehold properties located in in the states of CT, MD, NY or RI. 30-Year Fixed-Rate 20-Year Fixed-Rate 15-Year Fixed-Rate SRP Adjustment 272-1bps to -30 bps 51 >-25bps 63 >-10bps Mortgage Type 317 Payment Frequency Type Monthly 270 Convertible Indicator false 232 Assumability Indicator false 225 Loan Purpose Type Purchase Refinance 315-5bps to -30bps Mortgage Conformity Type* (Must complete at contract-level) Loan Program Identifier Scheduled First Payment Date Conforming Mortgage Super Conforming Mortgage Home Possible Mortgage 404 Enter the value in mm/dd/yyyy 272 July Page 2

3 Home Possible Advantage Contract Product* (Must complete at contractlevel) 30-Year Fixed-Rate 20-Year Fixed-Rate 15-Year Fixed-Rate Mortgage Type 317 Payment Frequency Type Monthly 270 Convertible Indicator false 232 Assumability Indicator false 225 Servicing Buyer Adjustment -5bps to -30bps Loan Purpose Type Purchase Refinance 315 Cooperative Share Loans Temporary Buydown Subsidy Mortgage Conformity Type* (Must complete at contractlevel) Conforming Mortgage Super Conforming Mortgage Loan Program Identifier Home Possible Advantage Scheduled First Payment Date Enter the value in mm/dd/yyyy Project Legal Structure Type Cooperative 47 Not all Servicers bid on loans with this characteristic and while there is no servicing buyer adjustment, the SRP price can vary between the bidding Servicers. Buydown Temporary Subsidy Indicator Buydown Contributor Type Borrower Interested Third Party Lender Buydown Duration Months Count Buydown Change Frequency Months Count: True 228 Not all Servicers bid on loans with this characteristic The total number of months during which any buydown is in effect. The time interval in months between interest rate increases during the buydown period. 145 & and while there is no servicing buyer adjustment, the SRP price can vary between the bidding Servicers. July Page 3

4 Servicing Buyer Adjustment Buydown Initial Discount Percent: The percent by which the interest rate was bought down at origination. For example, for a buydown, this would be Buydown Increase Rate Percent The amount by which the interest rate can increase at each adjustment period within the buydown duration. 149 Third Party Originators (TPO s) Loan Originator Type Broker Correspondent 635-5bps Optional Additional Servicing Released Information Contract Fields All the attributes that display in the Additional Servicing Released Information section of the Loan Purchase Contract Terms page are optional. When you create the contract, the all-in price you receive will include the SRP price adjustments only for the attributes that you provide. If you do not choose to provide them, the price you receive at that time will reflect a preliminary SRP price adjustment. The actual SRP price adjustments based on the specific attributes of the mortgage will be reflected in the price you receive when you provide the required information for the optional attributes. July Page 4

5 For questions, contact: Customer Support Contact Center 800-FREDDIE Contact your Customer Operations and Technology Services Manager Cash-Released XChange web page This document is not a replacement or substitute for the information found in the Single-Family Seller/Servicer Guide, and /or terms of your Master Agreement and/or other Pricing Identifier Terms Freddie Mac July Page 5