Freddie Mac Single-Family Seller/Servicer Guide 1401.1 — Overview and defined terms

This section contains information related to: ■ Electronic Transactions ■ Defined terms

(a) Electronic Transactions This chapter sets forth the requirements for Electronic Transactions, as defined in Section 1401.1(b). The Electronic Transactions permitted or required hereunder are Eligible Electronic Transactions, as such term is defined in Section 1401.1(b). See Chapter 1402 for Freddie Mac’s selling and Servicing requirements for Mortgages with Electronic Notes (eNotes). A Seller/Servicer who wishes to sell and/or service eMortgages (as defined in Section 1402.1(b)) for Freddie Mac should contact its Freddie Mac account representative or the Freddie Mac eMortgage Team ([email protected]) to begin the process of determining its eligibility to sell and/or service eMortgages for Freddie Mac.

(b) Defined terms The following defined terms are used throughout Chapter 1401, other chapters of the Guide and the Seller/Servicer’s other Purchase Documents for all Eligible Electronic Transactions. Any defined term in Section 1401.1(b) that is used in the definition of another defined term in Section 1401.1(b) will be in quotes (“ “) unless the defined term is in a title. As used in this chapter, the following terms have the meanings ascribed to them below: Defined terms related to Electronic Transactions C Closing Documents All loan documents (excluding eNotes) provided to a Borrower at the closing (settlement) of a Mortgage, as required by (i) federal, State and/or local law, regulations, rules or ordinances, (ii) the originating lender, and (iii) Freddie Mac Confidential Means of Access A private, protected method or process used to enter Freddie Mac’s applications and systems, which includes, but is not limited to, user identification codes, passwords, personal identification numbers or Defined terms related to Electronic Transactions other Freddie Mac permitted methods of or processes to access Freddie Mac’s confidential and proprietary “Systems” E Electronic Relating to technology having electrical, digital, magnetic, wireless, optical, electromagnetic or similar capabilities, as defined in the “UETA” and/or “E-SIGN” Electronic Notarization Notarization by “Electronic” means of a person’s “Electronic Signature,” after proper identification by a Notary Public, licensed or otherwise authorized by the State in which the Notary Public is domiciled, which complies with the State’s laws, regulations and rules, including, without limitation, the “UETA” and/or “E-SIGN” Electronic Record A “Record” created, generated, sent, communicated, received or stored by “Electronic” means, as defined in the “UETA” and/or “ESIGN.” The term also includes a paper document converted into an Electronic Record. Electronic Recording The process of Electronically recording a Record with the applicable county recorder, registrar of deeds or similar land title recordation recording office. Electronic Signature An “Electronic” sound, symbol or process attached to, or logically associated with, a contract or other “Record” and executed or adopted by a person with the intent to sign the “Record,” as defined in the “UETA” and/or “E-SIGN” Electronic Transaction An action or set of actions occurring between two or more persons relating to the conduct of business, commercial or governmental affairs, using “Electronic” means. Eligible Electronic Transaction An “Electronic Transaction” that Freddie Mac has required or permitted the Seller/Servicer to engage in and/or conduct, as specified in Chapter 1401, other chapters of the Guide or the Seller/Servicer’s other Purchase Documents eModification Agreement An agreement that is an Electronic Record that complies with the applicable modification requirements of the Guide and includes, with respect to paper Notes, Electronic modification agreements and Electronic assumption and release of liability agreements under Chapters 9206 and 8406, respectively Defined terms related to Electronic Transactions E-SIGN The federal Electronic Signatures in Global and National Commerce Act (15 U.S. Code, Chapter 96) F Federal Financial Institutions Examination Council or FFIEC U.S. government interagency body empowered to prescribe uniform principles, standards, and report forms for the federal examination of financial institutions by its members, which membership consists of: (i) Board of Governors of the Federal Reserve Board (FRB), (ii) Federal Deposit Insurance Corporation (FDIC), (iii) National Credit Union Administration (NCUA), (iv) the Office of the Comptroller of the Currency (OCC), and (v) Consumer Financial Protection Bureau (CFPB) Federally Regulated Seller/Servicer A Seller/Servicer that is regulated by one of the following federal regulators: (i) FRB, (ii) FDIC, (iii) NCUA, (iv) OCC, or (v) CFPB I Initial Loan Documents All documents provided to a Borrower before the closing (settlement) of a Mortgage, as required by (i) federal, State and/or local law, regulations, rules or ordinances, (ii) the originating lender, and (iii) Freddie Mac R Record Information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form as defined in the “UETA” and/or “E-SIGN.” A Record may be a paper or an “Electronic” document. Remote Online Notarization A notarial act performed by means of an Electronic device or process that allows a notary public and a principal, who is not in the same physical location as the notary public, to complete a notarial act and communicate with each other simultaneously by sight and sound S Systems All computers, servers, fax machines, other Electronic devices, hardware, websites, internet, private networks, telephone lines or wireless communications, together with software applications, security measures, proprietary coding, interfaces and/or connectivity used to create, present, sign, transfer, transmit, send, submit, deliver, receive, retrieve maintain and/or store Records, Electronic Records or Defined terms related to Electronic Transactions Electronic Signatures in order to engage in and/or conduct Electronic Transactions T TPPs Third-party providers, which include Correspondents, Mortgage Brokers, independent contractors, agents, Outsourced Vendors or other third parties, including a servicing, secondary marketing or other agent or other Related Third Party U UETA The Uniform Electronic Transactions Act of 1999, promulgated by the U.S. Uniform Law Commission for consideration and enactment by the States. Reference to the UETA herein, means the UETA as enacted by an applicable State.