Freddie Mac Single-Family Seller/Servicer Guide 3401.3 — Credit documentation
Freddie Mac Single-Family Seller/Servicer Guide Section 3401.3 — Credit documentation.
Verbatim regulatory text
Verbatim provisions from Freddie Mac Single-Family Seller/Servicer Guide 3401.3 — Credit documentation — each quote is a verified substring of the regulator-published source snapshot, not retyped. Quoted for reference; this is not legal advice. The operational layer (P&P updates, prompts) lives in the regulation update kits.
Freddie Mac Single-Family Seller/Servicer Guide 3401.3 — Credit documentation
This section contains requirements related to: ■ Credit documentation ■ Verification of employment and income ■ Mortgage payment history ■ Verification of source of funds ■ Verification of previous Mortgage/rental payment history (a) Credit documentation A credit report must be included in the Mortgage file. If Credit Scores were obtained for underwriting, they must be included in the Mortgage file. For any Mortgage underwritten with Credit Scores, the Credit Score selected for each Borrower and the process used to select the Credit Score must be noted on Form 1077, Uniform Underwriting and Transmittal Summary, or another similar document in the Mortgage file. Source documentation also must be retained in the Mortgage file. (b) Verification of employment and income Documentation of employment and income verification and a written analysis, when applicable, of the income used to qualify the Borrower must be retained in the Mortgage file. (c) Mortgage payment history The Mortgage file must include a payment history from the first payment Due Date to the Delivery Date. This Mortgage payment history must: ■ Demonstrate no Delinquencies of 30 days or more ■ Be understandable without code translation (d) Verification of source of funds The Mortgage file must include evidence of verification of all eligible sources of funds used to qualify the Borrower for the Mortgage transaction. (e) Verification of previous Mortgage/rental payment history Evidence of verification of Mortgage payment history and/or rental payment history for the 12-month period prior to the date of the Mortgage application must be included in the Mortgage file for Manually Underwritten Mortgages.
Operationalizing Freddie Mac Single-Family Seller/Servicer Guide 3401.3 — Credit documentation
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Source of record: https://claudeforcompliance.com/regs/fhlmc-3401-3/
· register fhlmc-3401-3 · Claude for Compliance. Free to read and download;
see regulatory updates and methodology.